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IUPUI / Business / BUS 100 / What is a commercial activity engaged in as a means of livelihood?

What is a commercial activity engaged in as a means of livelihood?

What is a commercial activity engaged in as a means of livelihood?

Description

School: Indiana University Purdue University - Indianapolis
Department: Business
Course: Business Administration: Intro
Professor: Demetra andrews
Term: Fall 2017
Tags:
Cost: Free
Name: Week 1 Notes for Bus X100
Description: These are the first week notes.
Uploaded: 08/25/2017
2 Pages 172 Views 6 Unlocks
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∙ Market Price- where the consumers and producers agree?




∙ What makes YOUR business better?




∙ LESSON 1 EXPLORING BUSINESS AND ECONOMICS ∙ “what is business?



BUS x 100 8-24-17 ∙ Help with Meagan- Tuesdays 12-1:15 & Wednesdays 3-4:15 ∙ Go through manual on “Chicago style” on canvas before starting case study ∙ “writing style manual” ∙ Case study due the 31st (modules) ∙ 1 1/2 – 2 pages ∙ 1 paragraph per question ∙ Follow every instruction step by step in the wWe also discuss several other topics like What are the examples that are not propositions?
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riting manual ∙ Evidence, evidence, why its important and how it completes the question  being asked ∙ LESSON 1 EXPLORING BUSINESS AND ECONOMICS ∙ “what is business?” ∙ Business is a commercial activity engaged in as a means of livelihood ∙ Means how you live your life and how you spend your money ∙ Business is any activity that seeks to provide goods and services to others  while operating at a profit ∙ Goods and services provided to others ∙ Business is the organized efforts of individuals & organizations ∙ To produce and sell products (i.e. goods and services) ∙ To satisfy the needs of customers in society ∙ Customers- buy from you  ∙ Consumers- buy but not from you ∙ Making a profit from customers ∙ REASONS TO UNDERSTAND BUSINESS ∙ To Choose a Career- everyone can benefit from an understanding of  business and how to make effective and desirable exchanges ∙ For profit- give to business, employees, shareholders ∙ Non for profit- channel all profits back into the business ∙ All organizations are under scrutiny ∙ Improve Your Career! - vast majorities of businesses fail in the first 10  years, due to insufficient knowledge of business, insufficient capital,  attempting to expand too soon, inability to achieve Break-Even-Point, poor  strategic management, NO BUSINESS PLAN ∙ What makes YOUR business better? ∙ To Become A Better-Informed Investor and Consumer ∙ In business learning, how to identify and cater to the differences in the world ∙ Become a more influential member in your community ∙ Business represent 90% of the U.S. economy ∙ 10% nonprofit sector ∙ To Benefit Society ∙ Valuable products, employment, greater quality in life ∙ Concerns of Business ∙ Healthy & safety risks- not freezing or storing foods at the right temperature∙ Environmental damage ∙ Social disruption- causing a problem for the people ∙ The Business Environment Lesson 2 ∙ Economic, competitive, global, technology, social ∙ ^^^The five factors that affect the success or failure of a business ^^^ ∙ Economy is the process or system of which products are produces, sold, and  bought in a country or region ∙ Micro- small, individual businesses ∙ Macro- big picture ∙ Economic system based off of What goods and services will be produced How will these goods and services be produced For Whom will these goods and services be produced Who Owns and Controls the major factors of production ∙ Low price will put you put of business while LOW COST will be good for  company ∙ Capitalist- individuals own and operate the majority of businesses that  provide goods and services; laissez-faire means let them do!  ∙ Principles of capitalism- right to create wealth, right to own property,  right to economic wealth ∙ Command Economy- centrally organized and controlled, North Korea, the  people do not have a lot of control ∙ Measures of economic performance- KNOW THE DEFINITION; productivity, unemployment rate, inflation, deflation ∙ Declining profits lead to decline in profits of companies and employment ∙ Gross Domestic Product- the total value of all goods and services  produced by all people within the boundaries of a country during a one-year  period ∙ Cheaper to import and outsource rather than making products in the U.S. ∙ Types of Competition ∙ Perfect- lots of buyers and sellers, just price difference, gets production  cost down ∙ Oligopoly- a few providers, make your product different ∙ Monopoly- only provider, do not have to make adjustments; but watched  closely by customer satisfaction ∙ Monopolistic- many sellers but all products are different; say why you are  the best (i.e. comfy soled heels) ∙ Supply Curve- quantity producers are willing to serve ∙ Demand- what consumers are willing to pay ∙ Market Price- where the consumers and producers agree

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