BUSN 110 Chapter Notes - Chapter 1: General Agreement On Tariffs And Trade, Social Environment, International Trade
Document Summary
Chapter 1: business now- change is the only constant. Role of business in the economy: goal is to generate long-term profits by delivering unsurpassed value to customers. Value: relationship between price of a good or a service and the benefits that it offers its customers: growth in social media has influenced business and consumers. Business basics: key definitions: business: organization or activity that provides goods and services to earn a profit. Profit: money earned by a business in sales minus expenses. Technological advances fueled rapid industrialization in america in mid- Large-scale entrepreneurs emerged in the second half of the 1800s, building business empires: production era. In the early 1900s, businesses refined production process and created greater efficiencies: marketing era. After wwii, businesses began to develop brands to help consumers understand the differences among products: relationship era. Nonprofits and the economy: nonprofits: business-like establishments that employ people and produce goods and services.
