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2007 Prentice Hall, Inc.

All rights reserved.

PowerPoint Presentation by Charlie CookThe niversity o! "est Alaba#a

BusinessBusiness

EssentialsEssentialsRonald J. EbertRonald J. EbertRicky W. GriffinRicky W. Griffin

The Contemporary Business WorldThe Contemporary Business World11

6e

TH$ .%. &%I'$%% $'(I)*'+$'T

1

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2007 Prentice Hall, Inc. All 12

$ A ) ' I ' - * & $ C T I ( $ %

After reading this chapter, you should be able to:After reading this chapter, you should be able to:

1.1. efine the nature of !.". business and identify itsefine the nature of !.". business and identify its

#ain goals and functions.#ain goals and functions.

$.$. escribe the e%ternal en&iron#ents of business andescribe the e%ternal en&iron#ents of business and

discuss ho' these en&iron#ents affect the success ordiscuss ho' these en&iron#ents affect the success orfailure of any organi(ation.failure of any organi(ation.

).). escribe the different types of global econo#icescribe the different types of global econo#ic

syste#s according to the #eans by 'hich they controlsyste#s according to the #eans by 'hich they control

the factors of production.the factors of production.*.*. "ho' ho' #arkets, de#and, and supply affect"ho' ho' #arkets, de#and, and supply affect

resource distribution in the !nited "tates.resource distribution in the !nited "tates.

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$ A ) ' I ' - * & $ C T I ( $ % /contd1

After reading this chapter, you should be able to:After reading this chapter, you should be able to:

+.+. dentify the ele#ents of pri&ate enterprise and e%plaindentify the ele#ents of pri&ate enterprise and e%plain

the &arious degrees of co#petition in the !.".the &arious degrees of co#petition in the !.".

econo#ic syste#.econo#ic syste#.

-.-. E%plain the i#portance of the econo#ic en&iron#entE%plain the i#portance of the econo#ic en&iron#entto business and identify the factors used to e&aluateto business and identify the factors used to e&aluate

the perfor#ance of an econo#ic syste#.the perfor#ance of an econo#ic syste#.

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"hat in It !or +e"hat in It !or +e

By understanding these econo#ic forces andBy understanding these econo#ic forces and

ho' they interact, youll be better able to:ho' they interact, youll be better able to:

1.1. Appreciate ho' #anagers #ust contend 'ith theAppreciate ho' #anagers #ust contend 'ith the

challenges and opportunities resulting fro#challenges and opportunities resulting fro#

econo#ic forces fro# the standpoint of an e#ployeeecono#ic forces fro# the standpoint of an e#ployeeand a #anager or business o'nerand a #anager or business o'ner

$.$. !nderstand 'hy prices fluctuate fro# the!nderstand 'hy prices fluctuate fro# the

perspecti&e of a consu#erperspecti&e of a consu#er

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&asic &3siness Conce4ts&asic &3siness Conce4ts

BusinessBusiness

An organi(ation that pro&ides goods or ser&ices that are then sold toAn organi(ation that pro&ides goods or ser&ices that are then sold toearn profits.earn profits.

/rofits/rofits

0he difference bet'een a businesss re&enues and its e%penses. 0he0he difference bet'een a businesss re&enues and its e%penses. 0he

re'ards o'ners get for risking their #oney and ti#e.re'ards o'ners get for risking their #oney and ti#e.

onsu#er hoice and e#andonsu#er hoice and e#and

0he freedo# of consu#ers to choose ho' to satisfy their 'ants and0he freedo# of consu#ers to choose ho' to satisfy their 'ants and

needs.needs.

0he freedo# of business o'ners to decide ho' to #eet those 'ants0he freedo# of business o'ners to decide ho' to #eet those 'ants

and needs.and needs.

2pportunity and Enterprise2pportunity and Enterprise

"uccess in business re3uires spotting a pro#ising opportunity and"uccess in business re3uires spotting a pro#ising opportunity and

then de&eloping a good plan for capitali(ing on it.then de&eloping a good plan for capitali(ing on it.

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&asic &3siness Conce4ts /contd1&asic &3siness Conce4ts /contd1

0he Benefits of Business0he Benefits of Business

/ro&ision of goods and ser&ices/ro&ision of goods and ser&ices

E#ploy#ent of 'orkersE#ploy#ent of 'orkers

nno&ation and opportunitiesnno&ation and opportunities

ncreased 3uality of life and standard of li&ingncreased 3uality of life and standard of li&ing

Enhance personal inco#es of o'ners andEnhance personal inco#es of o'ners and

stockholdersstockholders

0a% pay#ents support go&ern#ent0a% pay#ents support go&ern#ent

"upport for charities and co##unity leadership"upport for charities and co##unity leadership

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The $5ternal $nviron#ents o! &3sinessThe $5ternal $nviron#ents o! &3siness

E%ternal En&iron#entE%ternal En&iron#ent

E&erything outside an organi(ations boundaries thatE&erything outside an organi(ations boundaries that

#ight affect it#ight affect it

the do#estic business en&iron#entthe do#estic business en&iron#ent

the global business en&iron#entthe global business en&iron#ent the technological en&iron#entthe technological en&iron#ent

the political4legal en&iron#entthe political4legal en&iron#ent

the sociocultural en&iron#entthe sociocultural en&iron#ent

the econo#ic en&iron#entthe econo#ic en&iron#ent

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The $5ternal $nviron#ent /contd1The $5ternal $nviron#ent /contd1

o#estic Business En&iron#ento#estic Business En&iron#ent

0he en&iron#ent in 'hich a fir# conducts its0he en&iron#ent in 'hich a fir# conducts its

operations and deri&es its re&enues by:operations and deri&es its re&enues by:

"eeking to be close to its custo#ers"eeking to be close to its custo#ers

Establishing strong relationships 'ith its suppliersEstablishing strong relationships 'ith its suppliers

istinguishing itself fro# its co#petitorsistinguishing itself fro# its co#petitors

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Global Business En&iron#entGlobal Business En&iron#ent

0he international forces that affect a business:0he international forces that affect a business:

nternational trade agree#entsnternational trade agree#ents

nternational econo#ic conditionsnternational econo#ic conditions

/olitical unrest/olitical unrest

nternational #arket opportunitiesnternational #arket opportunities

"uppliers"uppliers

ulturesultures o#petitorso#petitors

urrency &aluesurrency &alues

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0echnological En&iron#ent0echnological En&iron#ent

All the 'ays by 'hich fir#s createAll the 'ays by 'hich fir#s create

&alue for their constituents:&alue for their constituents:

5u#an kno'ledge5u#an kno'ledge

Work #ethodsWork #ethods

/hysical e3uip#ent/hysical e3uip#ent

Electronics and teleco##unicationsElectronics and teleco##unications

6arious business acti&ity processing6arious business acti&ity processing

syste#ssyste#s

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/olitical47egal En&iron#ent/olitical47egal En&iron#ent

0he regulatory relationship bet'een business and0he regulatory relationship bet'een business and

the go&ern#ent 8legal syste#9 and its agencies thatthe go&ern#ent 8legal syste#9 and its agencies that

define 'hat organi(ations can and cant do:define 'hat organi(ations can and cant do:

/roduct identification la's/roduct identification la's

7ocal (oning re3uire#ents7ocal (oning re3uire#ents

Ad&ertising practicesAd&ertising practices

"afety and health considerations"afety and health considerations

Acceptable standards of business conductAcceptable standards of business conduct /ro4 or anti4business senti#ent in go&ern#ent and/ro4 or anti4business senti#ent in go&ern#ent and

political stability are also i#portant considerations,political stability are also i#portant considerations,

especially for international fir#s.especially for international fir#s.

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"ociocultural En&iron#ent"ociocultural En&iron#ent

0he custo#s, #ores, &alues, and de#ographic0he custo#s, #ores, &alues, and de#ographic

characteristics of the society in 'hich ancharacteristics of the society in 'hich an

organi(ation functionsorgani(ation functions

"ociocultural processes deter#ine the goods and"ociocultural processes deter#ine the goods andser&ices and standards of business conduct aser&ices and standards of business conduct a

society is likely to acceptsociety is likely to accept

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Econo#ic En&iron#entEcono#ic En&iron#ent

0he rele&ant conditions that e%ist in the econo#ic0he rele&ant conditions that e%ist in the econo#ic

syste# in 'hich a co#pany operatessyste# in 'hich a co#pany operates

E%a#ple:E%a#ple:

f an econo#y is doing 'ell enough that #ost people ha&ef an econo#y is doing 'ell enough that #ost people ha&e

obs, a gro'ing co#pany #ay find it necessary to pay higherobs, a gro'ing co#pany #ay find it necessary to pay higher

'ages and offer #ore benefits in order to attract 'orkers'ages and offer #ore benefits in order to attract 'orkers

fro# other co#panies.fro# other co#panies.

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$cono#ic %yste#s$cono#ic %yste#s

Econo#ic "yste#Econo#ic "yste#

A nations syste# for allocating its resources a#ongA nations syste# for allocating its resources a#ong

its citi(ens, both indi&iduals and organi(ationsits citi(ens, both indi&iduals and organi(ations

;actors of /roduction;actors of /roduction

7abor7abor

apitalapital

EntrepreneursEntrepreneurs

/hysical resources/hysical resources nfor#ation resourcesnfor#ation resources

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Ty4es o! $cono#ic %yste#sTy4es o! $cono#ic %yste#s

/lanned Econo#y/lanned Econo#yA centrali(ed go&ern#ent controls all or #ost factorsA centrali(ed go&ern#ent controls all or #ost factors

of production and #akes all or #ost production andof production and #akes all or #ost production and

allocation decisions for the econo#y.allocation decisions for the econo#y.

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Planned $cono#iesPlanned $cono#ies

o##unis#o##unis#

A syste# =arl

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+arket $cono#ies+arket $cono#ies

apitalis#apitalis# 0he go&ern#ent supports pri&ate o'nership and0he go&ern#ent supports pri&ate o'nership and

encourages entrepreneurship.encourages entrepreneurship.

ndi&iduals choose 'here to 'ork, 'hat to buy, andndi&iduals choose 'here to 'ork, 'hat to buy, andho' #uch to pay.ho' #uch to pay.

/roducers choose 'ho to hire, 'hat to produce, and/roducers choose 'ho to hire, 'hat to produce, andho' #uch to charge.ho' #uch to charge.

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The $cono#ics o! +arket %yste#sThe $cono#ics o! +arket %yste#s

e#ande#and

0he 'illingness and ability of buyers to purchase a product 8a0he 'illingness and ability of buyers to purchase a product 8a

good or a ser&ice9.good or a ser&ice9.

"upply"upply

0he 'illingness and ability of producers to offer a good or0he 'illingness and ability of producers to offer a good orser&ice for sale.ser&ice for sale.

0he 7a's of e#and and "upply0he 7a's of e#and and "upply

e#and8e#and8Buyers 'ill purchase 8de#and9 #ore of a product asBuyers 'ill purchase 8de#and9 #ore of a product as

its price drops and less of a product as its price increases.its price drops and less of a product as its price increases. %344ly8%344ly8/roducers 'ill offer 8supply9 #ore of a product for sale/roducers 'ill offer 8supply9 #ore of a product for sale

as its price rises and less of a product as its price drops.as its price rises and less of a product as its price drops.

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e#and and %344lye#and and %344ly

e#and and "upply "chedulee#and and "upply "chedule

0he relationships a#ong different le&els of de#and0he relationships a#ong different le&els of de#and

and supply at different price le&els as obtained fro#and supply at different price le&els as obtained fro#

#arketing research, historical data, and other#arketing research, historical data, and other

studies of the #arket.studies of the #arket.

e#and c3rve8e#and c3rve8 55o' #uch product 'ill be de#andedo' #uch product 'ill be de#anded

8bought9 at different prices.8bought9 at different prices.

%344ly c3rve8%344ly c3rve8 5o' #uch product 'ill be supplied 8offered5o' #uch product 'ill be supplied 8offered

for sale9 at different prices.for sale9 at different prices.

+arket 4rice+arket 4rice8e3uilibriu# price9: 0he price at 'hich the8e3uilibriu# price9: 0he price at 'hich the

3uantity of goods de#anded and the 3uantity of goods3uantity of goods de#anded and the 3uantity of goods

supplied are e3ual.supplied are e3ual.

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%3r4l3ses and %hortages%3r4l3ses and %hortages

"urplus"urplus

A situation in 'hich the 3uantity supplied e%ceedsA situation in 'hich the 3uantity supplied e%ceeds

the 3uantity de#andedthe 3uantity de#anded

auses lossesauses losses

"hortage"hortageA situation in 'hich the 3uantity de#anded 'ill beA situation in 'hich the 3uantity de#anded 'ill be

greater than the 3uantity suppliedgreater than the 3uantity supplied

auses lost profitsauses lost profits

n&ites increased co#petitionn&ites increased co#petition

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Private $nter4rise in a +arket $cono#yPrivate $nter4rise in a +arket $cono#y

/ri&ate Enterprise "yste#/ri&ate Enterprise "yste#Allo's indi&iduals to pursue their o'n interests 'ithAllo's indi&iduals to pursue their o'n interests 'ith

#ini#al go&ern#ent restriction.#ini#al go&ern#ent restriction.

Ele#ents of a /ri&ate Enterprise "yste#Ele#ents of a /ri&ate Enterprise "yste#

/ri&ate property rights/ri&ate property rights ;reedo# of choice;reedo# of choice

/rofits/rofits

o#petitiono#petition

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egrees o! Co#4etitionegrees o! Co#4etition

/erfect o#petition/erfect o#petition

/rices are deter#ined by supply and de#and/rices are deter#ined by supply and de#and

because no single fir# is po'erful enough tobecause no single fir# is po'erful enough to

influence the price of its product.influence the price of its product.All fir#s in an industry are s#all.All fir#s in an industry are s#all.

0he nu#ber of fir#s in the industry is large.0he nu#ber of fir#s in the industry is large.

/rinciples of perfect co#petition:/rinciples of perfect co#petition: Buyers &ie' all products as identical.Buyers &ie' all products as identical.

Buyers and sellers kno' the prices that others are payingBuyers and sellers kno' the prices that others are paying

and recei&ing in the #arketplace.and recei&ing in the #arketplace.

t is easy for fir#s to enter or lea&e the #arket.t is easy for fir#s to enter or lea&e the #arket.

/rices are set e%clusi&ely by supply and de#and and/rices are set e%clusi&ely by supply and de#and and

accepted by both sellers and buyers.accepted by both sellers and buyers.

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egrees o! Co#4etition /contd1egrees o! Co#4etition /contd1

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2ligopoly2ligopoly

An industry 'ith only a fe' large sellersAn industry 'ith only a fe' large sellers

Entry by ne' co#petitors is hard because largeEntry by ne' co#petitors is hard because large

capital in&est#ent is needed.capital in&est#ent is needed.

0he actions of one fir# can significantly affect the0he actions of one fir# can significantly affect thesales of e&ery other fir# in the industry.sales of e&ery other fir# in the industry.

0he prices of co#parable products are usually0he prices of co#parable products are usually

si#ilar.si#ilar.

As the trend to'ard globali(ation continues, #ostAs the trend to'ard globali(ation continues, #ost

e%perts belie&e that oligopolies 'ill beco#ee%perts belie&e that oligopolies 'ill beco#e

increasingly pre&alent.increasingly pre&alent.

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its only constraint is a decrease in consu#er

de#and due to increased prices.de#and due to increased prices.

'at3ral #ono4olies8'at3ral #ono4olies8ndustries in 'hich one fir#ndustries in 'hich one fir#

can #ost efficiently supply all needed goods orcan #ost efficiently supply all needed goods or

ser&ices> typically allo'ed and regulated byser&ices> typically allo'ed and regulated by

legislated acts and go&ern#ental agencies.legislated acts and go&ern#ental agencies.

E%a#ple: Electric co#panyE%a#ple: Electric co#pany

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$cono#ic Indicators$cono#ic Indicators

Econo#ic ndicatorsEcono#ic ndicators

"tatistics that sho' 'hether an econo#ic syste# is"tatistics that sho' 'hether an econo#ic syste# is

strengthening, 'eakening, or re#aining stablestrengthening, 'eakening, or re#aining stable

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$cono#ic -rowth, Aggregate *3t43t,$cono#ic -rowth, Aggregate *3t43t,

and %tandard o! ivingand %tandard o! iving

Business ycleBusiness ycle 0he pattern of short4ter# ups and do'ns 8or, better,0he pattern of short4ter# ups and do'ns 8or, better,

e%pansions and contractions9 in an econo#y.e%pansions and contractions9 in an econo#y.

Aggregate 2utputAggregate 2utput Gro'th during the business cycle is #easured by theGro'th during the business cycle is #easured by the

total 3uantity of goods and ser&ices produced by antotal 3uantity of goods and ser&ices produced by an

econo#ic syste# during a gi&en period.econo#ic syste# during a gi&en period.

"tandard of 7i&ing"tandard of 7i&ing 0he total 3uantity and 3uality of goods and ser&ices0he total 3uantity and 3uality of goods and ser&ices

that consu#ers can purchase 'ith the currency usedthat consu#ers can purchase 'ith the currency used

in their econo#ic syste#.in their econo#ic syste#.

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$cono#ic Indicators$cono#ic Indicators

Gross o#estic /roduct 8G/9Gross o#estic /roduct 8G/9An aggregate output #easure of the total &alue of allAn aggregate output #easure of the total &alue of all

goods and ser&ices produced 'ithin a gi&en periodgoods and ser&ices produced 'ithin a gi&en period

by a national econo#y through do#estic factors ofby a national econo#y through do#estic factors of

production.production.

Gross ?ational /roduct 8G?/9Gross ?ational /roduct 8G?/9 0he total &alue of all goods and ser&ices produced0he total &alue of all goods and ser&ices produced

by a national econo#y 'ithin a gi&en periodby a national econo#y 'ithin a gi&en period

regardless of 'here the factors of production areregardless of 'here the factors of production are

located.located.

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$cono#ic Indicators /contd1$cono#ic Indicators /contd1

Real Gro'th RateReal Gro'th Rate 0he gro'th rate of G/ adusted for inflation and0he gro'th rate of G/ adusted for inflation and

changes in the &alue of the countrys currencychanges in the &alue of the countrys currency

Real G/Real G/

G/ that has been adusted to account for changesG/ that has been adusted to account for changesin currency &alues and price changes.in currency &alues and price changes.

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$cono#ic Indicators /contd1$cono#ic Indicators /contd1

?o#inal G/?o#inal G/ G/ #easured in current dollars or 'ith allG/ #easured in current dollars or 'ith all

co#ponents &alued at current prices.co#ponents &alued at current prices.

G/ per apitaG/ per apita

A reflection of the standard of li&ing: G/ per capitaA reflection of the standard of li&ing: G/ per capita#eans G/ per person.#eans G/ per person.

t is a better #easure than G/ itself of thet is a better #easure than G/ itself of the

econo#ic 'ell4being of the a&erage person.econo#ic 'ell4being of the a&erage person.

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-rowth in the $cono#ic %yste# /contd1-rowth in the $cono#ic %yste# /contd1

/urchasing /o'er /arity/urchasing /o'er /arity 0he principle that e%change rates are set so that the0he principle that e%change rates are set so that the

prices of si#ilar products in different countries areprices of si#ilar products in different countries are

about the sa#e.about the sa#e.

ndicates 'hat people can buy 'ith the financialndicates 'hat people can buy 'ith the financial

resources allocated to the# by their respecti&eresources allocated to the# by their respecti&e

econo#ic syste#s.econo#ic syste#s.

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/roducti&ity/roducti&ity

A #easure of econo#ic gro'th that co#pares ho'A #easure of econo#ic gro'th that co#pares ho'

#uch a syste# produces 'ith the resources needed#uch a syste# produces 'ith the resources needed

to produce it.to produce it.

f #ore product is produced 'ith fe'er factors of production,f #ore product is produced 'ith fe'er factors of production,

the price of the product decreases.the price of the product decreases.

"tandard of li&ing i#pro&es through increases in"tandard of li&ing i#pro&es through increases in

producti&ity.producti&ity.

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Balance of 0radeBalance of 0rade

0he econo#ic &alue of all the products a country0he econo#ic &alue of all the products a country

e%ports #inus the econo#ic &alue of its i#portede%ports #inus the econo#ic &alue of its i#ported

products.products.

Positive balance o! trade8Positive balance o! trade8 WWhen a countryhen a countrye%ports #ore than it i#ports.e%ports #ore than it i#ports.

'egative balance o! trade8'egative balance o! trade8 WWhen a countryhen a country

i#ports #ore than it e%ports.i#ports #ore than it e%ports.

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?ational ebt?ational ebt

0he a#ount of #oney that the go&ern#ent o'es its0he a#ount of #oney that the go&ern#ent o'es its

creditors.creditors.

;inanced by borro'ing in the for# of;inanced by borro'ing in the for# of bondsbonds.

Go&ern#ent co#petition 'ith potential borro'ers forGo&ern#ent co#petition 'ith potential borro'ers fora&ailable loan #oney reduces pri&ate borro'ing fora&ailable loan #oney reduces pri&ate borro'ing for

in&est#ent that 'ould increase producti&ity.in&est#ent that 'ould increase producti&ity.

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"tability"tabilityA condition in 'hich the a#ount of #oney a&ailableA condition in 'hich the a#ount of #oney a&ailable

in an econo#ic syste# and the 3uantity of goodsin an econo#ic syste# and the 3uantity of goods

and ser&ices produced in it are gro'ing at about theand ser&ices produced in it are gro'ing at about the

sa#e rate.sa#e rate.

nflationnflation nflation occurs 'hen the a#ount of #oney inectednflation occurs 'hen the a#ount of #oney inected

into an econo#y e%ceeds the increase in actualinto an econo#y e%ceeds the increase in actual

output, resulting in price increases e%ceedingoutput, resulting in price increases e%ceeding

purchasing po'er increases.purchasing po'er increases.

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!ne#ploy#ent!ne#ploy#ent

0he le&el of oblessness a#ong people acti&ely0he le&el of oblessness a#ong people acti&ely

seeking 'ork in an econo#ic syste#seeking 'ork in an econo#ic syste#

yclical !ne#ploy#entyclical !ne#ploy#ent

Businesses continuing to eli#inate obs during aBusinesses continuing to eli#inate obs during a

business cycle do'nturn cause #ore reducedbusiness cycle do'nturn cause #ore reduced

re&enues and further ob losses.re&enues and further ob losses.

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RecessionRecessionA period during 'hich aggregate output, asA period during 'hich aggregate output, as

#easured by real G/, declines#easured by real G/, declines

epressionepression

A prolonged and deep recessionA prolonged and deep recession

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+anaging the .%. $cono#y+anaging the .%. $cono#y

;iscal /olicy;iscal /olicy 0he 'ays in 'hich a go&ern#ent collects and0he 'ays in 'hich a go&ern#ent collects and

spends re&enuesspends re&enues

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9 $ : T $ ) + %

aggregate outputaggregate output

balance of tradebalance of tradebusinessbusiness

business cyclebusiness cycle

capitalcapital

capitalis#capitalis#

co##unis#co##unis#

co#petitionco#petition

consu#er price inde%consu#er price inde%

de#andde#and

de#and and supply schedulede#and and supply schedule

de#and cur&ede#and cur&e

depressiondepression

do#estic business en&iron#entdo#estic business en&iron#ent

econo#ic en&iron#entecono#ic en&iron#ent

econo#ic indicatorsecono#ic indicatorsecono#ic syste#econo#ic syste#

entrepreneurentrepreneur

e%ternal en&iron#ente%ternal en&iron#ent

factors of productionfactors of production

fiscal policiesfiscal policies

global business en&iron#entglobal business en&iron#ent

gross do#estic product 8G/9gross do#estic product 8G/9

gross national product 8G?/9gross national product 8G?/9

inflationinflationinfor#ation resourcesinfor#ation resources

labor 8hu#an resources9labor 8hu#an resources9

la' of de#andla' of de#and

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9 $ : T $ ) + % /contd1

la' of supplyla' of supply

#arket#arket#arket econo#y#arket econo#y

#arket price 8e3uilibriu# price9#arket price 8e3uilibriu# price9

#i%ed #arket econo#y#i%ed #arket econo#y

#onetary policies#onetary policies

#onopolistic co#petition#onopolistic co#petition

#onopoly#onopoly

national debtnational debt

natural #onopolynatural #onopoly

no#inal G/no#inal G/

oligopolyoligopoly

perfect co#petitionperfect co#petition

physical resourcesphysical resources

planned econo#yplanned econo#y

political4legal en&iron#entpolitical4legal en&iron#entpri&ate enterprisepri&ate enterprise

pri&ati(ationpri&ati(ation

producti&ityproducti&ity

profitsprofits

purchasing po'er paritypurchasing po'er parity

real G/real G/

recessionrecession

shortageshortage

socialis#socialis#

sociological en&iron#entsociological en&iron#ent

stabilitystability

stabili(ation policystabili(ation policy

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standard of li&ingstandard of li&ing

supplysupplysupply cur&esupply cur&e

surplussurplus

technological en&iron#enttechnological en&iron#ent

une#ploy#entune#ploy#ent

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