BUAD110 Chapter Notes - Chapter 1, 4, 5, 7, 8, 9, 10: Factory System, Laissez-Faire, Demand Curve

• School: University of Delaware
• Department: Business Administration
• Course: BUAD110
• Professor: Goldfus Mark

Document Summary

Businesses: organizations that try to create value for the customer. Profit: the difference between revenue (sales) and expenditure (costs) Not-for-profit: primary goal is to provide goods/services without making a profit. Risk: the probability that the business will fail. The industrial revolution and growth of the factory system in the us. Factory system: mass production with raw materials, machinery, and labor that are brought together to produce goods less expensively than in dispersed locations. Specialization of labor: grouping employees to work on assigned tasks on the basis of their skills and factory demand. Laissez faire: economic doctrine that advocates total government inaction. Market denomination: strategy of acquiring competitors or colluding with them to control product prices and prevent new markets from entering. Antitrust policies: government laws designed to break up monopolies and control monopoly abuses by business. Globalization: process of integrating the market for goods/services worldwide. New economy: an economy largely driven by developments in information technology and the internet.