MGTA01H3 Chapter Notes - Chapter 1-9: Telecommuting, Flextime, Protectionism

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Contents
Ch.1:IntroducingtheContemporaryBusinessWorld................................................................................1
Ch.2:UnderstandingtheEnvironmentofBusiness....................................................................................3
Ch.3:UnderstandingEntrepreneurship,SmallBusiness,andNewVentureCreation................................6
Ch.4:UnderstandingLegalFormsofBusinessOrganization......................................................................9
Ch.5:UnderstandingInternationalBusiness.............................................................................................10
Ch.6:ManagingTheBusinessEnterprise..................................................................................................13
Ch.7:OrganizingTheBusinessEnterprise.................................................................................................15
Ch.8:ManagingHumanResources...........................................................................................................18
Ch.9:MotivatingandLeadingEmployees.................................................................................................22
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Ch.1:IntroducingtheContemporaryBusinessWorld
x Business:organizationseekingtoearnprofitbyprovidingproducts(maybetangibleor
service).
o Profit:moneythatremainsafterabusiness’expenses(moneyspentinproduction
andrunningthebusiness)aresubtractedfromitsrevenues(moneyearnedthrough
saleofproducts).
x Economicsystem:waywhichnationallocatesresourcesamongcitizens.Differintermsof
resourceownershipandresourcecontrol.
o Theseresourcesarecall“FactorsofProduction”(5):
Labour(humanresources)andtheskillsofaworkforce
Capital(financialresources)neededtostartandrunanenterprise.
NaturalResources:allphysicalresources.
InformationResources(specializedknowledge):marketforecasts,
demographics,helptoachievebusinessgoals.
Entrepreneurs:acceptrisksandopportunities;manageallotherfactorsof
productioninthefirm.
o TypesofEconomicsystems:
CommandEconomies(centralizedgovernment,governmentownsmost
industries),“communism”(governmentownsallindustries),socialism(only
somemajorindustriesarecontrolled).
MarketEconomies(individualsmakedecisionsaboutfactorsofproduction):
“market”(mechanismforexchange),freedomofchoicewidelyenjoyed.
x Capitalism:Politicalideawithprivateownershipandencouragement
ofentrepreneurship.
MixedrMarketEconomies:mosteconomicsystems,elementsofboth
commandandmarket.Currenttrendtowards“privatization”(transferof
governmentactivitiestopublicsectorbecausegovernmentrmanaged
industriesareinefficient)andderegulation(reducinglawsthataffect
businessactivities).
o Governmentsinfluencebusinessas6things:
Customers(Eg:officesupplies,militarysupplies)
Competitors(Eg:Crowncorporationsownedbygovernmentcompetewith
privatesector)
Regulator:
x ProtectingCompetition:Eg:ensuringhealthycompetition,
protectingsmallerfirms
x ProtectingConsumers:Eg:safetystandards,warninglabels
x AchievingSocialGoals:Eg:safeworkplaces,employmentinsurance
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