What is Business?
1. Differentiate the three meanings of business as
commerce, occupation and organization and identify the
four main kinds of productive resources.
2. Understand the forces of supply and demand determine
fair or market price.
3. Appreciate how a company’s business model is the
source of its competitive advantage and the difference
between profit and profitability
4. Recognize the way specialization and the division of
labor through the “invisible had of the market” lead to
increasing profit and wealth.
5. List the reasons why business organizations are created
to structure business exchanges and facilitate business
commerce.