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Summary Chapter 1 - Business Management 114
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Summary of 6 pages for the course Business Management 114 at SUN
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Chapter 1 - An Introduction into businessBusiness - The organized effort of individuals to produce
and sell, for a profit, the goods and services that satisfy
society’s needs
Cultural diversity – differences among people in a
workforce owing to race, ethnicity and gender
Interpersonal skills – ability to deal efficiently with
individual employees, managers and people outside the
business
Technical skills – skills required to do specific work done
in organization
Conceptual Skills – ability to think abstract or outside
the box
Economics -The study of how wealth (anything of value)
is created and distributed
Microeconomics - The study of the decisions made by
individuals and businesses
Macroeconomics - The study of the national economy
and the global economy
Economy - The system through which a society creates
and distributes wealth
Stakeholders – all groups that are affected by businesses
policies.
Factors of production – Natural resources, labor,
Capital, entrepreneurship. (CLEN)
Capitalism – Majority of goods and service proving
business owned by individual. People pursue self-interest.
The harder you work the more money you can make.
1
, The invisible hand – Shows how an individual pursuing
self-interest can benefit entire economy and social
interest. Natural
Natural resourc
resourc Mixed economy - e
e Resource Market
Both elements of Labor
Labor
capitalism and socialism Capital
Capital
exhibited.
Gov
Spe Resou Wages
ndin rces
g Rent
Incom Interest
e
Taxes
Taxes
Households Government
Service Business
Service
Gov
Spe Prod
ndin ucts
g
Consumer
spending
Sales
revenue
Goods Product Market
Services Goods
Service
Consumer Products – Goods and services s
purchased by individual for personal consumption.
Command economies
Socialism – all key industries controlled by
government e.g. transport, government controls
steel, utilities, communication etc.. Small businesses
are allowed and people can choose occupation even
though they will probably work for the government.
State chooses what to produce and how much.
2
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