A resource is anything that people can use to make or obtain what they need or want.
A business must organize the people and equipment to provide a product.
People within the organization manage the company's resources to produce the product.
Even if a business has natural resources, capital r., and entrepreneurial r., it still could not function without human resources.
The amount of money left over after a business has paid for the cost of producing its goods and services is called profit.
The contest between businesses to win customers is called competition.
A person who selects, purchases, uses, or disposes of goods or services is called a costumer.
The decision to stop manufacturing products is often because there is a decrease in demand.
The duty to do what is best for the good of society is called social responsibility.
A conflict of interestoccurs when a business is tempted to put profits before social welfare.
The Equal Pay Act requires that men and women be paid the same wages for doing equal work.
The Environmental Protection Agency is a federal agency that enforces rules to protect the environment and control pollution.
Professional groups such as doctors, lawyers, journalists, and teachers own Code of Ethics.
When companies conspire to control the market for a product, they are using unethical means to eliminate competition.
An important ethical question is whether an action sacrifices long-term goals for short-term gains.
The American Disabilities Act bans discrimination against persons with physical or mental disabilities.
As a member of society you are both a consumer and producer.
About three-fourths of all businesses in the U.S., including farms and home-based businesses, are organized as sole proprietorship.
A serious disadvantage of a sole proprietorship is that the owner has unlimited liability or full responsibility for the company's debts.
A contract that outlines the rights and responsibilities in a partnership is called a partnership agreement.
A business owned by many people but treated by law as one person is called a corporation.
To raise money for a corporation, you can sell stock, or shares of ownership.
As a franchise, Taco Bell has a contractual agreement to sell the company's products and services in a designated geographic area.
Farmers, miners, and other types of producers gather raw products in their natural state.
Manufactors are businesses that make finished products out of processed goods.
If you sell a product directly to the public, you are considered a retailer.