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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

Chapter 01: Introduction to Business

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Page 1: Chapter 01: Introduction to Business

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

Page 2: Chapter 01: Introduction to Business

Form teams

• Introduce yourselves

• Pick a team name

• Fill out team roster

Page 3: Chapter 01: Introduction to Business

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

Page 4: Chapter 01: Introduction to Business

©Tracy Collins, http://flic.kr/p/4a7hEc

Page 5: Chapter 01: Introduction to Business

organized effort of individuals to

produce and sell, for a profit, the

goods and services that satisfy

society's needs

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profit?

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revenue

- expenses

profit (loss)

Page 8: Chapter 01: Introduction to Business

© Barry Fikes 2010 http://www.fikespix.com/wallpaper/

Page 9: Chapter 01: Introduction to Business
Page 10: Chapter 01: Introduction to Business
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participants in business

activity?

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Owner

cc licensed ( BY ND ) flickr photo by Ritu Raj: http://flic.kr/p/d6e8MY

Page 13: Chapter 01: Introduction to Business

cc licensed ( BY NC ) flickr photo by Kent Kanouse: http://flic.kr/p/6RVxiz

Employees

Page 14: Chapter 01: Introduction to Business

cc licensed ( BY NC SA ) flickr photo by Metro Library and Archive:

http://flic.kr/p/6RnJT8

Customers

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functional areas

Page 16: Chapter 01: Introduction to Business

cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fUqtY

Management

Page 17: Chapter 01: Introduction to Business

cc licensed ( BY NC ND ) flickr photo

by D W S: http://flic.kr/p/ZVZF

Operations

Management

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"Product"?

cc licensed ( BY NC SA ) flickr photo

by Ben: http://flic.kr/p/A5J8q

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Goods

cc licensed ( BY NC ND ) flickr photo by Bernat Casero: http://flic.kr/p/Z3H7j

Page 20: Chapter 01: Introduction to Business

Services

cc licensed ( BY NC ) flickr photo by Dystopos: http://flic.kr/p/2ectL

Page 21: Chapter 01: Introduction to Business

cc licensed ( BY NC SA ) flickr photo by Stefano Mizzella: http://flic.kr/p/51Z3P5

Marketing

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cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fQrZe

Accounting

Page 23: Chapter 01: Introduction to Business

cc licensed ( BY SA ) flickr photo

by Scott Maxwell:

http://flic.kr/p/513ewk

Finance

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Economics

cc licensed ( BY ) flickr photo by Mark Wallace: http://flic.kr/p/2u4aL6

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economics?

study of how societies

allocate scarce resources

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resources?

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factors of production

• land

• labor

• capital

• entrepreneurship

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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

Page 29: Chapter 01: Introduction to Business

Spectrum of economic systems