1. The fundamental goal of business is to ensure that there is profit earned by the business. This goal is not shared by every organization because nonprofit organizations do not have this goal. 2. There can be tangible form taken by a product in which the product can be physically touched as in clothes. There can also be intangible form taken by a product in which the products cannot be physically touched as in dry cleaning services. 3. There are owners of business organizations, customers associated with organizations, as well as employees of business organizations considered to be the main participants of business. Finance, marketing of products and services as well as management are the main activities. Legal, political, and regulatory forces, social responsibility and ethics, digital technology, economy, and competition are other factors having an impact on the conduct of business in America. 4. Capitalism is a type of economic system like the system found in Japan. Socialism is another type of economic system like the system found in India. Communism is another type of economic system like the system found in Hungary. Mixed Economies can be found in Mexico. 5. The number of products desired by businesses for selling at diversified prices at a particular time is known as supply. The number of products desired by consumers for buying at diversified prices at a particular time is known as demand. When the price at which the number of products desired by businesses for supplying equals the amount of products desired by consumers for buying at a particular point in time, it is known as equilibrium price. The rivalry present or developed among businesses to ensure that they earn dollars from consumers is known as competition. In the American economy, there is determination of demand as well as supply in area of operations of the business by identifying the level of competition. When there is higher level of competition, there can be negative impact on the forces of supply as well as demand. However, there can be enhancement in demand as well as supply when there is lower level of competition.