The Dynamics of Business & Economics

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.

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Candice Nance

January 31, 2013
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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

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  5. Have you ever dreamed of being in a band?

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  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”?
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  11. The Flaming Lips: Business Basics Video

  12. Good or service?

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  14. Maserati Gran Turismo

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  16. WHY STUDY BUSINESS? TELL ME…

  17. WE WANT TO MAKE MONEY!

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  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…

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  33. GOVERNMENT AGENCY

  34. NONPROFIT

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  36. MARKETING

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  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