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Week 1 Notes

by: Carmyn L Watkins

Week 1 Notes BUSN 3304

Carmyn L Watkins
Ivy Tech Community College
GPA 3.0
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About this Document

These notes cover everything that we discussed and covered in class, as well as the activity we did at the end of class.
global business
Brandon Houston
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This 6 page Class Notes was uploaded by Carmyn L Watkins on Saturday August 27, 2016. The Class Notes belongs to BUSN 3304 at Ivy Tech Community College taught by Brandon Houston in Fall 2016. Since its upload, it has received 12 views. For similar materials see global business in Business Administration at Ivy Tech Community College.

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Date Created: 08/27/16
Business 101 Week 1 NOTICE: These notes are my interpretation of our lectures. However, my notes will cover some parts of the readings that I found interesting and important; they will not cover everything you need to do the assigned readings on your own. These notes are for if you miss a class or show up late, or even if you forgot to take notes. Thanks! See you next week! Carmyn L. Watkins What is Business? -An organization that provides goods or services to earn a profit. Profit- the difference between a business and a government revenue is that a business wants to earn a profit. In addition, this is what drives an entrepreneur to open a business. Profit is what comes after revenue and expenses. External Environment- everything outside organizations boundaries that might affect their profit. -gas prices -Job market/unemployment rate, of people have no money they cannot buy things at a business. -power of the U.S. dollar - may have to raise wages and compensation packages Following are the different types of external environments for businesses Sociocultural- what is going on in society -customs, values, and demographics. -ex. Black lives matter makes people want to contribute to local businesses and invest in the community. Social justice- supporting or not supporting something through a business. Ex. Target with the gender-neutral bathrooms. Some people will start and others will stop going to target specifically because they started this new policy. Political-Legal Environment- laws put in place by a city or state for businesses. Prevents them from cooking their books, also the EPA (environmental protection agency) has zoning laws. Technological Environment- changed how you advertised and found a job. Its things that hold value for constituents, electronics, communication. Domestic Business Environment- the environment in which a firm conducts its operations and devices its revenues. -Location -Suppliers Global Business Environment- international forces. This includes everything on a global scale such as war. Economic Systems- a nations system for allocating its resources among its citizens, both individuals and organizations. Factors of Production- the resources that a countries businesses use to produce goods and services Labor-Capital-Entrepreneurs-Physical Resources Information Resources-Data and information A business is an organization of 500 people or less. Market economy- Buyers and Sellers of information. Consumers control production. Planned Economy- centralized government controls all or most factors of production, and make all production decisions. Ex. Communism makes and controls all production decisions Mixed market economy-features characteristics of both planned and market economies, socialism Privatization- process of converting government enterprises into privately owned companies. Ex. When the state sold the toll roads from Ohio to Chicago, did not end well. In addition, schools can be privatized Supply and Demand Demand- willingness and ability to buy a product. Customers who want a certain product demand that product. Supply- willingness to make so many of that product to make a profit. Supplying customers with that product. Buyers will demand more of a product as its price rises & less if, its price drops. Producers will supply more of a product as its price rises & less as its price drops. Demand and Supply Schedule- obtained from marketing research, historical data, and other studies of the market. Demand Curve- how many products will be demanded at different prices Supply Curve- how many products will be supplied at different prices Market Price/Equilibrium Price- the price at which the quantity of goods demanded and the goods supplied at equal. Surplus- the quantity demanded exceeds quantity supplied Shortage- quantity demanded exceed quantity supplied Private Enterprise System- a system that allows individuals to pursue their own interests with minimal government restriction. Private property rights, freedom of choice, profits, and competition. Oil prices are low-OPEC lowers oil prices, BUT since they’ve met it has went back up. Private property rights- ownership of resources used to create wealth. Freedom of choice- you can sell your services and labor to whomever you choose. Profits- the lure of profits leads to entrepreneurs, and they abandon the security of a 9-5 job. Competition- there are four different degrees of market competition  Perfect Competition- for this to exist two things must prevail, o all firms in an industry must be small o the number of these small firms must be large o So, a lot of small companies. Think of how many companies sell one certain product that is considered perfect competition because there is not just a couple of companies that rule that market.  Monopolistic- a large amount of sellers trying to make their product seem like the better option.  Oligopoly- a handful of sellers with the power to influence with their products. This is a very hard market to enter.  Monopoly- when a market only has one producer. Monopolies are against the law as made by the Sherman Antitrust Act (1890) o Natural Monopolies- an industry in which one company can most efficiently supply the goods needed. These are usually utility company because they may be the only Gas companies in an area. The Clayton Act (1914) regulate prices charged by natural monopolies. Economic Indicators- statistics that show whether an economic system is strengthening, weakening, or stable. Economic indicators help assess a countries economy. Business Cycles- a measure of growth in a business, expansions and contractions. Aggregate Output- total quantity of goods and services produced by an economic system during a given period. This equals growth. This is your output per capita and if you are giving the people, what they want. Standard of Living- total quantity and quality of goods and services people can purchase. If you can afford nicer things, your standard of living is higher than someone who cannot afford things as nice as you can. On the other hand, people try to buy products that are actually outside their standard of living. Gross Domestic Product- also known as GDP, the total value of all goods and services made on that countries soil by the national economy. So if an American company made a product on American soil that goes towards out GDP Gross National Product- the same as a GDP but it does not matter where the product was produced. Therefore, if an American company made a product in Australia that would contribute towards our GNP  These usually differ by only about one percent. Balance of Trade- Goods and services. The value of all exports minus the imported products. You should export more than you import. Services are a lot harder to measure than a good. Is viewed of a + or – balance. Consumer price index- a measure of the prices of typical products purchased by consumers living in urban areas. Percent of prices as compared to a base period. Inflation- occurs when widespread prices increase throughout the economic system. Think of how much the price of bread has increased over the last couple of decades. An economic system is always in danger of inflation. Recession- a period during which the aggregate output as measured by GDP, declines. A recession is what happened to the U.S. during the Great Depression there was enough jobs to give the people money that they needed to buy things and stimulate the economy. Depression- a prolonged and deep recession Fiscal Policies- used by government, how it collects and spends its revenues, taxes. Monetary Policies- used by government to control the size of its money supply. How much money is printed?  The Chair of the Federal Reserve controls monetary policies; holder of this is Janet Yellen. Stabilization Policy- raise or lower prices. A government economic policy intended to smooth out fluctuations in output & employment. After we went through Chapter 1, we did an activity where we had to name the external environments that may affect a certain type of business the group I was in chose a travel agency. Some external factors include weather, wars, the relationship between our country and theirs. One of the external environments is technological for a travel business, can you book your vacation online, do you have a certain type of amenity at a hotel, and can you rent a GPS? All of these are huge factors that contribute to whether as a travel agency someone will book their vacation with you.


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