TEST 1 - HANDWRITTEN NOTES - Combining Resources(Management...

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Combining Resources (Management) – A business must combine all 4 resources effectively to be successful (HR, Material, Informational, Financial) Stakeholders - all the different people or groups of people who are affected by the policies, decisions, and activities made by an organization. Economics - the study of how wealth* is created and distributed**. (* “anything of value,” including products produced and sold by business)( ** “who gets what”) Microeconomics - The study of decisions made by: Individuals…Businesses Macroeconomics - The study of: National economy…Global economy Adam Smith Wealth of Nations (1776) - Society pursues self-interest/People work hard if: Earn more pay …Earn more profit/Promotes good of community Invisible Hand - describes how an individual’s own personal gain benefits others and a nation’s economy. The following are economic systems which are present in the world today: capitalism, socialism, mixed economy. Productivity rate - An economic measure that tracks the increase and decrease in the average level of output per worker Unemployment rate - The percentage of a nation’s labor force unemployed at any time Monetary Policy - Federal Reserve decisions that determine the size of the supply of money in the nation and the level of interest rates Fiscal Policy - Government influence on the amount of savings and expenditures accomplished by altering the tax structure and changing the levels of government spending Supply Curve and Demand Curve – The intersection of a supply curve and a demand curve is called the equilibrium, or market price. This intersection indicates a single price and quantity at which suppliers will sell products and buyers will purchase them. Encouraging Ethical Behavior - External to a specific organization: Governmental legislation and regulations…Sarbanes-Oxley Act of 2002 Corporate Culture “This is what we do here” (good or bad) Social Responsibility - The recognition that business activities have an impact on society and the consideration of that impact in business decision-making
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