BCOR EXAM ONE NOTES - BCOR EXAM ONE NOTES Activities of...

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BCOR EXAM ONE NOTES Activities of Business - Management Involves coordinating employees actions to achieve the firm’s goals, organizing people to work efficiently, and motivating them to achieve the business’s goals Also concerned with acquiring, developing, and using resources effectively and efficiently Plan, organize, staff, and control the tasks required to carry out the work of the company Making decisions to ensure the business achieves its short and long term goals is a vital part of management - Marketing Focus of marketing is to satisfy customers Includes all activities designed to provide goods and services that satisfy consumer’s needs and wants Gather information and conduct research to find out what it is consumer’s want From the gathered information marketer’s decide how much an item should cost and when and where to make them available Marketer’s us promotion, advertising, personal selling, sales promotion , and publicity to communicate benefits and advantages of their products to consumers to increase sales - Finance Primary responsibility of the owners to provide financial resources for the operation of the business Refers to all activities concerned with obtaining money and using it effectively Economic Systems - Communism Karl Marx first described communism as a society in which the people, without regard to class, own all the nation’s resources
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Everyone contributes according to ability and receives benefits according to need most business’s are owned and operated by the government there is no competition because the government owns and operates everything any extra income earned goes to the government consumers have a limited choice of goods and services so prices are usually high people have little choice in choosing a career, most people work for government owned industries or farms - Socialism The government owns and operates major industries; individuals own and operate small business’s Competition is restricted in major industries but is encouraged in small business Profits earned by small businesses may be reinvested in the business; profits from government owned industries go to the government Consumers have some choice of goods and services; prices are determined by supply and demand People have some choice of careers; many people work in government jobs - Capitalism Individuals own and operate all businesses Competition is encouraged by market forces and government regulations Individuals are free to keep profits and use them as they wish Consumers have a wide choice of goods and services; prices are determined by supply and demand People have an unlimited choice of careers Free Enterprise System - Provides a n opportunity for a business to succe ed or fail on the b asis of m arket d e m a - Comp anies can efficiently m a nufacture a nd s ell products that consu m ers d esire will succe ed
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