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ADM1300 (206)

Sep. 9th,2013.docx

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Matthew Archibald

INTRODUCTION TO BUSINESS MANAGEMENT What is business management? Globalization, Mindsets, Culture, Economies of Scale, Complex & Dynamics Environment Globalization: 4 points of view( pro-globalists, anti-globalists, skeptics, transformationlists) How about a working definition? MANAGEMENT: - Defined as the art and science of getting things accomplished though others in organizations - Different ROLES of management: First level: mobilization Second (middle): coordination Third level: strategic BUSINESS: all profit-seeking activities and enterprises that provide goods and services necessary to an economic system PROFITS: rewards for businesspeople who take the risks involved to offer goods and services to customers. FACTORS OF PRODUCTION: four basic inputs for effective operation: natural resources, capital, human resources, and entrepreneurship. The four factors of production is important because firms need to understand how to lower the cost of (and optimize) production if they are going to be main profitability and sustainability. Natural resources: all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits. Capital: production inputs consisting of technology, tools, information, and physical facilities. Human resources: production inputs consisting of anyone who works, including both the physical labour and the intellectual inputs contributed by workers. Entrepreneurship: the willingness to take risks to create and operate a business. THE PRIVATE ENTERPRISE SYSTEM Private Enterprise System: an economic system that rewards firms for their ability to identify and serve the needs and demands of customers. Also known as CAPITALISM Adam Smith known as Father of Capitalism “Invisible hand” (Adam Smith) versus “visible hand” (Chandler): Invisible hand: Market; Visible hand: Management The idea of the “invisible hand” is a basic principle of the private enterprise system. Economic system determines business ownership, profits, and resources. Firms rewarded for their ability to serve the needs of consumers. A private enterprise economy MAXIMIZES indi
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