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Chapter 1 The U.S. Business Environment

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Learning Objectives

After reading this chapter, you should be able to:

Define the nature of U.S. business and identify its main goals and functions.

Describe the external environments of business and discuss how these environments affect the success or failure of any organization.

Describe the different types of global economic systems according to the means by which they control the factors of production.

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Learning Objectives

After reading this chapter, you should be able to:

Show how markets, demand, and supply affect resource distribution in the United States, identify the elements of private enterprise, and explain the various degrees of competition in the U.S. economic system.

Explain the importance of the economic environment to business and identify the factors used to evaluate the performance of an economic system.

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The Concept of Business and the Concept of Profit

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The External Environments of Business

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Domestic Business Environment

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GlobalBusiness

Environment

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Technological Environment

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Political-Legal Environment

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Sociocultural Environment

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Economic Environment

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Economic Systems

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Types of Economic Systems

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The Economics of Market Systems

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Demand and Supply in a Market Economy

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Private Enterprise and Competition in a Market Economy

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Economic Indicators

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Economic Growth, Aggregate Output,

and Standard of Living

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Economic Stability

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Managing the U.S. Economy

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Summary of Learning Objectives

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