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Baby Boomers - people who were born between 1946-1964.

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890 companies have over 10,000 employees.  This includes companies such as Walmart McDonalds and Google. Walmart currently stands strong with over 2.3 MILLION paid employees

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There exists 2 types of data: qualitative and quantitative-which is further divided into continuous, discrete, secondary, and primary statistics

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Generating ideas
Businesses must have an idea to make the business successful aswell as having to be able to improve or develop new ideas

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72.04% of US businesses have the owner as their only employee. 3.27% of US businesses have 20-99 employees.

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Buying goods and services-
- goods and services are used by producers to inhance their businesses
- for example: a car company would purchase steel, aluminum, and plastics to make the actual car its self. The car company will also need tires, batteries, airbags, etc.
- the company would purchase other things like cleaning supplies, computers, and display equipment. These little things play a big role in the company’s success.
- companies need services like advertising, legal and accounting services, lawn care, etc.
- all of these goods that the car company needs to purchase are important
- goods and services are essential to starting a company

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Employing and training personnel - every business will hire employees (part time or full time) as they start to expand. These employees are hired through certain processes and are paid in certain ways such as wages, benefits, and employment taxes. When the company grows again (change in procedures, new tasks added, or technology introduced), the hiring process repeats.

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Business Activities: All businesses need at least one, if not more of these activities including Generating Ideas, Raising Capital, Employing and Training Personnel, etc. These are all important to a business because they help the business function and continue to run a business.

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6.5 million businesses in the U.S have less than 20 people employed. Small businesses are very important to the economy because they provide for the needs of residents. They also can support the larger businesses.

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Nearly 5% of workers in America ( around 6 million people ) are contingent workers.

Contingent workers are those who have contracts for long term employment.

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Service businesses. Service businesses deal with activities that are consumed by its consumers. Service businesses may include physicians, dentists, and lawyers, pet sitters, painters, and furniture movers.

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In the early 1960s, only 35% of women worked outside their homes. Now, nearly 50% of the United States work industry will be held by women.
This increase has happened because of the changes of the roles of women and the way that they have been viewed in America throughout the past 50 years.

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Extractors-Business that takes natural rescoures to create a product. Some examples are fisherman, miners or timber lodgers.

Manufacturers-use supplies from other producers to create their own product.

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The baby boomers (1946-1964) are starting to retire through the next couple of years. They where also the biggest work force population. The average age of the workforce will be 50 by 2020.

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Service businesses make up 60% of employment in the U.S. They are the most rapidly growing part of the economy. Although service businesses are known for being low-paying and low-skill, new businesses are looking for highly educated employees

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Many businesses do not make products, so this is where the service business comes into play. Businesses as well as as final consumers use services. For example, a communications firm would be able to design and install a new phone system for large telemarketing businesses. Keep in mind, they do not offer products for sale, instead they offer their services.

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There are 3 types of businesses producers, intermediaries and service businesses
A producer is a business that makes things people want and need
Intermediaries are a business that sells the goods and services of the producer
Service Businesses provide services people want

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Raising Capital- Businesses take a lot of capital to start, they need this for facilities, employees and equipment. So what most businesses do is take a loan out from a financial institution (a bank) or from investors. As new ideas are produced and products continue to develop, more capital is needed so that these changes can be made. As a business starts to grow, more investors will be attracted to your business which results in more capital.

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A survey conducted recently highlighted the fact that 70% of parents felt that they could not spend enough time with their children because of how often they had to work.

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Total employment in the U.S. grew 6% between 2003 and 2008.

Service-producing businesses make up more than 60% of employment now.

68% of the workforce is made up non-Hispanic workers.

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Only .67% of businesses have more than 100 employees. For example amazon is a U.S company and has 541,900 employees.

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Intermediaries are a type of business where it involves selling good and services of producers to consumers. The most common intermediary business is the retailers and wholesalers

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One type of business is the hybrid buisness. The hybrid buisness strikes a balance between social mission and commercial enterprise, its also a organizational structure.

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When a big business mives in smaller businesses will often locate to support it

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Garrett Poynter - 19.5 million businesses have no employees except for the owner. This shows that many small business owners do not necessarily need to employ people to be efficient and productive.

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Maintaining business records:
Every business has a record keeeping system
Workers need it to track performance and make decisions
Buyers need it for order and payment information
Businesses are required by government to keep records and submit them

3 main categories for business: producers, intermediaries, and service businesses
Producers create the services for the buyers. They need to make items using resources by others .
A business that takes resources from nature for use in making products is called an extractor (extractors pump oil, mine coal, or cut timber)
Farmeres use land and other natural resources
Manufacturers get supplies from other producers and make it theirs

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Marketing goods and services: Businesses need to satisfy customers who usually buy from competitors who have the same product and services but they need to show it better then the competitors and without marketing the the best product and services they may even be unsold

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Corporation. A corporation is a legal entity created by documents filed through the state. Owned by more than one individual.

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Producering companies include manufacturers,farmers and oil extractors.

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Proprietorship. A proprietahip is a business ran by only one individual. This is the easiest business to run and to terminate. There are very few legal requirements regarding the business ownership and capital needs that are required to be met.

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Partnership: a partnership is a business made and controlled by two or more people.