Chapter 1 : Business Environment Summary

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First chapter in Fundamental of Business

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Business is the organizations that provide goods or services to earn profits. There are 6 external environment of business. First, political-legal environment shows the relationship between business and government. Second, technological environment that generally includes all the ways on how the firms create values for their components. Third, global business environment refers to international forces that affect a business. Fourth, domestic business environment refers to the environment in which a firm conducts their operations and gain revenues. Fifth, sociocultural environment is about varies of characteristics of the society in which the organization functions. Lastly, economic environment, There are 5 factors of productions. Factor of production is a basic resource that country business use to produce goods and services. First, labor that include the physical and mental capabilities of people as they contribute to economic productions. Second, capital; the fund needed to create and operate business enterprise. Third, Entrepreneur which the individual who accept the risks and opportunities involve in creating and operating new business venture. Fourth, physical resource is the tangible things. Fifth, Information resource is the data and other information that used by business.Economic system is the study of how wealth is created and distributed. There are different types of economic system manage the factors of production in different way.

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