Business Administration - Lecture 03

concept of business, profit, consumer goods, consumer services, consumer choice, enterprise, external environment, domestic environment, external environment, global environment, technological environment, political environment, legal environment, socio-cultural environment, morals, ethics, religion, economic environment, economic systems, factors of production, land, capital, labor, information resources, real capital, financial capital, human capital, entrepreneur, risk-taker, physical resources, natural resources, infrastructure, planned economy, free-market economy, mixed economy, capitalism, socialism, communism, privatization, nationalization, demand, supply, equilibrium, law of demand, law of supply, demand curve, supply curve, equilibrium price, equilibrium quantity, surplus, shortage, private enterprise, competition, price competition, perfect competition, monopolistic competition, differentiated product, oligopoly, OPEC, economic indicators, economic growth, standard of living, purchasing power, GDP, GDP per capita, productivity, productivity per worker, balance of trade, international trade, exports, imports, trade surplus, trade deficit, inflation, unemployment,

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