Table of contents:

1.1 What is a business

a business is any entity that indulges in the activity of making, buying, or selling a product in exchange for money or something with money value → every business organization is an independent entity

Resources needed for a business

• human resources (employees)
• physical resources (machines, buildings, etc.)
• financial resources (money needed to produce goods and services)
• enterprise (the business idea that differentiates it from other businesses)

The cycle of business activity

1) resource input (human, physical, financial, enterprise) is used for… (2)