What is Business?

Understanding the concept of a business and how they function is important in knowing how entrepreneurs must innovate in order to remain competitive over time - this unit's statement of inquiry - as entrepreneurs are essentially people who start businesses! Based on my prior knowledge and knowledge gained from class, I can now tell you that a business is an organization that makes decisions, all the while using inputs to provide goods or services satisfying customer needs. I've also previously known that businesses add value by increasing the selling price so they can…Read more …