INTRODUCTION TO BUSINESS - Unit 1 Chapter Summary
Define the basics of business, the benefits of business, the types of business, and functional areas of a business Describe the external environments of business and how they affect organizations. Define the basics of economics, explain the different economic systems and supply and demand concepts, and identify the degrees of market competition and major economic indicators. Define small business and explain entrepreneurship, outline issues involved with starting a new business and explain various types of business ownership. Define business ethics and discuss corporate social responsibility with various approaches for major stakeholders.