Goods and services: items that people need or want, items that people are willing to spend money on. Customers: people who buy goods and services from a business. Not all organized efforts are businesses: example: church, sport teams, utsc. Difference between business and other organized efforts is the profit motive. Profit: motive difference between the money in(revenue/sales) and the money out (cost/expenses) 60% of businesses have only 1 employee. Gm asked for a 25 billion dollar loan from us government. Bad idea for us to do this because economy is in bad shape, comes out of tax payers money and gm is going under anyways. Usa bailed out two major mortgage corporations: fanny may and freddy mac(banks) The study of business is how to run an organization: students/profs of business is how gm lost their money. Factors of production: natural resources www. notesolution. com. S example: steel, paper, concrete, iron, copper, cot every business needs these: labour.