BUS 1 Lecture Notes - Lecture 11: Habitat
Document Summary
Business - organization that strives for a profit by providing goods and services desired by its customers. Goods are tangible items manufactured by businesses, such as laptops. Services are intangible offerings of businesses that can"t be held, touched, or stored. Not-for-profit organization - organization that exists to achieve some goal other than the usual business goal of profit. Businesses attempt to earn a profit by providing goods and services desired by their customers. Not-for-profit organizations, not striving for a profit, still deliver services for our society. Our standard of living measured by the output of goods and services. Businesses and not-for-profit organizations help create our standard of living. Our quality of life is not simply the amount of goods and services available for consumers but rather the society"s general level of happiness. To produce anything must have natural resources, labor (human resources), capital, and entrepreneurship to assemble the resources and manage the business.
