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Summary CH1-4 The Business Dimension of Europe
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This is a complete summary of what you should study for the Business Dimension of Europe exam.
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Management of Organizations CH5-10
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Summery the Business Dimension of Europe.CHAPTER 1
Water will always have the same price, while the oil/ gas price differs from day to day.
The oil/gas price changes because of four reasons:
- Supply
- Demand
- Global trends
- Uncertainty
i.e. USA starting exporting oil, troubles in Middle East and the recession of 2008 are
reasons for changes in the oil price. It won’t take half a century before all the gasoline
has gone. Second, and more significant, business everywhere will have market
incentives to figure out how to replace today’s dependence on oil and gas with non-
petroleum alternatives.
Objective 1-1
Business and profit
Businesses: organizations that provide goods or services that are then sold to earn
profits.
Consumer Choice and Demand: If you want to make profit, you should bring a product
or a service on the market, which your consumers need.
Opportunity and Enterprise: When an enterprise stops, its concurrent will make profit out
of it.
The benefits of business:
1. Produce goods and services we consume
2. Gives a lot of people a job
3. Create innovations
4. Provide opportunities for starting a new company
5. Improves the lives of people.
The External Environments of Business
External environment: consists of everything outside an organization’s boundaries that
might affect it.
1. Domestic business environment: where a firm conducts its operations and derives
its revenues. They locate where there target group is.
2. Global business environment: international forces that affect the business. i.e.
international trade agreements.
3. Technological environment: human knowledge, work methods, physical
equipment, electronics, telecommunications and various processing systems that
are used to perform business activities. Websites are also important here.
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