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Study Guide

[MGMT 1] - Final Exam Guide - Everything you need to know! (74 pages long)


Department
Management
Course Code
MGMT 1
Professor
Thomas Eppel
Study Guide
Final

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UC-Irvine
MGMT 1
FINAL EXAM
STUDY GUIDE

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MGMT 1: Introduction and History of Business
September 26, 2015
Lecture 1: Taking Risks and Making Profits Within the Dynamic Business
Environment
Administrative work
Office Hours @ 11:00 12:30; Location SB1 4th Floor RM 4315
Understanding Business 11th Edition
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Midterm
T/F and multiple choice questions (BRING F288 Scantron)
timed/ questions on the exams ar from reading and lectures
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Overview
What is a Business?
Terms and Definitions
Products- goods and services
Revenues, expenses, profit, loss
Types of Businesses, nonprofits
Factors of production
Context
Stakeholder groups
Trends
History
Definitions and Terms
Business
Individual or organization
Satisfies needs
Provides goods and/or services
Needs to make a profit
Products: Goods and Services
Goods: tangible products (computers,food, clothing)
Services: intangible products (insurance, education tourism)
Types of Businesses
Manufacturing (Boeing)
Service (Wells Fargo)
Intermediaries (Target)
Provide marketing functions
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Service Industry
Services make up over 70% of US Economy
Types of services
Lodging and tourism
Personal
Entertainment
Health
Financial
**higher risks often goes hand in hand with higher rewards
Factors of Production
Land and other natural resources
Labor (lots of changes because of technology)
Capital (machines, tools, buildings)
Entrepreneurship
Knowledge
Entrepreneurs
Take risks (money, time) to start a business
Successful entrepreneurs can make a lot of money (Bill Gates)
Higher risks often go hand in hand with higher rewards
Successful people took the right risks but unsuccessful people took too
many
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