Define business, and list the factors of production.

The business landscape in the United States is vast and varied. Ben Silberman launched the successful website Pinterest. Meanwhile, the Chang family opened a small Chinese restaurant. What do these seemingly unrelated businesses have in common?

Explain how competition, the social environment, globalization, and technological changes challenge and provide opportunities to business owners.

Leroy Washington is the owner of a local deli in Florida. When a Subway franchise moved in across the street, Leroy had to think creatively to deal with the new competition. How did he manage to keep his small deli in business despite the major franchise nearby?

Describe the four types of businesses.

Wawa convenience stores are located in the mid-Atlantic region of the United States. Although the chain has more than 500 stores, it is still considered a small, regional business. What would Wawa have to do to expand its business and become a national franchise?

Explain how life skills translate to the business environment.

Do you run your life like a business? Managing a business requires many of the same financial and personal skills you use in your daily life. Understanding how you use business concepts and methods in your life can help you understand how they are used in business.