BUSN115_Lectures - Week 1: Business and its Role in Society...

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Week 1: Business and its Role in Society - Lecture Help JavaScript is required for your course. Please ensure JavaScript is enabled in your browser preferences. Print This Page Week One Terminal Course Objectives | Introduction | Economic Systems | Factors of Production | Productivity | Supply and Demand | Monetary and Fiscal Policy | Global Environment Terminal Course Objectives  Let's get started with a look at objectives: A goal is a broad long range accomplishment that a person or organization wishes to attain. An objective is a specific, short-range target designed to reach a planned goal. An objective should be measurable, time bound and specific. Every course at DeVry is built on Terminal Course Objectives (TCO's) that have been developed to be practical and to be directly applicable to our lives, both personal and professional. Our course has ten objectives (TCO's) and the goal of these objectives is for you to be able to understand and apply important concepts that are found in a business environment. Each week, what guides the assigned readings, homework, discussion topics, lectures, and quizzes are the respective objectives. The Terminal Course Objectives (TCO's) for week one are #1 and # 4, as listed in the course syllabus Introduction Economics has a profound effect on Business. To understand the operation and to make sound decisions concerning business one must put them in the context of both the domestic and global economy. The first week of the session we will be concerned with the U.S. economic system or market economy. In the second week of the session we will move on to the global economy which is having a profound impact on business. After this foundation we will study the aspects of a business operation. An Economic System
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business , operating in an economic  system, is a profit seeking activity that  provides goods and services that satisfy  consumer needs.  Economics is how a society uses scarce resources to produce and distribute goods and services. An Economic System must decide what goods and services will be produced, who should produce them and how they should be divided among the population. These questions of what, how and who can be decided by individuals or businesses, as is the case in a Free market economic system which is also referred to as a Capitalistic system. The U.S. economy is based on the free market. In some other economic systems, the questions of what, how and who are answered by the government and are called a Command Economy normally directed with a Socialist or Communist form of government. Factors of Production The scarce resources that are used to produce goods and services are called factors of production which businesses combine in such a manner to produce goods and/or services and to sell at a profit . There are five factors of production that a business can combine to produce goods and/or services:
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This note was uploaded on 12/08/2009 for the course BUSN 319 taught by Professor Ananniewicz during the Spring '09 term at DeVry Chicago.

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BUSN115_Lectures - Week 1: Business and its Role in Society...

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