Final Review Sheet

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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. No,
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2011 for the course BUSINESS 100 taught by Professor Betker during the Spring '08 term at Saint Louis.

Page1 / 4

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online