What do we think of when we hear the word "business" Some of us think of our jogs, others of the merchants they deal with as consumers, and still others of the millions of firms that make up the world’s economy.【R1】______Business provides the bulk of our employment as well as the products we enjoy. Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system.【R2】______Others provide services, such as insurance, car rentals, and lodging. German firm Munich Re has even built a billion dollar business from serving the service industry.【R3】______Business is the economic pulse of a nation, the means through which society’s standard of living improves. Profits are a primary mechanism for accomplishing these goals. Accountants and business people define profits as the difference between a company’s revenues(receipts)and expenses(expenditures). 【R4】______ Just as important as profits are the social and ethical responsibilities that successful businesses must meet.【R5】______Robber D. Haas, chairman and chief executive officer of Levi Strauss & Company, says, "A company’s values — what it stands for, what its people believe in — are crucial to its competitive success. Indeed, values drive the business." Haas feels so strongly about the social responsibilities of business that he drafted an Aspirations Statement for Levi Strauss that emphasizes the importance of affirming the best of our company’s traditions, closing gaps that may exist between principles and practices, and updating some of our values to reflect contemporary circumstances. 【R6】______ Most US businesses, large and small, belong to what is called the private enterprise system, in which success or failure is determined by how well they match and counter the offerings of competitors.【R7】______Sales and profits are the yardsticks by which such acceptance is measured. There have been many firms that were once successful but failed to continue satisfying consumer demands. 【R8】______ A. Competition is the battle among businesses for consumer acceptance. B. This broad, all-inclusive term can be applied to many kinds of enterprise. C. Some businesses produce tangible goods such as automobiles, breakfast cereals, and computer chips. D. We will discuss social responsibility and business ethics more fully in Chapter 4. E. Competition assures that, over the long run, companies that satisfy consumer demands will be successful and those that do not will be replaced. F. Its business is reinsurance: insuring insurance companies so they do not go broke from backing major catastrophes. G Profits are the financial rewards received by successful business people who take the risks involved in business. H. This means companies must be responsible in their dealings with employees, consumers, suppliers, competitors, government, and the general public if they are to succeed in the long run.【R7】