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Lecture and Book Notes Chapters 1-3

by: Olivia Zemanek

Lecture and Book Notes Chapters 1-3 BUS - 10123 - 003

Marketplace > Kent State University > Business Administration > BUS - 10123 - 003 > Lecture and Book Notes Chapters 1 3
Olivia Zemanek
GPA 3.6
Steve Riczo (P)

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About this Document

Notes I have taken for the first couple classes both from the book readings and the oral lectures. Definitions and important concepts.
Steve Riczo (P)
Exploring Business, business, Steve Riczo, Kent State University
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This 3 page Bundle was uploaded by Olivia Zemanek on Friday September 18, 2015. The Bundle belongs to BUS - 10123 - 003 at Kent State University taught by Steve Riczo (P) in Summer 2015. Since its upload, it has received 101 views. For similar materials see EXPLORING BUSINESS in Business Administration at Kent State University.


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Date Created: 09/18/15
Exploring BusinessBook and Lecture NotesWeek 13 Some basics in Chapter 1 0 A business is an organization that provides goods or services to others at a profit 0 Standard of living the amount of goods and services that someone can buy with what they have 0 Factors of Production Important to know 0 Land 0 Labor 0 Capital 0 Entrepreneurship 0 Knowledge 0 Productivity what you get output for what you put in input 0 6574 year olds are the current richest demographic group in US Chapter 2 0 Economics how society chooses to produce and distribute goods and services among population 0 We the US are a MIXED economy We have a free market where decisions about what and how much is produced are made by the buyers and sellers as well 0 Macroeconomics operation of a NATION S economy The big picture 0 Microeconomics focusing more on a SPECIFIC market 0 GDP Gross D country in a g39 living estic Product the TOTAL value of goods and services produced in a ear The higher the better because that means a higher standard of more consecutive quarters of decline in GDP 0 Depression severe recession accompanied by de ation 0 Freedom to own property and keep pro ts is necessary to the survival an economy 0 Degrees of competition in free markets 0 Perfect competition many sellers products appear identical price is not dictated O Monopolistic competition large number of sellers similar products but buyers perceive as different Think of fast food Both selling a burger or chicken sandwich but preferring Wendy s over McDonald s Essentially the same product but different to you the customer 0 Oligopoly only a few sellers dominate the market Gasoline or cars 0 Monopoly One seller controls the total supply of a good or service and sets the pr1ce 0 Three types of economic systems 0 Freemarket aka Capitalism all or most of the factors of production are privately owned and operated for profit The market decides what gets produced and who gets it 0 Command economy government decides and owns almost all factors of production Socialism and Communism are both variations of this type of economy 39 Socialism premise that almost all basic businesses should be government owned Positive goal is social equality Negative taking incomes from citizens 39 Communism government makes pretty much all the economic decisions They guess what people need interferes with people s lives no incentives for working people high risk of economic depressions O A mixed economy where both the market and the government decides some things 0 In ation general rise in prices of goods and services 0 De ation general decrease A 0 Stag ation economy slowing but prices continue to rise anyways 0 Consumer Price Index CPI a measure of in ation and de ation over a month 0 Fiscal policy government effort to keep the economy stable This is done by either increasing or decreasing taxes or government spending Notes from Lecture on 910 0 Economist Thomas Malthus 0 Argued that there would be too many people and not enough food other resources 0 Followers said solution to poverty was decrease the birth rate 0 Thomas Carler 0 Called economics The Dismal Science 0 Economist Adam Smith 0 Assumed wealthy people would reach out to poorer people 0 Income inequality issue I Poverty found all over the world I Half the people on our planet live on less than 5 a day 0 Why are some countries rich and some poor 0 Resources location governments war unable to build an economy 0 Individuals 0 Different opportunities more or less motivation strong or weak work ethic education technology Chapter 3 and Lecture Notes from 9 15 Pros and Cons of globalization global trade 0 Pros I 7 billion potential customers I Growth in productivity I Inspires innovation and competition I Domestic workers in US manufacturing have lost jobs due to low wage global markets or workers will just get pay cuts in general 0 E g If it is cheaper for an auto manufacturer to build plants and hire workers in a poorer country then they will choose to do so there rather than paying workers more in a country with more money such as the US Hurdles to successful global trade 0 Economic and financial forces 0 Legal and regulatory forces Sociocultural forces affecting global trade 0 Religion values social structure The World Trade OrganizationWTO O Oversees cross border trade issues 0 Mediate trade disputes The United States is the largest IMPORTER in the world and the second largest EXPORTING nation behind China Exporting to other countries results in an economic boost Trade protectionism use of government regulations to limit import of goods and services These should be used in careful consideration knowing that the other country can easily retaliate and do the same thing Two types are used 0 l Tariffs puts a tax on imports O 2 Import quotas limits the number of products in certain categories a nation can import Embargo complete ban on an import or export of a certain product or the stopping of all trade with another country Comparative Advantage Theory Countries should sell the products that they produce the best and most efficiently of and buy products from other countries that they do not produce as efficiently Do What they are best at Trade surplus value of exports is more than the imports Trade deficit value of exports is less than the imports


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