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BUS-110-M1D Study Guide Chapters 1, 2, 4, 7, & 6

by: Ryan Notetaker

BUS-110-M1D Study Guide Chapters 1, 2, 4, 7, & 6 BUS-110-M1D

Ryan Notetaker

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About this Document

This study guide covers everything you will need to know for the first exam.
Introduction to Business
Leruth M. Sisson
Study Guide
value, profit, study, guide, socialism, capitalism, Communism, economic, Monetary, Fiscal, micro, Macro, entrepreneurs, Small, businesses, code, Of, ethics, stakeholders, Marketing, realtionship
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This 3 page Study Guide was uploaded by Ryan Notetaker on Sunday September 18, 2016. The Study Guide belongs to BUS-110-M1D at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Leruth M. Sisson in Summer 2016. Since its upload, it has received 8 views. For similar materials see Introduction to Business in Business at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.


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Date Created: 09/18/16
Value: relationship of price and benefits available to customers Marketing: business and building business vs. Relationship: consumers Non-profit: do not focus on making money, instead they focus on helping society Loss: less money going out than coming in Entrepreneurship: risking time, money, and resources Profit: financial reward of a business 5 Business Dimensions: Economic: - enforceable contracts - corruption and bribery - government steps in to help businesses - free enterprise and fair competition Competitive: - develop long-term relationships with customers - word-of-mouth advertising - consumer satisfaction - Measure of value: the gap between product benefits and price - benefits are ≥ the price paid = product value - speed-to-market: how fast a company/organization can turn ideas into reality Technological: - Business Technology: businesses use to become more efficient and effective - computers, telecommunications, other digital tools - improved many industries - World Wide Web; e-commerce - rise to a more individualized experience when shopping Social: - values, attitudes, customs, and beliefs shared by groups of people - demographics: measurable characteristics of a population - population size, density, and specific traits such s age, gender, race, education, and income - diversity, aging population, rising worker expectations, ethics and social responsibility, Global: - technology and free trade have blurred the lines between individual economies around the world - foreign investment - free trade- lowered prices and increased quality across virtually every product category - General Agreement on Tariffs and Trade (GATT)- signed by 125 countries- took bold steps to lower tariffs (taxes on imports) and to reduce trade restrictions worldwide - goods move freely than ever across international boundaries Micro=smaller units and Macro=larger units Fiscal: government influences the economy through taxation and spending decisions that are designed to encourage growth, employment, and decrease inflation - political philosophy - can offer economic benefits - boost economy by providing jobs - fiscal cliff - budget surplus - budget deficit - federal debt Monetary: actions that shapes interest rates and the supply of money to boost economy - managed by Federal Reserve (central bank of the US) - board of governors - oversees the operation of the 12 Federal Reserve Banks that carry out policies and perform banking services for commercial banks - money supply Capitalism: “private enterprise system”; “free market system”; private ownership, economic freedom, and fair competition; hard work; innovation; - right to own a business and keep after-tax profits, right to private property, right to free choice, right to fair competition Socialism: government should own and operate key enterprises that directly affect public welfare, such as utilities, telecommunications, and healthcare; tend to have higher taxes- to distribute wealth; tax revenues fund services; Communism: public ownership of all enterprises, a strong central government; Karl Marx; 5 Common Measures of Economic Performance: 1. GDP 2. Employment Level 3. Business Cycle 4. Price Levels 5. Productivity Ethics, Business Ethics, and Social Responsibility: ethics consider right and wrong, good and bad in any situation; business ethics consider right and wrong, good and bad in the business world; social responsibility: obligation of a business to contribute to society Decision guides for framework for ethical decisions: exec. buy-in, estab. expectations, integrate ethics, ensure ethics code both global and local, build & maintain structure, estab. protection for whistle-blowers, enforce code of ethics impact of organizational culture of ethics: CEOs must communicate high ethical standards and leak the message down to employees through their actions; appearance of shaky ethics and any other approach can be damaging to a company’s ethical climate Purpose of a written code of ethics: to tell employees what is right and what is wrong, as well as what is good and what is bad in any situation. social responsibility of a company’s stakeholders; goal of stakeholder approach: stakeholders have a say in the planning and actions of an organization; goal of stakeholder approach is planning appropriately for a long-term business plan Characteristics of successful entrepreneurs: vision, self-reliance (internal and external locuses), energy, confidence, tolerance of uncertainty, tolerance of failure Funding options for small businesses: personal resources, loans, crowdfunding, angel investors, venture capital, Tools for success: trustworthiness, respect, responsibility, fairness, caring, citizenship


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