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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: ...
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 respo...
©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
Employees

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

cc licensed ( BY NC SA ) flickr photo by Metro Library and Archive:
http://flic.kr/p/6RnJT8
functional areas
Management

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

cc licensed ( BY NC ND ) flickr photo
by D W S: http://flic.kr/p/ZVZF
"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
Marketing

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

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

cc licensed ( BY SA ) flickr photo
by Scott Maxwell:
http://flic.kr/p/513ewk
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 signific...
Spectrum of economic systems
Chapter 01: Introduction to Business
Chapter 01: Introduction to Business
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Chapter 01: Introduction to Business

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Transcript of "Chapter 01: Introduction to Business"

  1. 1. 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
  2. 2. Form teams • Introduce yourselves • Pick a team name • Fill out team roster
  3. 3. 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
  4. 4. ©Tracy Collins, http://flic.kr/p/4a7hEc
  5. 5. organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs
  6. 6. profit?
  7. 7. revenue - expenses profit (loss)
  8. 8. © Barry Fikes 2010 http://www.fikespix.com/wallpaper/
  9. 9. participants in business activity?
  10. 10. Owner cc licensed ( BY ND ) flickr photo by Ritu Raj: http://flic.kr/p/d6e8MY
  11. 11. Employees cc licensed ( BY NC ) flickr photo by Kent Kanouse: http://flic.kr/p/6RVxiz
  12. 12. Customers cc licensed ( BY NC SA ) flickr photo by Metro Library and Archive: http://flic.kr/p/6RnJT8
  13. 13. functional areas
  14. 14. Management cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fUqtY
  15. 15. Operations Management cc licensed ( BY NC ND ) flickr photo by D W S: http://flic.kr/p/ZVZF
  16. 16. "Product"? cc licensed ( BY NC SA ) flickr photo by Ben: http://flic.kr/p/A5J8q
  17. 17. Goods cc licensed ( BY NC ND ) flickr photo by Bernat Casero: http://flic.kr/p/Z3H7j
  18. 18. Services cc licensed ( BY NC ) flickr photo by Dystopos: http://flic.kr/p/2ectL
  19. 19. Marketing cc licensed ( BY NC SA ) flickr photo by Stefano Mizzella: http://flic.kr/p/51Z3P5
  20. 20. Accounting cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/4fQrZe
  21. 21. Finance cc licensed ( BY SA ) flickr photo by Scott Maxwell: http://flic.kr/p/513ewk
  22. 22. Economics cc licensed ( BY ) flickr photo by Mark Wallace: http://flic.kr/p/2u4aL6
  23. 23. economics? study of how societies allocate scarce resources
  24. 24. resources?
  25. 25. factors of production • land • labor • capital • entrepreneurship
  26. 26. 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
  27. 27. Spectrum of economic systems
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