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Exam_1_Review_SP2010

Exam_1_Review_SP2010 - IEE 220 Engineering and Business...

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Click to edit Master subtitle style IEE220, Chapter 1 IEE 220 Engineering and Business Chapter 1: Business and Economics
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IEE220, Chapter 1 22 Important Trends & Concepts What is happening to the Standard of living Business is dynamic… People and businesses are mutually dependent Why people own businesses ? Is it worth the risk ?
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IEE220, Chapter 1 33 Discussion Points Why Do Managers Want Business survival ? Business growth ? Profit ? Social responsibility ?
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IEE220, Chapter 1 44 Discussion Points What are the major causes of business failure ? What are Entrepreneurs ? What do Employees want ?
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IEE220, Chapter 1 55 Discussion Points What is Economics ? Microeconomics ? Macroeconomics ? What type of resources do we think about in business ?
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IEE220, Chapter 1 66 Economic Systems What is an economic system ? What are the three types of economic systems ? A Planned economy A Pure market economy A Mixed economy
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IEE220, Chapter 1 77 What Kind of Economy is this ? Identified as Socialist or Communist Government produces most goods and services Examples include North Korea and Cuba Ø Planned Economy
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IEE220, Chapter 1 88 What Kind of Economy is This ? Private enterprises produce some goods and services Government produces some goods and services Ø A Mixed Market economy In the US, private enterprise provides 90% of goods and services
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IEE220, Chapter 1 99 What about Pure Market Economies Pure market economies do not exist They only exist in theory Which economic system is best ?
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IEE220, Chapter 1 1010 Measuring a Country’s Economy Gross Domestic Product (GDP) is used GDP Varies greatly by country Per Capita GDP is the GDP per person in a country Per Capita GDP is normalized using a factor called Purchasing Power Parity(PPP) which adjusts for relative prices
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IEE220, Chapter 1 1111 Important Trends We must be aware, and respond to trends But, we can’t predict exactly so we must stay flexible Population Growth 2008 ► 2050 China 1,330,044,605 ► 1,424,161,948 India 1,147,995,898 ► 1,807,878,574 US 303,824,646 420,080,587
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IEE220, Chapter 1 1212 More Trends Median Age 2008 ► 2050 China 33.6 ► 45.4 India 25.1 ► 37.8 US 36.7 ► 39.1 GDP compared to US GDP China from 73% to 143% India from 30% to 94% http://www.census.gov/cgi-bin/ipc/agggen Price Waterhouse Coopers 2006 Report “The World in 2050” http://www.pwc.com/extweb/pwcpublications.nsf/docid/56DD37D0C399661D852571410060FF8B
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Click to edit Master subtitle style IEE220, Chapter 1 IEE 220 Engineering and Business Chapter 2: Global Business
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IEE220, Chapter 1 Chapter 2 1414 Why Study Global Business ? Emerging markets Where are they ? Emerging competition What are they doing ? Changes in cost structures What has happened overseas ?
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