Introduction to BusinessFirst Wrap-Up: October 17, 2008

2

Basics

> What’s a business?  Profit vs. Non-Profit

> Factors of Production  Capital / Labor / Land (Resources) /

Entrepreneurship

> Manufacturing vs. Services Industries> Capital Intensive vs. Labor Intensive> Economics

  Microeconomics vs. Macroeconomics

> Economic Systems   Planned vs. Free Market Systems

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Microeconomics

> Supply and Demand  Changes in Demand

> Changes in Demand  Price / Income / Expectations / Substitute Goods

  Complementary Goods

> Equilibrium Point, Price and Quantity

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Macroeconomics

> Free Market Competition  Pure Competition / Monopolistic Competition /

Oligopoly / Monopoly

> Competitive Advantage  Cost Leadership vs. Differentiation

> Economic Indicators

5

Ethics

> Ethics vs. Social Responsibility> Factors Influencing Ethical Behavior> Being Legal vs. Being Ethical> Ethical Dilemma vs. Ethical Lapse> Corporate Social Responsibility - Methods

6

Global Economy

> Why do nations trade?> Absolute Advantage vs. Comperative Advantage> Balance of Trade vs. Balance of Payments> Free Trade vs. Fair Trade> Trade Restrictions

  Tariffs / Quotas / Embargoes / Subsidies> Trade Organizations

  GATT / WTO / IMF / World Bank> Trading Blocks

  NAFTA / EU / ASEAN / World Bank> Going International, Opportunities & Challanges

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Starting a Business

> Business Ownership> Sole Proprietorships / Partnerships /

Corporations> General Partnerships vs. Limited Partnerships> Limited vs. Unlimited Liability> Going Public, Advantages & Disadvantages> Corporate Governance

  Shareholders / BoD / Corporate Officers / Employees

> Mergers & Acquisitions> Strategic Alliances & Joint Ventures