Starting a Small Business
1. Inherit (family business)
2. Purchase existing business
3. Start from scratch
99.7% of businesses in USA are small (22.9 million). Employ 56 million people. 81% new jobs
13-14% more patents.
All activities involved in determining an organization human resources needs
Determining Current number of workers and how to retire leave during planning
Forecasts how many qualified employees will need to be hired or determ nif layoff r
Demand increases, price increases
Supply decreases, price increases
Deficit = govt goes over fiscal budget (cut back to reduce?)
19.5 Trillion in debt today! $1.4 trillion deficit in 2011
Raise debt ceiling to avoid interest.
Every level o
FInance the study of money, how it's made and how it's used
Money - anything generally accepted in exchange for goods and services
Commodities - salt, pelts, stones
Representative - gold, silver
Fiat - something backed up by the goodwill of
Intro to Economics
Final Study Guide
A. Part I Business in a Changing World
a. Chapter 1 The Dynamics of Business and Economics
i. Business (Definition)
1. Organizations who try to earn a profit by providing products t
1. Functional- Government
2. Groups are people combining their individual efforts, while teams are people who have the same
purpose or goal.
5. Centralization- au
Chapter 14 Homework
1. Accountants deal with all the money and can tell you how much you have and how much you
can spend. They are important because they keep up with your money and keep you out of
trouble with the IRS
Chapter 4 Homework
1. Ease cost of formation, secrecy, distribution and use of profits, government regulation, and
2. General partnership- complete sharing in the management of a business
Limited partnership- has one genera
Chapter 5 homework
1. 99% of all U.S firms are small businesses and they employ half of all the private workers in the country.
3. Advantages of starting a small business is the independence, costs, flexibility, and reputation.
1. Digital marketing uses all digital media to develop communication and exchanges with
customers. The internet is much more convenient and has created many opportunities for
businesses to market their products.
Chapter 6 Homework
1. Managers are required to maintain efficiency and keep workers focused.
4. Planning-plan ways to achieve company objectives
Organizing- keep good organization in order to better monitor company objectives
1. Operations management is the development and administration of the activities involved in
transforming resources into goods and services.
2. Manufacturing and production are used interchangeably to represent the activitie
Chapter 2 Homework
1. Business ethics are the principles and standards that determine acceptable conduct in business
organizations. Organizations and stakeholders determine if an activity is ethical or not. Unethical conduct
is not a
1) Managers need to understand the needs if their employees in order to properly accommodate them
which keeps them happy and has an effect on productivity.
2) First you have a need than a goal directed behavior an
Chapter 3 Homework
1. An absolute advantage is when a country is the only source of an item. An example is how Mexico,
until recently, held an absolute advantage in oil production. A comparative advantage is when a country
CHAPTER 8COMMUNICATION (50)
1. The Department of Labor has identified which interpersonal communication skill as being necessary
for successful functioning in the workplace?
c. serving clients
International business-the buying, selling and trading of goods and services across national
Most of the worlds population and two thirds of its purchasing power outside the United
Why nations trade
Absolute advantage- The only source o
How Businesses are formed
Sole Proprietorship- Owned and operated by a single individual. Most common form of business in the
US. Focuses on services rather than manufacturing. Usually employees less than 50 people.
Partnership- Uniform Partnership Act as
Summary of Organizational Change, Development, and Innovation
Organizational Behavior MBAB5P04
Professor Usman Raja
November 24, 2014
Organizations are not always stable. They change and these changes have a
strong impact on