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CH 1] Business 101 1-1

1

Chapter 1

Business and Economic

Environments

Objectives
Master the material in this chapter and you will be able to:

1. Define what a business is and how it operates within the private
enterprise system.

2. Discuss competition, the entrepreneur and their role in a private
enterprise system.

3. Explain the basic rights of the private enterprise system.

4. Outline the factors of production, the levels of productivity and
discuss extracting Entrepreneurship.

5. Discuss the concepts of gross domestic product and productivity.

6. Identify the degrees of competition existing in a private enterprise
system.

7. Outline the historical development of the U.S. economy and its
influences on contemporary business.

8. Explain different types of economic systems.

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