Intro to Business • The Basics

Name: Intro to Business • The Basics
Rating: 4.6 (70 reviews)

The Basics Of Business

Highest Rated

Created byRon Trucks, MBA, Explainer-In-Chief

Last updated 3/2026

English

What you'll learn

General Terms including the Goods vs Services; Demand vs Supply; Standard of Living vs Quality of Life, Economics: both Micro and Macro
Explaining each of the 5 standard Inputs businesses require to run effectively; As well as the 7 External Factors/Environments which guide successful business d
Simple definitions of many different words and concepts in business including financial terms like Profit/Loss, Assets, Liabilities, Equity, and more
An explanation of the difference between For-Profit businesses and Not-for-Profit operations
An explanation of the differences between Communism, Socialism, Free-Market Capitalism, as well as how the relate to each other in both good and bad ways

Course content

8 sections • 31 lectures • 2h 57m total length

About This Course - Chapter 15:52
A quick overview of what this course will cover and how this chapter fits into the entire series, Introduction to Business - Volume 1.
Tips for the Experience1:40
A few small tweaks and pieces of information can truly make the learning experience easier and more comfortable. We'll take a look at some of those tips in this lesson.

Business vs Not-For-Profit7:13
Many people think they have an idea on what the difference is between a business and a non-profit, but let's make sure you understand what many of them miss.
Goods vs Services6:56
Is it more than just "can I hold it" versus "can I not?" Let's find out.
Standard of Living vs Quality of Life9:17
Every person on the planet has a different Standard of Living and Quality of Life. This lesson will explain what they are and how businesses actually determine each.
Economics - Micro vs Macro5:29
Let's keep this one short and simple, but let's also make sure you understand how ANY business fits into the economies, and is affected by both.
Demand vs Supply8:12
Too much of one thing and maybe too little of another, translate into making money or losing money. If if you're selling selling services.
Homework Assignment - Section 2
Quiz - Section 2

Revenue / Expenses7:10
Probably two of the most asked questions in business are, "Can I consider this an expense?" and "Do I have to consider that income?" Find out what truly defines revenue and expenses.
Profit / Loss3:10
And one of the most common misunderstood concepts for new business people is... What is profit?
Is it all the money you bring in? Is it the cash you have in the account?
Assets6:51
Well, the short answer is that assets are "stuff." Huh? Let's find out what that means...
Liabilities2:51
A liability can be more than just financial. Let's take a look at how.
Equity3:35
How does a business owner know what the value of their business is? That's what we call equity.
AR vs AP7:01
Who owes whom? For how long? What happens when it's too long?
Homework Assignment - Section 3
Quiz - Section 3

Natural Resources5:26
The first of the things we need to make a business run and profitable are natural resources, even if you're just providing services to your customers.
Human Resources (Labor)4:01
Unless a business owner plans on NEVER expanding, they will end up needing human resources eventually. Find out what to consider.
Capital1:59
Typically, people think of capital as money needed to run a business. It's actually quite a bit more than that.
Knowledge3:10
Seems logical that businesses need knowledge, but how do you acquire it?
Entrepreneurship4:01
Ron explains why the word entrepreneurship is one of his biggest pet peeves and what so many people miss when they call themselves entrepreneurs.
Homework Assignment - Section 4
Quiz - Section 4

Demographic / Social5:36
Know your customers. Know your employees. Know your community. And understand how demographics affects all of them and so much more.
Political and Legal / Economic6:29
How do local laws and regulations about the color of your sign affect how you conduct business? Let's find out.
Competitive / Technological8:30
Competition is good. Period. But a business must be aware of the competitive and technological external factors that confront them to make them productive.
Global3:33
How does the price or availability of a product on the other side of the planet determine if your business makes a profit?
Homework Assignment - Section 5
Quiz - Section 5

Economic Growth9:34
Steady, controlled growth of sales, costs, labor expenses, and so much more is vital to keeping a business running and profitable.
Keep People Working6:16
Not everyone wants to work. Not everyone can work. What's the difference and how does it affect business?
Keep Prices Steady5:01
STEADY is the key word here. Not, flat. Understand how all the pieces of information in this course come together to make this happen.
Tools for Economic Growth8:54
No one wants their business to stay the same. Growing a business, just like growing an economy, is important for success. Learn about the tools that make both grow.
Homework Assignment - Section 7
Quiz - Section 7

Requirements

No tools, equipment, or pre-requisites needed (and there's almost NO MATH!!)

Description

In this course, we use everyday, easy-to-understand language to explain the fundamental basic terms, definitions, concepts, and practices needed to operate and understand business from the ground-floor up.

While this course uses United States information as examples, the information and principles included apply to almost every country in the world.

Throughout the entire course, quizzes and actual working "homework assignments" are used to reinforce the lessons as well as help the student understand what they are grasping or needing to restudy.

Some of the many areas covered in the course include:

General Terms including the Goods vs Services; Demand vs Supply; Standard of Living vs Quality of Life, Economics: both Micro and Macro
An explanation of the difference between For-Profit businesses and Not-for-Profit operations
Explaining each of the 5 standard Inputs businesses require to run effectively; As well as the 7 External Factors/Environments which guide successful business decisions
How businesses on all levels work together to create various different financial outcomes and results
MANY other lessons are included such as:
The Three Goals that businesses affect that control entire economies
An explanation of the differences between Communism, Socialism, Free-Market Capitalism, as well as how the relate to each other in both good and bad ways
Simple definitions of many different words and concepts in business including financial terms like Profit/Loss, Assets, Liabilities, Equity, and more
And a lot of other pieces of information scattered in between

NOTE: This is one mini-course included in the Introduction to Business: Volume 1 series. It is a completely stand-alone course with no prerequisites to understand the content. However, all the separate courses combined provide a comprehensive understanding of introductory business concepts equivalent to a 16-week, 3-credit hour, college course.

Who this course is for:

Business owners, employees, students • And anyone wanting to better understand the basic elements of business

Intro to Business • The Basics

What you'll learn

Explore related topics

Course content

Course Intro2 lectures • 8min

Some General Terms5 lectures • 37min

Financial Terms6 lectures • 31min

Input for Business5 lectures • 19min

External Business Environments4 lectures • 24min

Economic Systems4 lectures • 20min

Three Economic Goals4 lectures • 30min

Wrap Up1 lecture • 8min

Requirements

Description

Who this course is for: