Class 2 ppt - BMGT 110 Introduction to Business Management...

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BMGT 110 Introduction to Business Management Class 2
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Agenda Key Terms Business and Economics Size matters
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Key Terms Define Revenue- Sales Profit- revenue – cost of good sold Income- revenue- any cost that can’t be directly tied to the product Asset- property of a company Liability- anything owed Equity assets – liability = equity
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For-profit Business Goals Maximize profit Subject to resource, legal and competitive constraints Grow the business Be socially responsible Ethical and legal responsibilities Social responsibilities Others?
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Starbucks (12 minutes) “Preferred Supplier” Program “Fair Trade” coffee What is Starbucks motivation?
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Milton Freidman “There is one and only one social responsibility of business–to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."
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