Big Ideas By:Conner Wisch

The business world is based around making money and beating out your competitors. To do this you need to cater to the supply and demand, make smart business decisions based on marginal benefit and marginal cost, and what kind of economy is it.

Now there are many types of economy, like command, market, traditional, capitalistic, and mixed.

Command-Government Based

Market- Consumer/Business based

Traditional- based on the peoples need and extras traded

Mixed- Multiple different economies

Capitalistic- Business based with small amounts of restrictions

To create profit for your business, you need to cater to the supply and demand. If there is a huge demand for a product and a low supply, raise the price. People will stop buying it, thus letting you make more supply, and lowering the price, creating profit.

Now, be wary of business that hold a monopoly in a field. They will probably beat you out and drive you to bankruptcy, try for businesses that have many people in it do the diverse nature that already exists.

Marketing is a very important part of businesses as well. Without someone to help you get the word out and how to do it, your business could fail. Getting the word out there is a very important part of making profits. People can't/ won't buy a product they don't know exists, or don't know enough about.

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