MGMT 1 Lecture Notes - Lecture 1: State Capitalism, Oligopoly, Reverse Discrimination
Document Summary
More services than manufacturers in us because manufacturing is cheaper elsewhere and there"s more technology. Take risks (money, time) to start a business. Higher risks often go hand in hand with higher rewards. Revenues: total amount of money generated during a given time period. Profits and losses are dynamic (ex most startups don"t generate enough revenues to cover expenses for a while) Standard of living and quality of life money. Prices for good sand services can vary greatly between different countries. Quality of life; general well-being in a society going beyond $ (education, health (different taxes, different regulations care, environment) Every person or organization impacted by or part of the business world. Advances in technology have often led to leaps in productivity. Most recent changes: it, internet, mobile devices, social media. Effectiveness: achieving your goal unemployment) satisfy customers etc) Efficiency: achieving your goal with least amount of resources.
