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| Amount of money a business earns above and beyond what it spends for salaries and other expenses. |
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| Failure, losing all of the money you put into the company/idea |
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| Customers, employees, stockholders, suppliers, dealers, retailers, bankers, people in the surrounding community, the media, environmentalists, and elected government leaders. |
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| Characteristics of Entrepreneurs |
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| Risk taker, Business starter, leader |
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| Risk or Outsourcing Research and Development |
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| Jobs are lost to overseas |
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| Keeping the jobs in the U.S and in certain cities. Example: Steel Company we talked about in class who kept their company in the small city. |
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| Land, Capital, knowledge, entrepreneruship, and labor. |
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| Dynamic Nature of the External Business Enviroment |
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| Surrounding factors that may help or hinder the development of a business. example: Technology, Social, Global Business, Economic/Legal, and Competitive |
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| Enables workers to work faster, more effectively and more efficiently and proficiently |
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| Green Products and Technology |
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| Ideas to use less carbons and less harmful supplies. Business go green in order to uphold social responsibilities, good image and saves money and costs |
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| New Era of Business will be dominated by |
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| deployment of scarce resources in order to distribute |
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| Studies operation of a nation’s economy as a whole |
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| Studies the behavior of people and organizations in a particular market. Example: Why people buy smaller cars when gas prices go up. |
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Economic system in which all or most of the means of production and distribution are privately owned and operated for profit. Business people decide what to produce, how much to pay workers and how much to charge for goods and services, whether to produce goods in their own country, import them, or have them made in other countries. There are four basic rights to capitalism:
1. Right to private property
2. Right to own business and keep all profits after taxes
3. Right to freedom of competition
4. Right to freedom of choice. |
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Supply: Quantities of product manufactures or owners are willing to sell at different prices at specific times.
$ up, # up, $ Down, # down (SUPPLY CURVE)
Demand: Quantities of products that people are willing to buy at different prices at a specific time.
$ up, # Down, $ Down, # up. (DEMAND CURVE) |
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| Where supply meets demand. |
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| Controls market industries ex) Cable companies Example: Comcast, Charter and Dish, etc. |
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| Part capitalist, part socialist: Some businesses are privately owned buy taxed tend to be high to distribute income more evenly among the population. Example: United States is a mixed economy. |
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| Gross Domestic Product: Total Value of final goods and services. |
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1. Prosperity:
2. Recession
3. Depression
4. Recovery
All businesses have 4 parts of the cycle. |
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| Theory of Comparative Advantage |
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| Nation with Efficient means production |
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| U.S.'s Comparative Advantage |
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| Selling Products to other countries |
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| YOu know it is wrong, but you will get fired it you dont do it. |
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1. Is it Legal- Illegal if boss comes up to you and asks you to change a #.
2. Is it balanced? Is it fair and ethical- Ex.) Boss who favors an employee, student who misses alot of class but still gets an A. 3.) How will it make me feel about myself? Gut Feeling, Conscious, etc. |
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| Unthical Employees can be blamed on |
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| Ethical Behavior in the workforce is learned by? |
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| observing actions by others |
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| Reports illegal or unethical behavior |
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| Compliance Based Code of Ethics |
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| Preventing unlawful behavior by penalizing wrongdoers. |
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| Business that is owned and usually managed by 1 person. The advantages are ease of starting and ending, the ability to be your own boss, pride of ownership, retention of profit, and no special taxes. The disadvantages are unlimited liabilities, limited financial resources, difficulty in management, overwhelming time commitment, few fringe benefits, limited growth and limited life span |
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| A partnership with one or more general partners and one or more limited parters. |
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| A partnership in which all owners share in operating the business nad in assuming liability for the business’s debts. For general partnership there are 3 key elemtns- Common ownership, shared profits/losses, and right to participate in managing the operations of the business. |
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| A unique government creations that looks like a corporation but is taxed like sole proprietorships and partnerships. Advantages: have the advantages of limited liability and simpler taxes. Must have less than 100 Stockholders. |
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| Organizational Structure of a publicly held corporation |
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| : Stockholders elect the board of directors. |
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| Benefits of Limited Liability Companies |
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| No hassel of forming a corporation or the limitations imposed by s-corporations. UC’s may choose whether to be taxed at partnerships or corporations |
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| Result of 2 firms forming 1 company. 3 tpyes are vertical, horizontal and conglomerate |
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| One company’s purchase of the property and obligations of another company. |
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| The joining of two firms in the same industry |
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| Selling products for less in a foreign country then in your own country. |
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| Way a company can engage in global business *Global Strategy in which firm (Licensor) allows a foreign company (The licensee) to produce its product in exchange for a fee (Royalty). |
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| Francising in global markets |
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| Exporting Assisting Centers |
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| Federally Sponsored- helps to provide assistance. Goal is to grow revenue in US and increase employment. |
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| Contracting Manufacturing |
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| A foreign contry's production of private-label goods to which a domestic company then attaches its brand name or trademark; part of the broad category of outsourcing |
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| Limit on a number of products in certain categories that a nation can import. |
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| Attitude of superiorocity- Ones business is more superior than another. |
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| 2 rules: Compliance based ( Rules and Regulations) and Integrity Based ( Based on Good Ethics) |
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| Based on info that is not available to news and street yet. |
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| Company audits themselves to see how socially responsible they are being, where their money is gooing and where the employees money is going |
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| Pays high startup costs, Shared Profit, Management regulation, restrictions on selling, coattail effects |
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| Employees and Management will buy a company and use company assets to back the loads and use as leverage. |
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