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Chapter 1&2 Notes

by: Erica Bass

Chapter 1&2 Notes BUS 100

Erica Bass
GPA 3.54
Essential Business Skills

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About this Document

Main topics of Chapter 1 and 2.
Essential Business Skills
Study Guide
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This 4 page Study Guide was uploaded by Erica Bass on Tuesday October 13, 2015. The Study Guide belongs to BUS 100 at DCH Regional Medical Center taught by Lents/Kelly in Summer 2015. Since its upload, it has received 53 views. For similar materials see Essential Business Skills in Business at DCH Regional Medical Center.


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Date Created: 10/13/15
BUSlOOKellyLents Chapter 1amp2 Notes Chapter 1 Value relationship between price of goodservice and the bene ts it offers Business any organization or activity that provides goods and services in an effort to earn pro t Pro t money that a business earns in sales minus expenses Revenue ExpensesPro t Loss business incurs expenses greater than revenue Entrepreneurs people who risk their time money and other resource to start and manage a business Standard of Living quality and quantity of goods and services available to a population Quality of Life overall sense of wellbeing experienced by either an individual or group NonPro ts employ people and produce goods with goal of contributing to community rather than nancial gain Factors of Production Natural Resources Cap al Human Resources Entrepreneurship Business Environment setting in which a business operates Economic Competitive Technological Social Global Demographics measurable characteristics of a society Population Size Densty Age Gender Race Chapter 2 Economy nancial and social system of how resources ow through society from production to distribution to consumption Economics study of allocating society s resources Macroeconomics study of a countries overall economic dynamics employment rate GDP taxation policies Fiscal Policy government efforts to in uence economy through taxation and spending Budget Surplus overage that occurs when expenses are higher than revenue Budget De cit occurs when expenses are higher than revenue Monetary Policy federal reserve decisions that shape economy by in uencing interest rates and the supply of money FDIC federal agency that insures deposit in banks and thrift institutions for up to 250000 per customer per bank Pure Competition market structure with many competitors selling virtually identical products Low entry barriers Monopolistic Competition market structure with many competitors selling differentiated products Low entry barriers Oligopoly market structure with a handful of competitors selling products that are either similar or different High entry barriers Monopoly market structure with one producer dominating the industry Natural Monopoly market structure with one company as the supplier of a product because the nature of that product makes a single supplier more ef cient Supply quantity of products that producers are willing to offer for sale at different market prices Supply Curve graphed relationship between price and quantity EM 3 HI Price In cl q uanti q 0 Demand quantity of products that consumers are willing to buy at different market prices 0 Demand Curve graphed relationship between price and quantity


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