The Dynamics of Business & Economics

Examine the fundamentals of business and economics. What is the goal of business? What are the basics of economics? We'll define basic concepts such as business, product and profit. Learn how supply and demand interplay with competition in business.

Transcript

1. THE DYNAMICS OF BUSINESS & ECONOMICS CHAPTER 1
2. PART 1: BUSINESS IN A CHANGING WORLD Chapter 1 The Dynamics of Business and Economics Chapter 2 Business Ethics and Social Responsibility Chapter 3 Business in a Borderless World
3. THE DYNAMICS OF BUSINESS & ECONOMICS CHAPTER 1
5. Have you ever dreamed of being in a band?
8. GROUP EXERCISE Get together in groups of 3 – 4 and answer the following questions: 1. What makes a good concert “good” and a bad concert “bad”? 2. How would you describe a successful band manager? • Each group will report to the class • Assign one person per group
9. What makes a good concert “good” & a bad concert “bad”?
11. The Flaming Lips: Business Basics Video
12. Good or service?
14. Maserati Gran Turismo
16. WHY STUDY BUSINESS? TELL ME…
17. WE WANT TO MAKE MONEY!
19. WHAT ARE THE TOP 10 FORTUNE 500 COMPANIES? POP QUIZ
20. #1
21. #2
22. #3
23. #4
24. #5
25. #6
26. #7
27. #8
28. #9
29. #10
30. WHY STUDY BUSINESS? BUT AGAIN…
33. GOVERNMENT AGENCY
34. NONPROFIT
36. MARKETING
38. HUMAN RESOURCES
39. MANAGEMENT
40. INFORMATION TECHNOLOGY
41. FINANCE
42. PRODUCTION & OPERATIONS
43. INDIVIDUAL EXERCISE
44. INSTRUCTIONS 1. Visit salary.com 2. Search for a job that you want to be in 3. Print out the job profile (1st page only is fine) 4. One the back of the paper, write the following: 1. Your full name 2. Why you chose this profession? 3. What does this position do? 4. What education level do you need for this position? 5. What is the average number of years of experience for this position?
45. THE GOAL OF BUSINESS THE NATURE OF BUSINESS
46. WHAT IS A BUSINESS? Individuals or organizations trying to earn a profit by providing products or services that satisfy people’s needs
47. WHAT IS A PRODUCT? A good or service with tangible and intangible characteristics that provide satisfaction and benefits.
48. TANGIBLE GOODS
49. INTANGIBLE GOODS
50. INTANGIBLE GOODS
51. PRIMARY GOAL OF BUSINESS To earn a profit Revenue - Costs Profit (or loss)
52. NON-PROFITS Provide goods and services but without the fundamental purpose of earning profits
53. STAKEHOLDERS • Customers • Employees • Investors • Government regulators • Community • Society
54. THE ACTIVITIES OF BUSINESS WHAT ARE THE…
55. OVERVIEW OF THE BUSINESS WORLD
56. MANAGEMENT
57. MANAGEMENT Focus on employees • Motivate • Coordinate • Organize
58. MARKETING
59. MARKETING Focus on satisfying customers • Determine consumer needs • Plan & develop products • Determine 4 P’s of marketing Product Place Price Promotion
60. FINANCE
61. FINANCE Primary responsibility of owners • Obtain money • Use $ effectively
62. THE ECONOMIC FOUNDATIONS OF BUSINESS
63. ECONOMICS Distribution of resources for the production of goods and services within a social system
64. RESOURCES Natural: land, forests, water Human: labor Financial: capital Intangible: good reputation, quality products
65. BancFirst: Economics and Banking Video
66. ECONOMIC SYSTEMS How a society distributes its resources to product goods and services
67. ECONOMIC SYSTEMS • Communism • Socialism • Capitalism
68. COMMUNISM A society in which the people, without regard to class, own all the nation’s resources.
69. COMMUNISM: CHINA
70. COMMUNISM: CUBA
71. SOCIALISM The government owns and operates basic industries but individuals own most businesses.
72. SOCIALISM: SWEDEN
73. SOCIALISM: INDIA
74. CAPITALISM Individuals own and operate a majority of businesses providing goods and services.
75. CAPITALISM: JAPAN
76. CAPITALISM: UNITED STATES
77. SUPPLY & DEMAND DISTRIBUTION OF RESOURCES
78. DEMAND Number of goods/services consumers buy at a given price at a specific time
79. SUPPLY Number of products businesses will sell at different prices at a specific time
80. SUPPLY AND DEMAND
81. EQUILIBRIUM PRICE Price at which the # of products supplied = the amount of products consumers are willing to buy at a specific time