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Introduction to Business
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Introduction to Business
Chapter 1
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Profits are financial revenue gains exceeding expenses, costs, and taxes for maintaining a
specific business activity.
Factors of production entail resources used for producing goods and services; examples
include land, capital, and labor.
The study of economics involves studying people’s behavior, decisions, and reactions in
difficult and successful situations.
Economic systems include traditional, command, mixed, and market economies.
The key economic indicators include gross domestic product (GDP), stock market,
unemployment, consumer price index (CPI), producer price index (PPI), the balance of
trade, housing starts, and interest rates (Voynarenko et al., 2019).
Standard of living measures how well or poorly the population lives regarding meeting
their basic needs.
The national debt is the debt that the federal government owes the creditor.
Monetary policy gets managed by the bank and considers interest rates and money supply
circulation, while fiscal policy gets determined by government legislation that considers
taxation and government expenditure.
The market structure gets defined by differ...