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Business Chapter 1 Summary

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In chapter 1, we discussed the intro aspects of a business. Like what it means to be an entrepreneur and the difference between goods and services. We also learned that the US is one best countries for an entrepreneur and that we have the highest standard of living than any other country in the world.Another important section in the chapter are the five factors of production. They are Land, Labor, Capital, Entrepreneurship, and knowledge. And of course, knowledge is the most important factor along with technological advancements. In chapter 1, the book also discusses the importance of technology in the business world. In other words technology has paved the way for a more productive and efficient business. With the help of technology we moved …show more content…

According to the book economics is how “society chooses to employ resources to produce goods and services and distribute them for consumption”. And macroeconomics is used to measure on larger scales unlike microeconomics which refers to an individual. The US economic model is capitalism if we compare to the socialism and communism i think in my opinion a mix of capitalism and socialism is the best choice. Capitalism consists of basic ideas. Right to own private property, right to own a business and keep all profits, right to freedom of competition and the free of choice. Prices in a free market are set by supply and demand. Socialism is the idea the basic business are owned by the government so profits are shared evenly with the society. Socialism proves many services free services free like health care, college tuition,fewer work hours. However,there are some negatives aspects like very high tax rates and brain drain which is referred when high achievers move on other countries because they cannot develop economically in their country since they are taxed so high and are expected to earn around the same wages people with less skills earn. Communism is both an economic and political system.in a communist regime all major decisions are up to the government. In chapter two, i also understood the business cycles that occur the first is an economic boom where the business grows, then a recession comes in which brings unemployment and a drop in living standards, then comes depression the most severe and a recovery is the last cycle that's when the economy begins to

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