Chapter 01: Introduction to Business

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  • BUS 100 Chapter 1: Exploring the World of Business and Economics cc licensed ( BY NC SA ) flickr photo by Trey Ratcliff: http://flic.kr/p/9hTDQd
  • Form teams Introduce yourselves Pick a team name Fill out team roster
  • Quiz Closed book/closed notes Put away phones until quiz is over You may collaborate with your team You are responsible for the answers on your quiz You do not have to choose the same answers as your team
  • Tracy Collins, http://flic.kr/p/4a7hEc
  • organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs
  • profit?
  • revenue - expenses profit (loss)
  • Barry Fikes 2010 http://www.fikespix.com/wallpaper/
  • participants in business activity?
  • Owner cc licensed ( BY ND ) flickr photo by Ritu Raj: http://flic.kr/p/d6e8MY
  • Employees cc licensed ( BY NC ) flickr photo by Kent Kanouse: http://flic.kr/p/6RVxiz
  • Customers cc licensed ( BY NC SA ) flickr photo by Metro Library and Archive: http://flic.kr/p/6RnJT8
  • functional areas
  • Management cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fUqtY
  • Operations Management cc licensed ( BY NC ND ) flickr photo by D W S: http://flic.kr/p/ZVZF
  • "Product"? cc licensed ( BY NC SA ) flickr photo by Ben: http://flic.kr/p/A5J8q
  • Goods cc licensed ( BY NC ND ) flickr photo by Bernat Casero: http://flic.kr/p/Z3H7j
  • Services cc licensed ( BY NC ) flickr photo by Dystopos: http://flic.kr/p/2ectL
  • Marketing cc licensed ( BY NC SA ) flickr photo by Stefano Mizzella: http://flic.kr/p/51Z3P5
  • Accounting cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fQrZe
  • Finance cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/513ewk
  • Economics cc licensed ( BY ) flickr photo by Mark Wallace: http://flic.kr/p/2u4aL6
  • economics? study of how societies allocate scarce resources
  • resources?
  • factors of production land labor capital entrepreneurship
  • Types of economic systems Planned system Communism: government owns and operates all resources and determines significant economic choices Socialism: public ownership of key industries combined with private ownership of other businesses Free-market system Capitalism: based on economic freedom and competition Mixed capitalism: some regulation of markets
  • Spectrum of economic systems