MGMT 2150 Study Guide - Final Guide: Piece Work, Telecommuting, Cross-Functional Team

• School: University of Guelph
• Department: Management
• Course: MGMT 2150
• Professor: Mir Lofti

Document Summary

Business in a global environment managing for business success. Summary topics: identify main participants of business, functions businesses perform and external forces that in uence them, de ne economics and explain key questions economists answer, compare and contrast economics systems, describe perfect competition, monopolistic competition, oligopoly and monopoly. Topic 1: identify main participants of business, functions businesses perform and external forces that in uence them. Three participants of business: owners, employees, customers. External forces on business the economy how scarce resources are used to produce outputs (goods and services) the government consumer trends pressure to be considered a good corporate citizen. Topic 2: de ne economics and explain key questions economists answer. Economics de ned how scarce resources are used to produce outputs (goods and services) are distributed among people. Topic 4: describe perfect competition, monopolistic competition, oligopoly and monopoly. Monopoly one seller that all buyers purchase from.