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Midterm review.docx

11 Pages

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SOCI 1010
Jeff Landry

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Midterm reviewomicWhat is an organizationoPublicGovernmental organizations provide goods and services without generating a profitoPrivatenongovernmental organizations including voluntary organizations that offer goods or services without generating a profitoPrivate organizations that produce goods or services that generate profit for the benefit of their owners or shareholders What are the different external forces and how do they influence organizationsOur government plays an important role in the economy Often regulation of importexport quotas tariffs on specific industries can be raised or lowered in the name of protectionism In recent years the quotas of importing clothes from other countries has been changed by the government Clothingfashion organizations need to be sensitive to this matter for it may change the way the organization will have to do business This may mean an increase in importing clothes to reduce costs and maximize profits Technologicalyou can produce clothing cheaper and cut down the cost of your products which may increase profit for the company This can also be done by outsourcing the manufacturing of clothing to other countries like Tommy Hilfiger doesCompetitive which can affect the amount of profit that is generated and the amount of customer enter your business Competition pushes companies to improve the quality of their products and lower their prices to gain a comparative advantage or to decrease the competition They can also get rid of competitors by merging with their competitors like what Best Buy did by acquiring Future Shop before entering the Canadian marketSocietal impact this industry is the competition from foreign companies supply their products to Canadians in the Canadian market Another way that economic forces can impact this industry is that an economic growth in the economy can lead to corporations making the decision to expand and create new products and trends because a healthy economy is an indication that they have a good chance of doing wellPolitical forces can also impact this industry because the government can choose to increase or decrease taxes on both consumers and organizations By increasing taxes on companies this could decrease the amount of profit that they are able to make from the sale of their products The government can also put tariffs in place to limit the amount of foreignmade clothing from entering Canada and by doing this protect Canadian businesses from foreign competitionWhat do we mean by the internal context of businessThe economic contextThe factors of productionoLabourDepends on the type of marketIn a free capital market you choose whether you want to workIn a communist system you are put to workPhysical and mental capabilities of workers oCapitalDepends on the type of market amount of control from the governmentFunds required to start and maintain the business For example imperial oil needs money to operate money can come from personal investment sale of stock profits and etc oEntrepreneursPeople who take risks and hope that it pays offIn a communist system this does not existoNatural ResourcesTangible physical resources oInformation ResourcesNot tangible resources knowledge and expertisemarket forecast and economic data oTypes of economic systemsoCommandCentrallyplanned EconomiesCommunism Government controls the factors of productionSocialism although has some private enterpriseGovernment owns major industries private enterprises for smaller business
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