Chapter 1: Business Basics

Social Environment Factors: Aging population, diversity, green movement.
Revenue vs. Expenses:
- Revenue: Money brought in by goods/services.
- Expenses: Money paid out for goods/services.
Factors of Production: Resources used to produce goods and services.
- Labor: Human resources, both physical and intellectual.
- Natural Resources: Raw materials from nature for production.
- Capital:
- Real Capital: Physical facilities for production.
- Financial Capital: Money used in business.
- Entrepreneurs: Risk-takers who manage business operations.
- Intellectual Property: Creations of the mind (ideas, inventions).

Types of Businesses:
- Non-profit organizations: Aim for community service, not profit.
- For-profit businesses: Aim to earn more income than expenses.
- Goods: Tangible products; Services: Intangible offerings.

Major Environments:
- Competition: Businesses vying for customers.
- Social Environment
- Globalization Environment
- Technological Environment

Globalization: Movement towards interconnected economies; increasing competition from international firms.
Offshoring: Relocating production overseas to reduce costs.
Telecommuting: Working from home or remote locations.
E-commerce: Buying/selling goods online.

Local Businesses: Rely on local customers.
Regional Businesses: Broader area than local, but not national.
National Businesses: Operate throughout a country without international reach.
Under Capitalization: Insufficient funding for operations.

Metacognition: Confidence assessment in answers.
Retrieval Practice: Recalling existing knowledge to connect with new.
Spacing: Studying over time for more effective learning.
Interleaving: Mixing different topics in study sessions for better retention.