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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
cc licensed ( BY NC ) flickr photo by Kent Kanouse: http://flic.kr/p/6RVxiz
Employees
cc licensed ( BY NC SA ) flickr photo by Metro Library and Archive:
http://flic.kr/p/6RnJT8
Customers
functional areas
cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fUqtY
Management
cc licensed ( BY NC ND ) flickr photo
by D W S: http://flic.kr/p/ZVZF
Operations
Management
"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
cc licensed ( BY NC SA ) flickr photo by Stefano Mizzella: http://flic.kr/p/51Z3P5
Marketing
cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fQrZe
Accounting
cc licensed ( BY SA ) flickr photo
by Scott Maxwell:
http://flic.kr/p/513ewk
Finance
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