Quản trị kinh doanh - Part 1: Business in a changing world

LO 1-1 Define basic concepts such as business, product, and profit

LO 1-2 Identify the main participants and activities of business and explain why studying business is important

LO 1-3 Define economics and compare the four types of economic systems

LO 1-4 Describe the role of supply, demand, and competition in a free enterprise system

LO 1-5 Specify why and how the health of the economy is measured

LO 1-6 Trace the evolution of the American economy and discuss the role of the entrepreneur in the economy

 

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Part 1Business in a Changing World© 2015 McGraw-Hill Education. CHAPTER 1The Dynamics of Business and EconomicsCHAPTER 2Business Ethics and Social ResponsibilityAPPENDIX BThe Legal and Regulatory EnvironmentCHAPTER 3Business in a Borderless World1-2Learning ObjectivesLO 1-1 Define basic concepts such as business, product, and profitLO 1-2 Identify the main participants and activities of business and explain why studying business is importantLO 1-3 Define economics and compare the four types of economic systemsLO 1-4 Describe the role of supply, demand, and competition in a free enterprise systemLO 1-5 Specify why and how the health of the economy is measuredLO 1-6 Trace the evolution of the American economy and discuss the role of the entrepreneur in the economy1-3. The Nature of Business1-4The Goal of Business1-5People and Activities of BusinessManagement is concerned with acquiring, developing, and using resources effectively and efficientlyThe focus of all marketing activities is satisfying customersThe owner is primarily responsible for obtaining financial resources for the operation of the business, including obtaining money and using money effectively1-6Economic Foundations of Business1-7Economic Systems1-8Free-Enterprise SystemFree enterprise allows a company to succeed or fail on the basis of market demandBasic individual and business rights which must exist in order to motivate companies to succeedRight to own propertyRight to earn profits and use them as one wishesRight to determine business operationsRight to choose1-9Forces of Supply and DemandSupply Demand Equilibrium price is the price at which the number of products supplied equals the amount of products consumers are willing to buy at a specific time1-10The Nature of CompetitionCompetition is the rivalry among businesses for consumer’s dollars1-11Economic Cycles and ProductivityMay lead to inflation – a continuing rise in pricesMay lead to recession – a decline in production, employment and incomeRecessions are often characterized by rising levels ofUnemployment – the condition in which a percentage of the population wants to work but is unable to find jobs1-12Economic Cycles and ProductivitySevere recession may turn into a... Depression – a condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reducedGross Domestic Product (GDP) – the sum of all goods and services produced in a country during a yearBudget Deficit – the condition in which a nation spends more than it takes in from taxes1-13The American Economy1-14Ethics and Social Responsibility in Business1-15

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