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

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 responsible for the answers on

your quiz

• You do not have to choose the same

answers as your team

©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

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

Employees

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

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

Customers

functional areas

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

Management

cc licensed ( BY NC ND ) flickr photo

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

Operations

Management

"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

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

Marketing

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

Accounting

cc licensed ( BY SA ) flickr photo

by Scott Maxwell:

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

Finance

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 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

Spectrum of economic systems