the evolution of business
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The Evolution of BusinessWendy Lile
University of Phoenix
Feudalism“The business or economic system in which one class of people (aristocrats) control the property rights to all valuable resources, including people.” (1)
Chief
King and Queen
Prince and Princess
Commoners
Hierarchy of Authority“The ranking of people according to their relative rights and responsibilities to control and utilize resources.” (1)
Property Rights“The right of people to own, use, or sell valuable resources.” (1)
PropertyRights
Land
Capital
Enterprise
Labor
Commerce“An interchange of goods or commodities on a large scale between different countries (foreign commerce) or between different parts of the same country (domestic commerce); trade.” (2)
$100
10 Bushels of Corn
1 Cow
20 Bails of
Wheat
5 Sheep
Mercantilism“The business system in which a product’s price differences are exploited by trading the product across markets and countries.” (1)
United States Department of Commerce
The Industrial Revolution“An era in the eighteenth and nineteenth centuries that marked improved production and trade brought about by advances in technology.” (1)
A view of the Industrial Revolution
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.” (1)
The Industrial Revolution Continues
Upper Class
Middle Class
Working Class/Proletariat
1. Jones, G.R. (2001). Introduction to Business: How companies create value for people. New York, NY: McGraw-Hill/Irwin. Retrieved February 1, 2009.
2. Dictionary.com. (Copyright 2009). Retrieved February 1, 2009, from http://dictionary.reference.com/.
References