BUS 207 Chapter 1: Chapter 1 Vocab and Notes

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ambergiraffe154

30 Jan 2012

School

Simon Fraser University

Department

Business Administration

Course

BUS 207

Professor

Karen Ruckman

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Document Summary

Managerial economics chapter 1: introduction to economic decision making. Managerial economics: the analysis of major management decisions using the tools of economics. It applies many concepts from economics (demand and cost, monopoly and competition, allocation of resources and economic trade-offs) to aid managers in making better decisions. First example: a u. s. multinational carmaker produces and sells its output in two geographic regions. The markets for vehicles at home and abroad differ with respect to demand and the production facilities have different costs and capacities. Second example: in 1987 michael eisner, the head of walt disney co. signed the final contract with the french government to build and operate a billion theme park outside of. Based on its long record of success, disney s management team confidently embarked on a monumental investment. However, since opening in april 1992, euro disney s performance has been dismal, marked by lower-than-expected revenues and elevated costs.

Related Questions

Identify which human resources management activity is being illustrated in the following examples:

HR management activities:

staffing	compensation & benefits	training & development
compliance	employee relations

1) Identify which human resources management activity is being illustrated in the following examples:

6) _____ training and dev _____ A manager conducts job orientation for several new employees.

7) _____ An HR manager makes sure the company is following equal employment opportunity (EEO) laws.

8) _____ An HR manager negotiates with an insurance carrier to get a good deal for the company.

9) _____ An HR manager listens to and records an employee grievance.

10) _____ A supervisor negotiates a job offer with a candidate.

11) _____ A department manager develops an instruction manual for one of the company's job positions.

12) _____ An HR manager perfors background and reference checks on a potential candidate.

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The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

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BUS 207 Chapter 1: Chapter 1 Vocab and Notes

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