BUSX 201 Study Guide - Summer 2019, Comprehensive Final Exam Notes - Human Resources, Financial Statement, Outsourcing

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30 Nov 2019
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Chapter 1: The Foundations of Business - Learning Objectives
Describe the major functions that businesses perform and identify the external forces
that influence business activities
Major Functional Areas of Business
o 1. Management
Involves planning for organizing, staffing, directing, and controlling a
company’s resources so that it can achieve its goals
o 2. Operations
The person who designs and oversees the transformation of resources
into goods or services is called an operations manager
All companies must convert resources (labor, materials, money,
information) into goods or services
o 3. Marketing
Consists of everything that a company does to identify customers
needs and designs products to meet those needs (including price &
quality)
o 4. Accounting
Accountants measure, summarize, & communicate financial and
managerial information and advise other managers on financial
2 fields: (1) Financial accountants: prepare financial statements to help
users (2) Managerial accountants: prepare information, such as reports
on the cost of materials used in the production process, for internal
use only
o 5. Finance
Involves planning for, obtaining, and managing a company’s funds
How much money does the company need? What should it do w/ its
funds?
External forces that influence business activities
o (1) Economy (2) Government (3) Consumer trends (4) Public pressure to be
good corporate citizen
Identify the factors of production and the different types of economic systems.
Economics = study of the production, distribution, and consumption of goods and
services
Factors of Production
o (1) Land and other natural resources
Provide the needed raw materials
o (2) Labor (physical & mental)
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Transforms raw materials into goods & services
o (3) Capital, including buildings and equipment
Needed for the production process
o (4) Entrepreneurship
Provides the skill and creativity needed to bring the other resources
together to produce a good or service to be sold to the marketplace
Different types of economic systems
o (1) Planned Systems
The government exerts control over all the allocation and distribution
of all or some goods and services
Communism: where the government owns all or most enterprises
Socialism: industries that provide essential services, such as utilities,
banking, and health care, may be government owned. Other
businesses are owned privately
o (2) Free Market System (also known as capitalism)
The economic system in which most businesses are owned and
operated by individuals
Competition dictates how goods and services will be allocated.
Business is conducted with only limited government involvement.
Describe a free market system and define the concepts of supply and demand.
Demand = is the quantity of a product that buyers are willing to purchase at various
prices
o The quantity of a product that people are willing to buy depends on its price
o Typically, willing to buy less of a product when prices rise and more of a
product when prices fall
Supply = the quantity of a product that sellers are willing to sell at various prices
o The quantity of a product that a business is willing to sell depends on its price
o Businesses are more willing to sell a product when the price rises and less
willing to sell it when prices fall
Describe the various forms of competition--monopolistic competition, oligopoly, and
monopoly.
(1) Monopolistic
o Many sellers differentiated products Consumers Group A, Group B,
Group C
(2) Oligopoly
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