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An Introduction to Business
Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living.
It is a way for individuals to provide goods and services to consumers, and at the same time, produce a profit for themselves. Businesses are not only important because they provide goods and services for consumers, but they also improve the economy and increase jobs for people within society which is an additional fact producing a higher standard of living. To measure our societies standard of living, we must look to our “Gross National Product”, which is the complete measure of our nations output. Unfortunately, inflation is a major problem in our nation which often reduces the Gross National Product. Inflation occurs when the goods become too high within society and spending decreases.
A central function within our economic system is satisfying the needs of the consumers with the use of limited supplies. The purpose of a business is to combine resources such as land, labor, and capital in a way that will make them more valuable. Operating in a political and economic climate that supports individual rights, American business has as its guiding principle the right to private ownership and profit. The amount of goods produced dep…
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…stionnaires, surveys, consumer test
panels, and the observation of shopper behavior in stores can also aid in
identifying and characterizing a market within the economy. This will surely
keep a business up to par on the changing economy in the present, as well as
forecasting future trends which has also proven to be necessary in order to
operate as a successful business.
In conclusion, it is obvious from my brief discussion that the term
“Business” is very complex. When discussing it, one must consider many
important sub-categories such as economic systems, the business cycle, business
environments, types of businesses, government, management, marketing and
advertising, each of which in and of itself is also very complex.