2. What is Business?
An organized effort of
individuals to produce and
sell, for a profit, products and
services that satisfy society’s
needs.
3. Why study Business?
A. Helps you choose a rewarding
career
B. You can become a better employee
C. You can start your own business
D.You can become a more informed
consumer and investor
5. Factors of Production – resources a business
uses to produce Goods and Services
– Labor: Human resources
– Capital: Financial resources
– Entrepreneurs: Persons who risk starting a
business
– Physical resources: Tangible things used to
conduct business
– Information resources: Data and other
information used by businesses