BUS X100 Lecture Notes - Lecture 1: Form 10-Q, Economic System, Whistleblower
26 Sep 2016
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Free enterprise- is the system of business, in which individuals decide what to produce, how to produce it, and at what price to sell it. If we don"t like the corvette chevy will discontinue the car if the people don"t buy it. Democracy- is a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation, usually involving elections. We elect our leaders, politicians-people we vote for and have them make laws for us. A business must be organized: it does this by combining four kinds of resources- material- machine, human-workers, financial-money we get from selling, and informational-data. Not for profits- stay in business from businesses that make a profit donate to that business. Profit-retained by the owner, their reward for the risks of the marketplace and the risks of ownership. A business must operate within the law and our nation"s economic system.
