Chapter 1

Chapter 1 - Introduction to Business . Minneapolis...

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Introduction to Business Instructor: Dave Skogstrom Office: Management Education Center, Room 1290 Phone: 612-659-6422 Email: www.dave.skogstrom@minneapolis.edu .
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Hi, and welcome to the slide presentations for Introduction to Business. There is a set of slides for each of the eleven chapters that we will cover. There is another slide set with sound that you should also check out. These slides that you’re viewing here are the slides that I usually use when conducting a live face to face class. If all 40 of us were all together in a traditional classroom, we’d go through each of these sets of slides one at a time and have a discussion and answer questions about nearly all of these topics presented here. In our course, we won’t get to do that, at least the online section won’t. The blended section will meet roughly every other week to have some discussions of all of this, but not much. Since we can’t talk about this all together, it’s important for you to go though all of the slides and imagine how a class discussion might go. And then if you do have questions, comments, or would like to discuss some of these topics, please post your question or comment in the chapter discussion topic for this chapter. I won’t ignore you, and neither will your classmates. Best wishes for a great semester.
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Chapter 1 The Framework of Contemporary Business L e a r n i g   G o l s Distinguish between business and not-for-profit organizations. Identify and describe the factors of production. Describe the private enterprise system. Identify the six eras of business and explain the relationship era. Explain how today’s business workforce is changing. Describe how the nature of work is changing. Identify skills and attributes of 21st-century managers. Outline the characteristics that make a company admired. 1 2 3 4 5 6 7 8
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WHAT IS BUSINESS? Business   All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profit   Rewards for businesspeople who take risks involved to offer goods and services to customers. Not-for-Profit Organizations • Businesslike establishments that have primary objectives other than returning profits to owners. • Examples: Ohio State’s athletics departments, U.S. Postal Service, American Heart Association • Face many of the same challenges as for-profit organizations.
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Profit Serves as incentives to people like you to organize and operate a business. It’s your reward for taking a business risk. It’s your incentive to be productive. In technical accounting language, profits are the difference between revenue and expenses. Sales - Cost of Goods Sold = Gross Profit - Expenses = Net Profit
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This note was uploaded on 11/26/2011 for the course BUSN 1140 taught by Professor Skogstrom during the Fall '10 term at MCTC.

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Chapter 1 - Introduction to Business . Minneapolis...

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