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BUS101 Introduction to Business Risks and Profits • Business • Goods • Services • Entrepreneur Risks and Profits • • • • • • • • • • Revenue Profit Loss Quality of Life Stakeholders Outsourcing Insourcing Nonprofit organization Social entrepreneurs Factors of Production Land, Labor, Capital, Entrepreneurs, Knowledge Risks and Profits • • • • • Business Environment o Economic and Legal o Technological o Competitive o Social o Global o Ecological Productivity $63, 885 e-commerce database Risks and Profits • Services o 70% of US economy Economics o o o o o Economics Microeconomics Macroeconomics Resource Development Adam Smith freedom of ownership profits o Invisible Hand o Malthusian o Capitalism Economics • • • • • • • Capitalism o Right to private property o Right to business ownership o Right to freedom of competition o Right to freedom of choice Free Market Supply Demand Supply and Demand Curves Equilibrium Point Market Price Economics • • • • • • • • Perfect competition o commodity Monopolistic competition Oligopolistic Competition Monopoly Inequality Socialism Communism Mixed economies o Free-market o Command Economics o o o o o o o o o o o Economic Indicators GDP Unemployment Rate Underemployment Price Index Inflation Disinflation Deflation Stagflation CPI Core inflation Economics o o o o o o o o o Business Cycle Boom Recession Depression Recovery Fiscal Policy National Debt Monetary Policy Interest Rates