The Nature of Business

3. are tangible items manufactured by businesses, such as laptops.
5. are the people who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal.
8. is an organization that strives for a profit by providing goods and services desired by its customers.
9. is the money a company receives by providing services or selling goods to customers.
10. of life refers to the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time. Building a high quality of life is a combined effort of businesses, government, and not-for-profit organizations.
11. money left over after costs are paid out.
12. of Living of any country is measured by the output of goods and services people can buy with the money they have.

1. refers to the combined talents and skills of the workforce and has become a primary driver of economic growth.
2. are expenses for rent, salaries, supplies, transportation, and many other items that a company incurs from creating and selling goods and services.
4. are intangible offerings of businesses that can’t be held, touched, or stored. Physicians, lawyers, hairstylists, car washes, and airlines all provide services.
6. organization is an organization that exists to achieve some goal other than the usual business goal of profit.
7. is also used to mean the money that buys machinery, factories, and other production and distribution facilities.
13. is the potential to lose time and money or otherwise not be able to accomplish an organization’s goals.