BUS 150 – Exploring Business Professor Kudek. Written in the Past – Relevant to our lesson TEN PRINCIPLES OF ECONOMICS 2.

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Presentation transcript:

BUS 150 – Exploring Business Professor Kudek

Written in the Past – Relevant to our lesson TEN PRINCIPLES OF ECONOMICS 2

Psalm 112:5 (NLT) 5 Good comes to those who lend money generously and conduct their business fairly. TEN PRINCIPLES OF ECONOMICS 3

Foundations of Business O Think of a successful business O Why did they come to your mind? e.g. what have they done so that you would say they are successful? O Think of a business that is not successful O Why did they come to your mind? e.g. what have they done so that you would say they are not successful?

Chapter Objectives O Identify participants, functions and external forces of business

Business Definition What is a business? “…any activity that provides goods or services for the purpose of making a profit.” What is the difference between a for profit business and a not for profit business (careful)?

Business Participants O Owners O Shareholders, investors, O Customers O Clients, O Employees O Partners, associates, workers

Functional Areas of a Business O Management O Operations O Marketing O Accounting O Finance

Management “…planning, organizing, staffing, directing, and controlling a company’s resources so it can achieve its goals.”

Operations “…convert(s) resources…into goods or services…to ensure...products are...high quality.” Consider…………. Do we always want the products to be high quality?

Operations-Take two “…obtain and convert resources (as efficiently as possible)…into goods or services…to ensure...products meet the needs of our customers”

Marketing “...everything that a company does to identify customers’ needs and design products to meet those needs.”

Accounting “…measures, summarizes, and communicates financial and managerial information...and advises other managers on financial matters.” Give examples

Fields of Accounting O Financial Accountants O Prepare financial statements O Assess financial strength O Managerial Accountants- O Prepare internal reports

Finance “…planning for, obtaining, and managing a company’s funds.”

Business and Its Environment

Chapter Objectives O Identify participants, functions and external forces of business O Define economics & explain key questions of economics

Economics “…study of how scarce resources are used to produce outputs...to be distributed among people.” O Individuals O Business O Societies

Circular Flow Diagram

Business Cycle Prosperity Recovery Recession Depression

US Unemployment Rate

U.S. Inflation Rate

National Debt

Questions????

Chapter 1 - Assignment O Research the unemployment rate in state assigned: O Take the first letter of your first name and choose a state that matches your letter. O e.g. – D = Delaware O If no match, take next letter of your name until you find one that matches. O Research the unemployment in that state, chart the last five years, list three-five reasons for the rate, use a minimum of three sources. Maximum one page typed. O Due 11:30 AM in class