Business 100 Week 2 Assignment 1

In: Business and Management

Submitted By Chadmccarl
Words 1099
Pages 5
BUS100 Assignment 1: The Business Environment
Chad McCarl
Professor Keisha A. Nelson
July 12, 2012

Business in the economy

Without business, we have no economy. People are able to consume and enjoy far more goods and services than they otherwise could if individuals were required to produce everything for themselves. People consume food that is grown by farmers or manufacturers. In many cases, the food is prepared by a restaurant as well. Very few people still sew their own clothing. They buy their wardrobes from department stores which carry clothing from large manufacturers. Your car, MP3 player, computer, and cell phone were produced by someone else. Our business based economy is responsible for of all the incredible technologies that people have access to today.

Businesses bring people, equipment, and other resources together and coordinate the production of goods and services. Then the sell their goods and services on the open market for a profit. This exchange of currency, as trade, for the goods and services created fuels our economy. The employees, owners and investors of a business earn income for their services performed and then are able to use their incomes to buy the goods and services created by others.

For-profit and nonprofit businesses and the economy

Both for-profit and nonprofit businesses play an important role in our economy.

For-profit organization is the Internal Revenue Service’s designation of an organization whose income is used for the benefit or private gain of stockholders, directors, or any other persons with an interest in the company; and is subject to all the tax laws for businesses and industries.

A nonprofit organization is the Internal Revenue Service’s designation of an organization whose income is not used for the benefit or private gain of…...

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