- What is an environment? How does it impact our lives and what changes do we make to deal with our environment?
- Depending on the “business” environment, businesses change the way they operate
- Businesses exist to satisfy consumer needs and wants – the economic system determines how this is done
Economic systems answer the following basic questions:
- Who owns the factors (means) of production?
- Who decides what will be produced and for whom it will be produced?
- Who receives the profit and how is it used?
image:Designed for Virginia Tech Libraries by Brian Craig http://bcraigdesign.com / CC BY (https://creativecommons.org/licenses/by/4.0)