Evolution of business

EVOLUTION OF BUSINESS

Marcia Van wormerBus210August 3, 2014 Fontano

FEUDALISM• Middle Ages• Division of work• Hierarchy• Leading into property rights

MERCANTILISM• Business system controlled by banks and merchants• Recognize profit• Scarce higher demand• The use of capital for trade

CAPITALISM• Business system controlled by industrialists or capitalists • Economic, business, political system• Control product prices• High demand on labor low wages

COMMERCE• An exchange of goods• Can be goods or services• Usually between different areas• Involving bartering or money

PROPERTY RIGHTS• Powerful person owning land• Use of land by lower people• Labor• Today stocks, patents, copyrights

THE INDUSTRIAL REVOLUTION • Began with steam engine• 19th, 20th century• Large factories• Coal mining

INDUSTRIAL REVOLUTION• Affected farming and manufacturing• Increased wealth or profit• Left aristocrats and craftsman obsolete • Made room for new monopolies

CONCLUSION• Happened over time • Different business styles• Involves goods and services• Creates profit

REFERENCES• Gareth R. Jones. (2007). Introduction to Business. Retrieved from

Gareth R. Jones, BUS/210 website.• Microsoft Power Point (6.3.9600) [Computer Software]. Retrieved from

http://microsoft.com• The 4th Media . (2014). Retrieved from

http://www.4thmedia.org/2014/05/multiple-ways-kleptocrats-and-militarists-fleece-americans/