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Lecture

CH.2 Study Sheet.docx

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Department
Administrative Studies
Course
ADMS 1000
Professor
David Skinner
Semester
Winter

Description
CH. 2 Business – organization that seeks to make a profit by serving customers needs  7 Context of Business: 1. Political 2. Economic 3. Technological 4. Societal & 5. Labour 6. Competitive 7. Global  Activities of Business:  Management – responsible for financial resources, people, motivation  Marketing – consumer research, developing product, distribution & promotion  Finance Managing – activities concern with obtaining money & using it effectively  Human Resource – manage human capital Profit – remains after a business expenses have been subtracted from revenue Not – for Profit Organization – a organization funded by governments to provide services to the public Economic System – distributes a nation resource among its citizens  Differs of who owns and controls this is called Factors of Production: 1. Natural resources – land and raw materials 2. Labour – workers 3. Capital – building, machinery, tools, equipment 4. Information resources – knowledge workers with specialized education, skills and experience 5. Entrepreneurs – individuals who start up i.businesses  Types of Economic Systems: 1. Market economy – (producers & consumers) control production and distributions are through supply and demand - Market – exchange between buyers and sellers of a particular good and service - Input are resources from households, Output are goods and services supplied in demand - Capitalism – basis for free market economy + allows private ownership of factors of production 2. Command ( Communism & Socialism) - Communism – government owns & operates ALL sources of production - Socialism – government owns & operates basic industries, individuals own most businesses 3. Mixed Market Economy – demonstrates both Command & Market economies - Privatization – converting government enterprises into private companies CH. 2 - Nationalized – converting private firms into government own firms Competition and the Economy:  Types of Competition: 1. Perfect (or Pure): - Small firms producing identical products - the market determines the price (a price taker) - low barriers to entry 2. Monopoly: - a monopoly occurs when there is only one producer in a given market - no substitute products exist - the company is able
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