COMM 1800 Chapter Notes - Chapter 1-6: Gross Domestic Product, Risk Premium, Risk Management
14 Jul 2016
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Chapter 1 notes - what is a business: business -> an organization (recognized under law) that attempts to create value by exchanging products w/ customers for money or money substitutes (i. e. credit/debit) Chapter 2 notes: free market economy -> prices set by market (place where people/organizations exchange products of value) Chapter 1 - 6: technology -> devices used in today"s businesses and society; changing living + working. Chapter 3 notes: management hierarchy = owners -> board of directors (businesses" governing body; elected) Chapter 1 - 6: customer power -> the power customers have in a business value chain (how much does costumer dictate price and terms of sale?) = top: charisma (interpersonal skills) + competence + character (morals/personality) = important, strong quality -> ability to act in the presence of fear. Chapter 1 - 6: sources of gdp, consumption - when individuals buy products manufactured in home country.
