1. Business in General Chapter 1

3. From simple beginnings in the dim reaches of man’s prehistoric past, business grew and proliferated, until it cam to dominate the over all culture of human society

4. The Code of Hammurabi promulgated around 2,000 B.C. Had provisions governing commercial transactions.

5. The Roman empire had a clearly defined wage system.

7. Business is capitalistic if we have: Production for private account Private ownership of non-personal means of production Voluntary savings and the institution of bank credit

8. Attributes of the Term Business Business has been defined as an organization of the people with varied skills, which uses property or talents, to produce goods or services, which can be sold to others for more than their costs.

9. A fundamental characteristic of business that distinguishes it from other economic activities is the fact that the goods produced or the service created , are not primarily for the consumption, could not according to this characteristics of business, be considered a businessman, the the modern farmer who produces for the market is , in a very real sense, a businessman.

10. The distinguishing characteristics of the private professional man is that he deals almost entirely with persons and sells his special skill or service on a personal basis.

11. Business includes any lawful activity carried on continuously, which involves buying and selling , or manufacturing , or financing , or the rendering of a service for money.

12. The objective of the businessman is to sell his product or service in such a manner as to recover not only what it actually costs him, but also something in excess of costs to provide a reward personal effort and risk.

13. CommerceIndustryService Kinds of Business

14. Commerce Commerce refers to the transfer or exchange of goods and services with the movement of goods from point of production to point of consumption. It covers buying, selling and marketing and merchandising , which are directly involved in the transfer of goods. Trade may be either retail or wholesale, domestic or foreign.

15. Industry Industry is primarily concerned with the creation of form utility or the production of goods that are used either by the consumer and are, therefore , called consumer’s goods or by other industries in the further production of other goods and , therefore, called producers’ goods. Industries could be subdivided into Genetic Extractive Manufacturing Construction Industries