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Bus 1050, Week 1 Notes

by: sophia_hella

Bus 1050, Week 1 Notes BUS 1050

Marketplace > University of Utah > BUS 1050 > Bus 1050 Week 1 Notes
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About this Document

Reformation, tyrannies, business definitions/motivations, subjects/employees, company structures, values
Business Foundations
Class Notes
business, Marketing




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This 3 page Class Notes was uploaded by sophia_hella on Monday August 22, 2016. The Class Notes belongs to BUS 1050 at University of Utah taught by in Fall 2016. Since its upload, it has received 23 views.


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Date Created: 08/22/16
Monday, August 22, 2016 Bus 1050: Week 1 Socialism • No locally owned business • Businesses are all owned by the government • Everyone has to be equal What Is A Business? • Service • Consumer • Needs vs. Wants: Essential for Survival • Goods/Products: Producing stuff that we buy • Entertainment • Promotion Channel/Place • • Team • Money
 70% of our economy is driven by production. The Four P’s of Marketing • Product • Place • Promotion Price • 1 Monday, August 22, 2016 Corporation: shareholders (people who own stock in that company) • Elect a board of directors • The chief executive officer (CEO) is the head of the board • Staff reports to the CEO Ethics • Trustworthy, hardworking • Values: - what’s right and wrong - laws - punished Definitions/Terms • Commerce: an exchange of something of value between two entities • Capitalism: an economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestments of profits gained in a free market
 … is a social system based on the principle of individual rights. 
 … free market forces determine the prices of goods and services.
 … is based on the premise of separating the state and business activities.
 Capitalists believe that markets are efficient and should thus function without interference, and the role of the state is to regulate and protect. • Market: the process of buying and selling • Free Market: where price is determined by the unregulated interchange of supply and demand rather than set by artificial means 
 Capitalism = Markets
 Markets = Government
 Capitalism = Government
 2 Monday, August 22, 2016 3


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