A business is an organization that strives for a profit by providing goods and services desired by its customers. Businesses meet the needs of consumers by providing medical care, autos, and countless other goods and services.

Goods are tangible items manufactured by businesses, such as laptops. Services are intangible offerings of businesses that can’t be held, touched, or stored.

economic system — The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated. business — An organization that strives for a profit by providing goods and services desired by its customers. profit — The money left over after all costs are paid. services — Intangible offerings of businesses that can’t be held, touched, or stored.

Be able to explain the concepts of revenue, costs, and profit; define the components of the internal and the external business environments; compare and contrast the world’s major economic systems. Why is capitalism growing, communism declining, and socialism still popular?.