1.1. Business activity through history
Business is not an invention of the modern age.
Business activity in modern times is essentially the same as the business
activity that occurred during the time of the Ro mans, 2,500 years ago, and
during the time of the Egyptians , 5,000 years ago.
Trade and comme rce has e xisted in essentially the same form for as long as
there has been recorded history.
Business activity has not occurred at all t imes and in all p laces.
During many periods of history, life involved basic physical survival, while
in other times and places, individuals lived in sma ll tribal groups that did not
engage in trade.
However, when occurred, business activity had the same nature and structure
in the past as it does in the modern world.
The Egyptians kept detailed inventory records and entered contracts (**
Trade was conducted with fore ign lands , and comme rcia l d isputes were
settled in a court.
In the time of the Ro mans, various currencies were in use, and fore ign
e xchange transactions were perfo rmed to e xchange money in one currency
for money in another currency.
Before the time of the Ro mans, wheat was harvested and fruit was picked in
e xchange for payment, money was borrowed, and debts were repa id.
During the XX century, trade a long the Silk Road route through Asia carried
silk and spices from the fa r east to Europe, and XX (**check) fro m Eu rope to
the far east.
The Pyra mids of the ancient Egyptians and Aztecs could not have been built
without large-scale pro ject management.
The best-known phrase regarding business activity, “Caveat Emptor”, was
coined in Latin.