The Evolution of BusinessWendy Lile

University of Phoenix

Feudalism“The business or economic system in which one class of people (aristocrats) control the property rights to all valuable resources, including people.” (1)

Chief

King and Queen

Prince and Princess

Commoners

Hierarchy of Authority“The ranking of people according to their relative rights and responsibilities to control and utilize resources.” (1)

Property Rights“The right of people to own, use, or sell valuable resources.” (1)

PropertyRights

Land

Capital

Enterprise

Labor

Commerce“An interchange of goods or commodities on a large scale between different countries (foreign commerce) or between different parts of the same country (domestic commerce); trade.” (2)

$100

10 Bushels of Corn

1 Cow

20 Bails of

Wheat

5 Sheep

Mercantilism“The business system in which a product’s price differences are exploited by trading the product across markets and countries.” (1)

United States Department of Commerce

The Industrial Revolution“An era in the eighteenth and nineteenth centuries that marked improved production and trade brought about by advances in technology.” (1)

A view of the Industrial Revolution

Capitalism“The economic or business system in which the private ownership of resources becomes the basis for the production and distribution of goods and services.” (1)

The Industrial Revolution Continues

Upper Class

Middle Class

Working Class/Proletariat

1. Jones, G.R. (2001). Introduction to Business: How companies create value for people. New York, NY: McGraw-Hill/Irwin. Retrieved February 1, 2009.

2. Dictionary.com. (Copyright 2009). Retrieved February 1, 2009, from http://dictionary.reference.com/.

References