Business, as defined by Boone and Kurtz, are profit-seeking activities of those engaged in purchasing or selling goods and services to satisfy society's needs and wants. Businesspeople around the world strive to make a profit, or financial reward, based on the sales of their goods and services. Businesses are what contribute to the livelihood of a striving economy. Certain inputs are required for businesses to operate effectively in producing these goods and services. These inputs are known as the factors of production which consist of natural resources, capital, human resources, and entrepreneurship. .
Natural resources are industrial materials and capacities such as mineral deposits and waterpower that are supplied by nature. They are the fundamental inputs needed in any economy. For example, a fisherman uses oceans and lakes to catch fish, shrimp, and other marine life to supply to markets and/or restaurants. .
Most people have been exposed to computers at one point or another in their life whether it is an automatic teller machine (ATM), a personal computer, calculator, or in the checkout line at a grocery store. All of these different technologies can be classified as capital. Money that is used to buy natural resources, build businesses, or pay employees is a capital. Information, technology, machinery, equipment in a production line are all examples of capital. The accumulated goods devoted to the production of other goods best define capital. .
From the door-greeter at the local Wal-Mart to the chief executive officer (CEO) of an international corporation, people are a valuable resource to businesses. Any person that is employed by a business, whether it is working for a large company or someone who is self-employed, falls into the category of a human resource. Human resources are a key factor in maintaining a business. Workers are responsible for physical labor and intellectual inputs.
