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  • Value Factors of Production: Natural Resources Capital Human Resources Entrepreneurship

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    The document provides a study guide for the first 4 chapters of an Introduction to Business course, outlining key topics such as frameworks of business, ethics and social responsibility, economic challenges, and competing in global markets. It lists sample companies, factors of production, philosophies of business, stakeholders, types of competition, trade barriers and agreements, and levels of international involvement that will be covered in the chapters. The guide poses discussion questions about quality, vision, pricing decisions, the state of the economy, and the European Union to prompt student engagement with the material.

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    Unit 1

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    The document provides a study guide for the first 4 chapters of an Introduction to Business course, outlining key topics such as frameworks of business, ethics and social responsibility, economic challenges, and competing in global markets. It lists sample companies, factors of production, philosophies of business, stakeholders, types of competition, trade barriers and agreements, and levels of international involvement that will be covered in the chapters. The guide poses discussion questions about quality, vision, pricing decisions, the state of the economy, and the European Union to prompt student engagement with the material.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    34 views4 pages

    Value Factors of Production: Natural Resources Capital Human Resources Entrepreneurship

    Uploaded by

    khalpern
    The document provides a study guide for the first 4 chapters of an Introduction to Business course, outlining key topics such as frameworks of business, ethics and social responsibility, economic challenges, and competing in global markets. It lists sample companies, factors of production, philosophies of business, stakeholders, types of competition, trade barriers and agreements, and levels of international involvement that will be covered in the chapters. The guide poses discussion questions about quality, vision, pricing decisions, the state of the economy, and the European Union to prompt student engagement with the material.

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    Attribution Non-Commercial (BY-NC)
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    of 4

    Introduction to Business

    Fall 2010
    Study Guide for Unit 1
    Chapters 1 – 4

    Chapter 1: The Framework of Contemporary Business

    Sample companies: Thorlo (socks, within text)

    Exchange
    Profit
    Value
    Not-for-profit organizations: do they need to understand business concepts?
    Factors of production:
    Natural resources
    Capital
    Human resources
    Entrepreneurship
    Productivity will be discussed in depth in Chapter 3: Economics however, elements of it
    it will be introduced here.

    The invisible hand


    Competitive differentiation

    Three differing philosophies of business:


    Production mentality
    Marketing focus
    Relationship building

    Is “the Green Advantage” a fad?

    How should we define “quality”?

    Importance of vision
    Critical thinking
    Creativity
    Chapter 2: Ethics and Social Responsibility

    Stakeholders: who are they?

    Ethics
    Development of individual ethics
    Who sets the ethical tone in the organization?
    Conflict of interest
    Honesty and integrity
    Loyalty versus truth
    Whistle-blowing

    Ethical awareness
    Code of Conduct
    Ethical reasoning
    Ethical action
    Ethical leadership
    Ethical dilemmas
    Ethical lapses

    Controlling business through legislation

    Social responsibility
    Social audit
    General Public:
    Public health
    Environment
    Developing the quality of the workforce
    Consumers:
    President Kennedy’s Bill of Rights for Consumers
    Employees:
    Safety
    Quality of life
    Equal opportunity
    Age discrimination
    Sexual harassment
    Investors and the financial community
    Chapter 3: Economic Challenges

    Microeconomics

    Demand
    Supply
    Equilibrium price
    Revenues
    Expenses
    Profit

    Why is gasoline not a good example for this chapter?

    You’re the new GM of the Mariners. It’s time to sell season tickets. How do supply and
    demand affect your pricing decisions? What else would affect what you decide to
    charge?

    Macroeconomics

    Types of competition within an economy:


    Pure competition
    Monopolistic competition
    Oligopoly
    Monopoly
    Deregulation

    Recession

    Productivity = outputs
    inputs

    Recovery or growth: where are we now?


    Inflation
    Demand-pull
    Cost – push
    Deflation
    Consumer Price Index

    Unemployment:
    Frictional
    Seasonal
    Cyclical
    Structural

    Monetary policy
    Fiscal policy
    Chapter 4: Competing in Global Markets

    Globalization: how new a concept is it? We looked at this question in Chapter 1.

    Exports
    Imports

    Absolute advantage
    Comparative advantage

    Balance of trade
    Balance of payments
    Exchange rates

    Do only large companies engage in international trade?

    Barriers to trade
    Social and cultural differences
    Economic differences
    Infrastructure
    Political and Legal differences

    Tariffs
    Quotas
    Embargos
    Embargos
    Dumping

    GATT
    WTO
    World Bank
    IMF
    NAFTA/CAFTA
    European Union: What do “we” do about Greece?

    Levels of international involvement


    Export/import
    Countertrade
    Contractual trade agreements
    Foreign production/direct investment

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