Chapter 1        Exploring the World of Business

What has been happening at the Container Store?

1.  Why study business?

            *  Information

            *  Career

            *  Be a successful employee

            *  Own your own business

           Keep your career moving in the right direction

 

2.  What is your definition of business?

            *  Organized effort of individuals

            *  Satisfying needs

            *  Business profit

3.  Types of economic systems

            *  Economics

            *  Capitalism

                        Households, businesses, and governments

            *  Command Economics

                        Socialism

                        Communism

 

4.  Economic performance  (listen for these term in the news)

            Productivity

            GDP

            GNP

            Inflation

            Business Cycle

            Recession

            Depression

            Monetary and fiscal policy

            Federal deficit

            National debt

5.  Types of competition

            *  Pure competition and supply & demand

            *  Monopoly

*  Oligopoly

 

6.  History of Business

*  The Colonial Period

*  Industrial Revolution

*  Early 20^th Century

*  Depression

*  Recovery and Beyond