The difference between income earned and expenses incurred by a business is called

Something a person must have to survive.

An economic system where the economic resources are privately owned by individuals rather than the government.

The economic resources a nation uses to make goods and supply services for its population.

What are the four Functions of Business?

This factor of production is also called natural resources.

This factor of production includes all the tools, equipment, and machinery used to produce goods and services.

This factor of production includes people who are willing and able to start a new business or purchase and existing business.

A manager goes through resumes to determine the best candidates for the job opening.

Provides guidance to employees to perform their job successfully.

A manager delegates the responsibility of ordering office supplies to one of his employees.

Coming up with strategies to increase sales during the holiday season.

A manager interviewing potential job candidates.

Compare costs and benefits of advertising campaigns, and make adjustments accordingly.

Managers of a family-run restaurant sit down together to brainstorm what they want in their new employee handbook.

Taking corrective action when a plan goes wrong.