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Midterm

ADMS 1000 Midterm: ADMS Midterm copy.pdf

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Department
Administrative Studies
Course
ADMS 1000
Professor
Eytan Lasry
Semester
Fall

Description
ADMS MIDTERM REVIEW Week 1 - Introduction▯ • The External Context of Business▯ -2 dimensions of an organizations environment▯ 1.Specific/Task environment (customers,suppliers,employees)▯ 2.General environment (7 forces in general environment)▯ ▯ • 7 Differential Forces in the General Environment▯ 1.Economic Force : acts as a strong influence on the present and future prospects of any organization▯ 2.Competitive Force : every organization has its own set of competitors. Domestic + foreign competition has demanded an acceleration in innovation among firms in many industries▯ 3.Technological Force : plays a central role in how an organization functions,how it obtains resources and how effectively it competes▯ 4.Labour Force : diversity factors demand that organizations understand the demographic context in which they operate▯ 5.Global Force : all forces that could be embedded in general economic,political,technological, or societal factors - things are seen and presented on an international level▯ 6.Political Force : politics/leaders can affect business (international relations,fewer trade barriers) - can dictate change in how business competes, what service it offer and how it is offered▯ 7.Societal Force : human rights, how employees should be treated, pay equity, and fairness. Business must adapt as society changes ▯ ▯ • The Canadian Context▯ • Economic Context - GDP, money from the production goes to employees,business owners and the government (Through Taxes)▯ • Competitive Context - Canada does a lot of work in the primary industry of extraction (oil,mining,forestry) , we exchange competition in a mixed economy▯ • Technological Context - Resource based economy (faming,mining) now moving towards manufacturing,technology and service sector - technology eliminates human labor so Canadian workers are moving to manufacturing and service industries▯ • Labour Context - demographically diverse population, important to maximize the value of this diversity - median age is 65-75 Y.O , markets will adjust accordingly▯ • Global Context - Canada exports 40% of GDP, import more than export▯ • Political Context - Capitalist economy, government has important role in the business environment (e.g taxes, subsidies, global trade agreements)▯ Societal Context - Increasing need for higher education, immigration,aging population, • changes in employment law,declining birth rates, women in the workforce▯ ▯ • What is An Organization?▯ 1.Public/Government - provides goods and services without necessarily generating a profit▯ 2.Private/Non-Government- voluntarily offers goods and services without generating profit▯ 3.Private - produce goods and services with intent of making profit for owners and shareholders▯ ▯ Open System Organizations - asserts that organizations are entities that are embedded in and dependent on exchanges with the environment they operate within▯ Closed System Organizations - detached from its environment▯ ▯ ▯ ADMS MIDTERM REVIEW Week 2 - Economic Context▯ • Factors Of Production▯ 1.Natural Resources - land and raw materials▯ 2.Labour - workers▯ 3.Capital - buildings,machinery,tools,equipment▯ 4.Information/Knowledge - knowledge workers w/specialized skills▯ 5.Entrepreneurs - individuals who start up businesses▯ ▯ • Types of Economic System ▯ Canada = Market/Socialist Economy▯ • Market Economies - economic system based on competition in the market place + private ownership of the factors of production ; private property,freedom of choice,profits,competition▯ • Socialism Economies - socialism exists when the government has large ownership or control of its major industries essential to the country’s economy▯ • Command Economies - Communism exists when the government owns all the country’s resources and make economic decisions centrally▯ • Mixed Economies - Economy that combines features of more than one economic system. Government owns certain industries but others are owned by private sector. ▯ ▯ • Types Of Competition▯ 1. Perfect/Pure Competition - ex. Beverage Industry▯ -large number of buyers and sellers, acting independently▯ -product or service is undifferentiated▯ -the market determines the price▯ -low barriers to entry▯ 2.Monopoly - ex. Canadian Wheat Board▯ -one producer in a given market▯ -no substitute products exist▯ -company is able to determine the selling price▯ -natural monopoly happens when the government owns it (LCBO)▯ 3.Oligopoly - Ex. Oil/Cell Phone Providers▯ -few competitors dominate industry▯ -high barriers to entry▯ 4.Monopolistic Competition - ex. Canadian Banks▯ -large number of companies compete with each other▯ -products/services are differentiated at least in small way▯ -markets set the price▯ ▯ • Economic Indicators▯ • Business Cycle▯ 1.Expansion 2.Peak 3.Contraction(Recession) 4.Trough 5.Recovery▯ • GDP - Refers to the total value of goods&services produced within a given time period by a national economy▯ Productivity - Measure of economic growth that compares how much a system produced with the resources needed to produce it▯ Balance of Trade/National Debt▯ • -Trade Surplus - exports greater then imports▯ -Trade Deficit - imports greater then exports▯ ADMS MIDTERM REVIEW -National Debt - debt accumulated by government ; all local regional and nation government can have debt▯ -Budget Deficit - negative difference between incoming tax revenues and outgoing government expenditure▯ • Inflation/Deflation - Inflation is rising of prices, deflation is decreasing or falling of prices ; measured using CPI (consumer price index)▯ • Unemployment - actively looking for work,but not being successful▯ 1.Frictional Unemployment - Normal market tradeoff, people are constantly entering and leaving labour force▯ 2.Structural Unemployment - Available jobs do not correspond to skills of labor force and/or unemployed individuals do not live in region where jobs are offered▯ 3.Cyclical Unemployment - Related to the pace of the economy or business cycle▯ 4.Season Unemployment - unemployment is due to season nature of the job▯ • Economic Stability - condition in which the amount of money available in an economic system and the quality of goods&services are growing at same rate▯ ▯ Week 3 - The Societal Context▯ • Corporate Form of an Organization▯ -artificial being that can engage in all forms of business activities▯ -business organization recognized by the law, as having a separate legal existence can be sued,hold property incur debt▯ • Advantages - ac
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