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
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THE
DYNAMICS OF
BUSINESS &
ECONOMICS
CHAPTER 1
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Have
you ever
dreamed
of being
in a
band?
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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
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What makes
a good concert “good”
&
a bad concert “bad”?
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The Flaming Lips:
Business Basics
Video
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Good
or
service?
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Maserati
Gran Turismo
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WHY STUDY
BUSINESS?
TELL ME…
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WE WANT TO
MAKE MONEY!
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WHAT ARE
THE TOP 10
FORTUNE 500
COMPANIES?
POP QUIZ
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#1
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#2
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#3
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#4
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#5
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#6
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#7
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#8
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#9
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#10
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WHY STUDY
BUSINESS?
BUT AGAIN…
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GOVERNMENT
AGENCY
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NONPROFIT
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MARKETING
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HUMAN RESOURCES
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MANAGEMENT
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INFORMATION
TECHNOLOGY
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FINANCE
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PRODUCTION &
OPERATIONS
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INDIVIDUAL EXERCISE
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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?
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THE GOAL
OF BUSINESS
THE NATURE OF BUSINESS
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WHAT IS A BUSINESS?
Individuals or
organizations trying to
earn a profit by providing
products or services that
satisfy people’s needs
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WHAT IS A PRODUCT?
A good or service with
tangible and intangible
characteristics that
provide satisfaction and
benefits.
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TANGIBLE GOODS
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INTANGIBLE GOODS
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INTANGIBLE GOODS
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PRIMARY GOAL OF
BUSINESS
To earn a profit
Revenue
- Costs
Profit (or loss)
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NON-PROFITS
Provide goods and
services but without the
fundamental purpose of
earning profits
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STAKEHOLDERS
• Customers
• Employees
• Investors
• Government regulators
• Community
• Society
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THE
ACTIVITIES
OF BUSINESS
WHAT ARE THE…
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OVERVIEW OF THE
BUSINESS WORLD
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MANAGEMENT
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MANAGEMENT
Focus on employees
• Motivate
• Coordinate
• Organize
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MARKETING
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MARKETING
Focus on satisfying customers
• Determine consumer needs
• Plan & develop products
• Determine 4 P’s of marketing
Product Place
Price Promotion
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FINANCE
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FINANCE
Primary responsibility of
owners
• Obtain money
• Use $ effectively
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THE
ECONOMIC
FOUNDATIONS
OF BUSINESS
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ECONOMICS
Distribution of resources
for the production of
goods and services
within a social system
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RESOURCES
Natural: land, forests, water
Human: labor
Financial: capital
Intangible: good reputation,
quality products
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BancFirst:
Economics and Banking
Video
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ECONOMIC SYSTEMS
How a society distributes
its resources to product
goods and services
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ECONOMIC SYSTEMS
• Communism
• Socialism
• Capitalism
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COMMUNISM
A society in which the
people, without regard to
class, own all the
nation’s resources.
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COMMUNISM:
CHINA
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COMMUNISM:
CUBA
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SOCIALISM
The government owns
and operates basic
industries but individuals
own most businesses.
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SOCIALISM:
SWEDEN
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SOCIALISM:
INDIA
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CAPITALISM
Individuals own and
operate a majority of
businesses providing
goods and services.
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CAPITALISM:
JAPAN
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CAPITALISM:
UNITED STATES
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SUPPLY &
DEMAND
DISTRIBUTION OF RESOURCES
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DEMAND
Number of
goods/services
consumers buy at a
given price at a specific
time
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SUPPLY
Number of products
businesses will sell at
different prices at a
specific time
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SUPPLY AND DEMAND
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EQUILIBRIUM PRICE
Price at which the # of
products supplied = the
amount of products
consumers are willing to
buy at a specific time