Business study: Procter & Gamble.

Essay by mezziahUniversity, Bachelor's September 2005

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"Economics is study of economies. That is, economic is the study of how human beings coordinate their wants and desires, given the institutional structures of the society." (Colander).

Business plays a major role within our society. It is a creative and competitive activity that continuously contributes to the shaping of our society. By satisfying the needs and wants people cannot satisfy themselves, businesses improve the quality of life for people and create a higher standard of living. It is a way for individuals to provide goods and services to consumers, and at the same time, produce a profit for themselves. Businesses are not only important because they provide goods and services for consumers, but they also improve the economy and increase jobs for people within society which is an additional fact producing a higher standard of living.

A central function within our economic system is satisfying the needs of the consumers with the use of limited supplies.

The purpose of a business is to combine resources such as land, labor, and capital in a way that will make them more valuable.

As a team, we decided to use Proctor & Gamble for our project. This paper will touch basis with the history of the company, the products/services it provides, and why we chose P&G.

Historical Background.

The Procter & Gamble Company was founded by William Procter and James Gamble in the early eighteenth century. Williams, emigrating from England, and James from Ireland, decided to head west to Cincinnati A.K.A "Queen City of the West".

William Procter quickly established himself as a candle maker. James Gamble apprenticed himself to a soap maker. The two might never have met had they not married sisters, Olivia and Elizabeth Norris, whose father convinced his new sons-in-law to become business partners. In 1837, as a...