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The Fundamentals of Business and Economics. Chapter 1. Chapter 1 Objectives. After studying this chapter, you will be able to: Define what a business is and identify four vital social and economic contributions that businesses make.

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The Fundamentals of Business and Economics

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The fundamentals of business and economics l.jpg

The Fundamentals of Business and Economics

Chapter 1

©2007 Prentice Hall


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Chapter 1 Objectives

After studying this chapter, you will be able to:

  • Define what a business is and identify four vital social and economic contributions that businesses make.

  • Differentiate between goods-producing and service businesses, and list five factors contributing to the increase in the number of service businesses.

  • Differentiate between a free-market system and a planned system.

©2007 Prentice Hall


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Chapter 1 Objectives, cont.

  • Explain how supply and demand interact to affect price.

  • Discuss the four major economic roles of the U.S. government.

  • Explain how a free-market system monitors its economic performance.

  • Identify five challenges you will face as a business professional in the coming years.

©2007 Prentice Hall


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How this Course Will Help Your Career

  • Understand what it takes to be an entrepreneur

  • Learn the lingo

  • Develop soft skills

  • Learn about career opportunities

  • Understand the role business plays in society

  • See the business world through the eyes of a business rather than a consumer

©2007 Prentice Hall


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What is Business?

For-Profit

Non-Profit

Money Motive

Social Service

Ethical Conduct

Efficiency

Effectiveness

Social Responsibility

©2007 Prentice Hall


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Web 2.0

  • Definition

  • Activities:

    • Blogging

    • Podcasting

    • Wikis

    • Newsfeeds

    • Tagging

    • Virtual Worlds

©2007 Prentice Hall


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Types of Business

Goods Producing Business

Service Business

Capital Intensive

Labor Intensive

©2007 Prentice Hall


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Why is the Service Sector Growing?

  • More disposable income.

  • Changing demographic patterns and lifestyle trends.

  • Support complex goods and new technology.

  • Professional advice.

©2007 Prentice Hall


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Economics

©2007 Prentice Hall


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Factors of Production

©2007 Prentice Hall


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Economic System

Scarce

Resources

Human

Resources

Natural

Resources

Capital

Entrepreneurs

Knowledge

Factors of Production

Goods

Services

©2007 Prentice Hall


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Types of Economic Systems

Free-Market

System

Planned

System

Mixed

Capitalism

Capitalism

Socialism

Communism

Privatization

©2007 Prentice Hall


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$35

$30

$25

$20

$15

$10

Not enough demand

D

Right price

makes supply & demand equal

E

Price

S

Not enough supply

1015202530

Pairs of blue jeans (quantity)

Supply and Demand

©2007 Prentice Hall


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Free-Market Competition

Pure

Competition

Monopoly

Oligopoly

Monopolistic

Competition

©2007 Prentice Hall


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Competitive Advantage

  • Price

  • Speed

  • Quality

  • Service

  • Innovation

©2007 Prentice Hall


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Role of the Government

  • Foster competition

  • Regulate and Deregulate industries

  • Protect Stakeholder and Stockholder’s rights

  • Contribute to economic stability

©2007 Prentice Hall


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Economic Indicators

  • Interest Rates

  • Unemployment Rates

  • Housing Data

  • Industrial Productivity

©2007 Prentice Hall


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Inflation vs. Deflation

Inflation

Purchasing Power

Deflation

Consumer Price

Index (CPI)

©2007 Prentice Hall


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Producer Price Index (PPI)

  • Gross Domestic Product (GDP)

  • Gross National Product (GNP)

  • Globalization

©2007 Prentice Hall


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Challenges of Globalization

  • Products and Services

  • Managing Small Business (Entrepreneurship)

  • Globalization and Workforce Diversity

  • Ethics and Social Responsibility

  • Technology and Electronic Commerce

©2007 Prentice Hall


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