Evolution of Business
Evolution of BusinessEvolution of Business
Business has evolved overtime from creative business man of years past into the giant Corporate America as people know it today. The struggle for money, food, land and valuable resources continues after the business world has under gone an industrial revolution. During this presentation the basic principles and practices created by founding business men are reviewed. These principles and methods are the roots of Corporate America and globally.
Property rights The right of people to own, use, or sell valuable resources.
Aristocracy is people given the right by a ruler to control a country’s resources, including its land and labor.
Feudalism The business or economic system in which one class of people, aristocrats, control the property rights to all valuable resources, including people.
Mercantilism The business system in which a product’s price differences are exploited by trading the product across markets and countries.
Merchant A trader who uses the discrepancy between the value and price of a product in one market and another to trade goods for profit.
Bankers The people who estimate the risks associated with a new venture and determine the way profits from a venture should be shared.
Industrial Revolution era in the eighteenth and nineteenth centuries that marked improved production and trade brought about by advances in technology.
Trust A combination of companies linked by legal titles and property rights that allow them to function like one large company.
Capitalism The economic or business system in which the private ownership of resources becomes the basis for the production and distribution of goods and services.
Capitalists People who personally own or control the physical capital of industrial production such as machinery, factories, distribution networks, raw materials, and technology.