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Final

text notes final

27 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Formorenotes,email[email protected]
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Contents
Ch.1:IntroducingtheContemporaryBusinessWorld................................................................................1
Ch.2:UnderstandingtheEnvironmentofBusiness....................................................................................3
Ch.3:UnderstandingEntrepreneurship,SmallBusiness,andNewVentureCreation................................6
Ch.4:UnderstandingLegalFormsofBusinessOrganization......................................................................9
Ch.5:UnderstandingInternationalBusiness.............................................................................................10
Ch.6:ManagingTheBusinessEnterprise..................................................................................................13
Ch.7:OrganizingTheBusinessEnterprise.................................................................................................15
Ch.8:ManagingHumanResources...........................................................................................................18
Ch.9:MotivatingandLeadingEmployees.................................................................................................22

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Page1of25
Ch.1:IntroducingtheContemporaryBusinessWorld
x Business:organizationseekingtoearnprofitbyprovidingproducts(maybetangibleor
service).
o Profit:moneythatremainsafterabusiness’expenses(moneyspentinproduction
andrunningthebusiness)aresubtractedfromitsrevenues(moneyearnedthrough
saleofproducts).
x Economicsystem:waywhichnationallocatesresourcesamongcitizens.Differintermsof
resourceownershipandresourcecontrol.
o Theseresourcesarecall“FactorsofProduction”(5):
Labour(humanresources)andtheskillsofaworkforce
Capital(financialresources)neededtostartandrunanenterprise.
NaturalResources:allphysicalresources.
InformationResources(specializedknowledge):marketforecasts,
demographics,helptoachievebusinessgoals.
Entrepreneurs:acceptrisksandopportunities;manageallotherfactorsof
productioninthefirm.
o TypesofEconomicsystems:
CommandEconomies(centralizedgovernment,governmentownsmost
industries),“communism”(governmentownsallindustries),socialism(only
somemajorindustriesarecontrolled).
MarketEconomies(individualsmakedecisionsaboutfactorsofproduction):
“market”(mechanismforexchange),freedomofchoicewidelyenjoyed.
x Capitalism:Politicalideawithprivateownershipandencouragement
ofentrepreneurship.
MixedrMarketEconomies:mosteconomicsystems,elementsofboth
commandandmarket.Currenttrendtowards“privatization”(transferof
governmentactivitiestopublicsectorbecausegovernmentrmanaged
industriesareinefficient)andderegulation(reducinglawsthataffect
businessactivities).
o Governmentsinfluencebusinessas6things:
Customers(Eg:officesupplies,militarysupplies)
Competitors(Eg:Crowncorporationsownedbygovernmentcompetewith
privatesector)
Regulator:
x ProtectingCompetition:Eg:ensuringhealthycompetition,
protectingsmallerfirms
x ProtectingConsumers:Eg:safetystandards,warninglabels
x AchievingSocialGoals:Eg:safeworkplaces,employmentinsurance
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Description
% HK I{ Formorenotes,[email protected] www.notesolution.com Contents Ch.1:IntroducingtheContemporaryBusinessWorld................................................................................1 Ch.2:UnderstandingtheEnvironmentofBusiness....................................................................................3 Ch.3:UnderstandingEntrepreneurship,SmallBusiness,andNewVentureCreation................................6 Ch.4:UnderstandingLegalFormsofBusinessOrganization......................................................................9 Ch.5:UnderstandingInternationalBusiness.............................................................................................10 Ch.6:ManagingTheBusinessEnterprise..................................................................................................13 Ch.7:OrganizingTheBusinessEnterprise.................................................................................................15 Ch.8:ManagingHumanResources...........................................................................................................18 Ch.9:MotivatingandLeadingEmployees.................................................................................................22 www.notesolution.com Page1of25 Ch.1:IntroducingtheContemporaryBusinessWorld N Business:organizationseekingtoearnprofitbyprovidingproducts(maybetangibleor service). o Profit:moneythatremainsafterabusinessexpenses(moneyspentinproduction andrunningthebusiness)aresubtractedfromitsrevenues(moneyearnedthrough saleofproducts). N Economicsystem:waywhichnationallocatesresourcesamongcitizens.Differintermsof resourceownershipandresourcecontrol. o TheseresourcesarecallFactorsofProduction(5): Labour(humanresources)andtheskillsofaworkforce Capital(financialresources)neededtostartandrunanenterprise. NaturalResources:allphysicalresources. InformationResources(specializedknowledge):marketforecasts, demographics,helptoachievebusinessgoals. Entrepreneurs:acceptrisksandopportunities;manageallotherfactorsof productioninthefirm. o TypesofEconomicsystems: CommandEconomies(centralizedgovernment,governmentownsmost industries),communism(governmentownsallindustries),socialism(only somemajorindustriesarecontrolled). MarketEconomies(individualsmakedecisionsaboutfactorsofproduction): market(mechanismforexchange),freedomofchoicewidelyenjoyed. N Capitalism:Politicalideawithprivateownershipandencouragement ofentrepreneurship. MixedHMarketEconomies:mosteconomicsystems,elementsofboth commandandmarket.Currenttrendtowardsprivatization(transferof governmentactivitiestopublicsectorbecausegovernmentHmanaged industriesareinefficient)andderegulation(reducinglawsthataffect businessactivities). o Governmentsinfluencebusinessas6things: Customers(Eg:officesupplies,militarysupplies) Competitors(Eg:Crowncorporationsownedbygovernmentcompetewith privatesector) Regulator: N ProtectingCompetition:Eg:ensuringhealthycompetition, protectingsmallerfirms N ProtectingConsumers:Eg:safetystandards,warninglabels N AchievingSocialGoals:Eg:safeworkplaces,employmentinsurance www.notesolution.com Page2of25 N ProtectingEnvironment:Eg:lawsgoverningemissionsandwaste TaxationAgent:Revenuetaxesfundgovernmentprograms,either Progressive(highertaxrateforhigherincomes)orRegressive(lower incomespayhigherpercentageofincome).Restrictivetaxestocontrol certainactivities(Eg:alcohol). ProviderofIncentives:Eg:subsidies,dataonStatsCanada,export insurance ProviderofEssentialServices:Eg:healthcare,highways,economicstability plans N DemandandSupply: o Demand:willingnessandabilityforbuyertopurchaseproduct LawofDemand:buyerpurchasesmorewhenpricedrops o Supply:willingnessandabilityforproducertoofferproduct LawofSupply:sellersoffermore(moresupply)whenpriceincreases o DemandandSupplySchedule:relationshipsbetweendemandandsupplyat differentpricelevels. DemandCurve:howmanyunitsboughtatdifferentprices SupplyCurve:howmanyunitsofferedatdifferentprices Marketprice/equilibriumprice:intersectionofbothcurves,profitis maximized. o Surplus:supplyexceedsdemand,moneylostonunsoldproduct o Shortage:demandexceedssupply,moneylostonpotentiallysoldproduct. (Increaseincriminalbehaviouralsooccurs). N MarketeconomiesrelyonthePrivateEnterpriseSystemcharacterizedby4things: o Privatepropertyrights(individualsownresourcesusedtocreatewealth) o FreedomofChoice(Eg:choosingwhotohire,whenandwhattosell) o Profits(primarymotivationforriskHtakingentrepreneurs) o Competition(createsapushforefficiencyanddifferentiationtogainadvantage) N DegreesofCompetition: o PerfectCompetition(Eg:CanadianAgriculture): Manysmallfirmssothatnoonecaninfluencethepriceoftheproduct. Pricessetexclusivelyfromsupplyanddemand. Productsidenticalamongcompetitors Easyentry/exitintothemarket o MonopolisticCompetition(Eg:FastHFoodRestaurants)donotconfusewith monopoly Productsofferedfromeachfirmseemtodifferviabranding.Offersfirms somecontroloverpricing.Someproductdifferentiation. Manyfirms,butlessthaninperfectcompetition Fairlyeasyentry/exit. www.notesolution.com
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