BA 1100 Study Guide - Midterm Guide: Crowdfunding, Dry Cleaning, Economic Equilibrium

• School: Ohio University
• Department: Business Administration
• Course: BA 1100
• Professor: Andrew Pueschel

Document Summary

Individuals or organizations trying to earn a profit by providing products that satisfy people"s needs. Goods or services with tangible and intangible characteristics that provides satisfaction and benefits. Ideas: professionals generate ideas for solving problems. Personal funds, angel investors (family), crowd funding, bank loans. Resources (physical and mental abilities), natural resources, financial resources (capital) The number of products businesses are willing to sell at different prices at a specific time. The number of products consumers are willing to buy at different prices at a specific time. The price at which the number of products supplied equals the amount of products consumers are willing to buy at a specific time. Occurs when an economy is growing and people are spending more money. Slowdown of the economy characterized by a decline in spending. Principles and standards that determine acceptable conduct in a business. A business obligation to maximize its positive impact and minimize its negative impact on society.