The Four Fundamental Business Resources - 1381 Words

1) Business is best described as an organized effort of individuals and organizations to produce and sell for profit. The four fundamental business resources that must be combined to organize and operate a business are human resources, material resources, informational resources, and financial resources. Human resources entails anyone used to provide a service which can include someone such as an accountant. Material resources are materials that provide any usefulness to a company. These can include water, coal, or lumber for examples. The third type is informational resources which is data or information used by companies. This includes various data bases or any other form of information essential to the company. Lastly, financial resources are any kind of spending power for a company including money or any other assets. 2) A capitalistic economy is one that fulfills society’s best interest through the individuals in that society pursuing their own best interest. In a true capitalistic economy, individuals own and run all the businesses that produce goods and services to the people who have the right to buy anything they wish. The United States is a modified capitalistic economy which means the government plays some role in businesses. A socialist economic system is one where individuals usually own small businesses, and the government controls large/key industries. Socialism aims to provide equality for all through a distribution of wealth, and the elimination ofShow MoreRelatedThe Four Fundamental Business Resources916 Words   |  4 Pages) The term â€Å"business† is best defined as an organized attempt of individuals and organizations to sell and produce something for the needs and/or satisfaction of society. The four fundamental business resources are human resources, people who labor for the company in exchange for payment; material resources, which constitute all the material elements of a product, equipment and structures; informational resources, which provides information to management on the overall efficiency of the three remainingRead MoreThe Economic Problem Of The Market Economy1237 Words   |  5 Pageswants with a scarce amount of resources. They only current solution is to make decisions as the desire of satisfying all wants is not possible. Economics is the about the allocation of limited resources in the best possible way in order to satisfy needs (items essential for survival – food and shelter) and wants (not necessities, but provide satisfaction and assist achievement of higher standard of living). In order to choose where to allocate resources, four fundamental questions must be attemptedRead MoreBusiness Fundamentals Serve As The Foundation For All Business Pathways925 Words   |  4 Pagesknowing the fundamentals. This may seem old-fashioned or trite in the days of instant on-line information, but mastery of the fundamentals will always make getting the desired results easier. This is especially true in business; business fundamentals serve as the foundation for all business pathways. Every business requires the mastery of four basic, yet important, concepts to function and compete: capital, marketing, leadership, and people. In the world of business, these fundamentals are configuredRead MoreThe Four Functions of Management1661 Words   |  7 PagesThe Four Functions of Management Management is the process of working with other and capital to achieve organizational goals. Also management is defining as creative problem solving. This creative problem solving is accomplished through the four functions of management: planning, organizing, leading and controlling. The intended result is the use of an organization s resources in a way that finish its mission and objectives. Every good manager, supervisor or leader does those tings both effectivelyRead MoreChristian Ethics : The Conduct Of Business1127 Words   |  5 PagesChristian Ethics in the Conduct of Business The Bible, which is the basis of Christian doctrine, speaks comprehensively and authoritatively to all occurrences in society, including business conduct. A critical analysis shows that Christian ethics offer an effective framework to conduct proper business, commerce, and trade. Christian doctrine can be applied on all parts of business including human resource management, production, and advertising among other business functions. This paper aims to showRead MoreCorporate Social Responsibility ( Csr )1370 Words   |  6 PagesBusiness personalities, government officials, and loans are hedging more attention on the concept of Corporate Social Responsibility (CSR). The core issue is the appropriate responsibility of business. In as much as firms ought to obey the law, but beyond complete compliance with environmental laws, the question is whether firms have extra social responsibilities to commit part of their resources to environmental preservation voluntarily. This memo provides an exploratory investigation of the linkRead MoreEssay on Marketing Decisions and Business Strategy1077 Words   |  5 Pagesâ€Å"Making Sure That Marketing Decisions Match the Business Strategy† 1. Comment of this statement: â€Å"Strategies most often fail because they aren’t executed well. Things that are supposed to happen don’t happen.† A successful business strategy can help companies effectively execute and stay ahead of the competition. Maintaining strategic direction and relentlessly executing - rather than reacting to competitive conditions - is the most consistent route to success. Along with a successful strategyRead MoreFour Principles Of Management : The Four Functions Of Management937 Words   |  4 Pages The Four Functions of Management There are four functions of management: planning, organizing, leading and controlling. The four basic principles of management found in all businesses and corporations. Management is a process designed to achieve an organizations objectives by using its resources effectively and efficiently in a changing environment. Planning the process of determining the organizations objectives and deciding how to accomplish them. The planning of a business includesRead MoreAcc 225 Week 9 Acc225 Week 91556 Words   |  7 PagesStatements  · Resource: Fundamental Accounting Principles, Ch. 1  · Due Date: Day 5 [post to the Individual forum]  · Consider that you have been asked to explain financial statements to someone who knows nothing about accounting.  · Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles.  · Discuss, in 200 300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business ACC 225Read MoreDescription Of A Australian Occupant1739 Words   |  7 PagesDictionary was characterized the lives test importance in fitting. The spot where the individual was dwelled is the one of the subject of truth in FC of T v Miller (1946). It has four elements like 1) the citizens aim is nearness, 2) the citizen s family and business ties, 3) the support and the area of the citizens resources, 4) the citizens was course of action of social and living. The late case Joachim v FC of T 2002 ATC 2088 concurring this, the sailor was relocated from the Sir Lanka to Australia