introduction to business tim trimbath. welcome intro to class attendance by pcc request - what is...
TRANSCRIPT
Introduction To Introduction To BusinessBusiness
Tim Trimbath
Welcome
Intro to class Attendance By PCC Request - What is plagiarism? A
Cautionary Tale
The Class
How to get an “A” (Hint – It’s EASY)• Participate – 10%
• Do your homework – 20%
• Study for your exams – 40%
– Exam questions come right from the book – no trickerations!
• Do your written class project – 20%
• Present your project to the class – 10%
Class Project
Part 1 (page 110) Part 2 (page 215) Part 3 (page 309) Part 4 (page 409) Part 5 (page 547) Part 6 (page 623)
Chapter 1Why Study This?
Why should you study business?– Help choose a career– To be a better, more successful employee– To learn how to start your own business– To be a better, wiser, consumer
What do we mean by “business”
Terms– Business– Free enterprise– Satisfaction of needs– Business profit– Stakeholder
Types of Economic Systems
Economics – how wealth is created and distributed
Factors of production– Land and Resources– Labor– Capital– Entrepreneurship
Capitalism
Maximizes Freedom Individuals serve their own interests and help
society in the process Assumptions of Capitalism
– Right to small gov’t– Right to economic freedom– Right to private property– Right to create wealth– Laissez-faire
Capitalism in US – Mixed Economy
Exhibits elements of both communism and socialism
Command Economy
Gov’t decides what goods and services are produced, how to produce them, how much, for whom they will be available and who owns the factors of production
2 major forms – Socialism and Communism
Measures of Economy
Productivity - Output per worker per hour GDP Inflation Deflation CPI PPI
The Business Cycle
Growth Peak Recession Trough Repeat
Recession vs. Depression
Types of Competition
Perfect Competition – Theory, Supply, Demand, and Market Price
Monopolistic Competition – Lots of buyers AND sellers
Oligopoly – Few Sellers Monopoly – One Seller
– Natural, limited or legal monopolies
History of Markets in US