ABSTRACT
Human needs and scarcity of available resources are the driving forces behind business activities. People have numerous and varying needs, some of which involve everyday goods and services and some of which are required in production processes. Only limited means are available to satisfy these needs. Decisions regarding the use of resources for production and consumption are based on an assessment of the value of goods and services for satisfying alternative demands. This fundamental economic challenge affects every entity making economic choices and decisions (Behrens 2004: 9): individuals and private households engaged in production and consumption, enterprises and companies of the private sector, and public entities at the local, communal, state, intergovernmental or supranational level. Companies and enterprises may be owned and managed by public bodies or operated with public capital participation under business law, such as state-owned corporations or enterprises operated by cities, regional communities and local municipalities.
