The Changing Face of Business

In: Business and Management

Submitted By ladychasity
Words 662
Pages 3
Naquitta Simon
Bus 1101 0600
Professor Maneri
Assignment #1
June 9, 2016

“The Changing Face of Business” 1. Business is important to a country’s economy because it provides the means through which its citizens’ standard of living improves. At the heart of every business endeavor is an exchange between a buyer and a seller. A buyer recognizes a need for a good or service and trades money with a seller to obtain that product. The seller participates in the process in hopes of gaining profits—a main ingredient in accomplishing the goals necessary for continuous improvement in the standard of living.

2. Non-profit organizations are a substantial part of the U.S. economy they control more than $2.6 trillion in assets and employ more people than the federal government and all 50 state government combined.3 In addition, millions of volunteers work for them in unpaid positions. Not-for-profits secure funding from both private sources, including donations, and government sources. They are commonly exempt from federal, state, and local taxes.
Without funding, they cannot do research, obtain raw materials, or provide services.

4. Private enterprise system: economic system that rewards firms for their ability to identify and serve the needs and demands of customers.

Basic Rights in the Private Enterprise System: capitalism to operate effectively, the citizens of a private enterprise economy must have certain rights. These include the rights to private property, profits, freedom of choice, and competition. Private property: most basic freedom under the private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property.

The Colonial Period: Colonial society emphasized rural and agricultural production. The economic focus…...

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