Summary of Learning Objectives
Objective 1-1
Define the nature of U.S. business, describe the external environments of business, and discuss how these environments affect the success or failure of organizations.
A business is an organization that sells goods or services to earn profits. The prospect of earning profits, the difference between a business’s revenues and expenses, encourages people to open and expand businesses. Businesses produce most of the goods and services that Americans consume and employ most working people. A healthy business environment supports innovation and contributes to the quality of life and standard of living of people in a society.
The external environment of business refers to everything outside its boundaries ...
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