Read Chapter 1 - Exploring the World of Business and Economics

Brief Overview:

BUSINESS: A DEFINITION. Business is the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs. To be successful, a business must be organized, satisfy needs, and earn a profit.

Our economy continues to adapt and change to meet the challenges of an ever-changing world. Our economic system provides an amazing amount of freedom that allows businesses that range in size from the small corner grocer to Visa to adapt to changing business environments. Within certain limits, imposed mainly to ensure public safety, the owners of a business can produce any legal good or service they choose and attempt to sell it at a price they set. This system of business, in which individuals decide what to produce, how to produce it, and at what price to sell it, is called free enterprise.

YOUR FUTURE IN THE CHANGING WORLD OF BUSINESS. To experience success, you must adapt to change in order to take advantage of the opportunities that are out there. To do so, you must bring something to the table that makes you different from the next person. Ask yourself: What can I do that will make employers want to pay me a salary? What skills do I have that employers need?

1. Why Study Business? Once you have an education and knowledge, no one can take it away. To begin with, there are economic benefits.  Further, there are at least five reasons why you should study business.
2. For Help in Choosing a Career. This business course will introduce you to a wide array of employment opportunities. One thing to remember as you think about what your ideal career might be is that a person’s choice of a career is ultimately a reflection of what he or she values and holds most important.