Final Review Sheet - Who are the business participants...

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Who are the business participants? Owners Customers Employees Definitions of the functional areas of business Management - planning, organizing, staffing, directing, and controlling a company’s resources to achieve its goals Operations - Converting resources into goods or services and making sure that products are of high quality Marketing - All of the organizational activities involved in identifying customers’ needs and designing, pricing, promoting and delivering products to meet those needs. Accounting -measure, summarize, and communicate financial and managerial information Finance - involves planning for, obtaining, and managing a company’s funds. Information Technology - involves planning for, building, maintaining, and managing a company’s hardware/software, network, databases, information security Factors of production Owners Labor Land Capital Understand the difference among 4 types of competition Perfect Competition - Many sellers with standardized products Monopolistic - many sellers with differentiated products Oligopoly - Two sellers with a similar product (collude and raise prices) Monopoly - 1 seller What are used to measure economics goals? Growth - Gross Domestic Product High Employment - Unemployment rate Price Stability - Consumer Price Index Is the ethical issue the same as legal issues? Give examples.
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