Chapter

1.1. The Nature of Business*

From IntroductionToBusiness OP 8D04gAa

Concepts

1. How do businesses create our standard of living and quality of life?

   "A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses meet the needs of consumers by providing medical care, autos, and countles

2. How are risk, revenue, costs, and profit related in business?

   "Creating a quality of life is not without risks, however. Risk is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals. Without enough blood donors, for

3. How do not-for-profit organizations serve society and manage resources?

   "Not all organizations strive to make a profit. A not-for-profit organization is an organization that exists to achieve some goal other than the usual business goal of profit. Charities such as Habita

4. What factors of production do organizations need to provide goods and services?

   "To provide goods and services, regardless of whether they operate in the for-profit or not-for-profit sector, organizations require inputs in the form of resources called factors of production . Four