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The Evolution Of Business Commerce, Occupation, and Organizations

A historical perspective on the transformation of business, trade, and employment.

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    The Evolution of Business

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    2 - 2 The Evolution of Business: Commerce, Occupation, and Organizations • Property rights are the cornerstone of our society’s economics system • You have the right to buy, own, and sell land and any buildings on that land - You may own the mineral rights of that land and may own some of the air rights above the land - Recall from the previous chapter – the law of demand - as demand increases for your land, what is going to happen to the price of this land?

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    2 - 3 The Evolution of Business: Commerce, Occupation, and Organizations • You have the right to own financial assets such as stocks, bonds and money • You own your labor and the right to work freely (for an agreeable wage) • You may own rights to a product’s patent or copyright - Should you be allowed to download copyrighted music for free? - If so, what incentive is there to produce?

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    2 - 4 The Evolution of Business: Commerce, Occupation, and Organizations • These property rights allow you to control the use of productive resources in business • Hopefully more effectively and efficiently than your competitors

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    2 - 5 The Evolution of Business: Commerce, Occupation, and Organizations • Business and commerce - related activities began three to six thousand years ago • Consider the division of labor needed to build the pyramids in Egypt • It took leaders or rulers to plan, organize, and control the tasks among people

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    2 - 6 The Evolution of Business: Commerce, Occupation, and Organizations Feudalism • Land and other resources were given by a king to the nobility • Who in turn controlled the proletariats or peasants • Who worked the land for a hut and a subsistence wage • But the absence of motivation for the peasants gave rise to tenant farmers - sharing in more of the till and toil of the land as well as profits from it

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