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OLS 274, Week 1 Notes

by: Madison Harshman

OLS 274, Week 1 Notes OLS 274

Marketplace > Purdue University > OLS 274 > OLS 274 Week 1 Notes
Madison Harshman

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The exams in this class will only be over material we covered in class and they are OPEN NOTE. I'll be posting weekly notes that will be really helpful when trying to study and take those exams!
Applied Leadership
James Russell
Class Notes
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This 2 page Class Notes was uploaded by Madison Harshman on Thursday August 25, 2016. The Class Notes belongs to OLS 274 at Purdue University taught by James Russell in Fall 2016. Since its upload, it has received 30 views.


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Date Created: 08/25/16
OLS 274 James Russell Wednesday 8/24/16 _______________________________________________________________ Profits: - profits represent rewards earned by businesspeople - who take the risks involved in blending people, technology, and information - to create and market want-satisfying goods and services - accountants think of profits as the difference between a firm’s revenues and the expenses it incurs Not-for-Profit: - businesslike establishments with objectives other than returning profits to their owners - public service is placed above profits - operate in both the public and private sector - public: government agencies, political parties, and labor unions - private: museums, libraries, trade associations, and religious organizations - the concepts of for-profit firms also apply to not-for-profits and managers of not-for-profits face similar challenges Factors of Production: - four basic inputs or key resources required for successful operation of an economic system - Natural Resources - production inputs useful in their natural states, agriculture land, building suites, forests and mineral deposits - Capital - includes technology (machinery and equipment), tools, information, and physical facilities - Human Resources - from the CEO to a self-employed writer - Entrepreneurship - the willingness to take risks to create and operate a business Private Enterprise System: - In the US, an economic system that rewards firms for their ability to identify and serve the needs and demands of customers - Capitalism: another name for the private enterprise system - Adam Smith is the father of capitalism who believed an economy is best regulated by the “invisible hand” of competition - to complete, each firm must provide a competitive differentiation to set itself apart Basic Rights in the Private Enterprise System: - Right to Private Property - own, use, buy, sell, and bequeath most forms of property, including land, buildings, machinery, and equipment - Right to Profits - after takes, earned through business activities - Competition - allows for the public to set rules for competitive activity - Freedom of Choice - citizens choose their own employment, purchases, and investments The Entrepreneurship Alternative: - The entrepreneurial spirit fuels growth in the US economy - the entrepreneurial spirit is the source of new jobs - An entrepreneur is a risk taker in the private enterprise system - Capital, time, and talents to pursue opportunity for profit by individuals who see market opportunity - The willingness of individuals to start new ventures drives economic growth and keeps pressure existing companies to satisfy customers Seven Eras in the History of Business: 1. Colonial - primarily agriculture 2. Industrial Revolution - mass production by semiskilled workers, aided by machines 3. Industrial Entrepreneurs - technology advances and increased demand for manufactured goods 4. Production - emphasis on producing more goods faster 5. Marketing - consumer orientation 6. Relationship - deep, ongoing links with individual customers 7. Social - new ways for businesses and consumers to communicate ________________________________________________________________ *Blue words were highlighted in teacher’s notes* To be continued on Monday 8/29/16


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