INSTRUCTOR'S MANUAL INSTRUCTOR'S MANUAL

Slides:



Advertisements
Similar presentations
Chapter 3.1/2 notes Free Enterprise System. – Capitalist system also known as free enterprise system anyone is free to start a business or enterprise.
Advertisements

Economic Systems Chapter 5.
Chapter 3 - Economic Environment of Business
Notebook # 7- Economics 2-3
How Economic Decisions are Made Entrepreneurship Unit 8, Lesson 1 Copyright © Texas Education Agency, All Rights Reserved 1.
Economic Systems and Decision Making
Economic Resources And Systems
What is an Economy? Free Enterprise System Standard 1 Objective 2.
Marketing Dynamics Copyright © Texas Education Agency, All rights reserved.
LESSON 1-3 Economic Systems
Chapter 1 Business Principles. WHAT IS BUSINESS?
Three Types of Economies. 1. Traditional Economy - economic decisions based traditions/customs - all members work together to support society - societies.
Political & Economic Systems Chapter 4, Section 3.
Good Anything that can be grown or manufactured (made) Food Clothes Cars.
Chapter 1 Principals of Government
Large-scale organisations in context VCE Business Management Unit 3.
ECONOMICS CE.9A-12E Chapters “Daddy’s Hands” (16)
Capitalism and Economic Freedom.  A. Capitalism is a market economy in which private citizens own the factors of production. In a free enterprise system,
World Economies Social Studies/Economics Robert Louis Martinez.
Evaluating Economic Performance and Capitalism Chapter 2.
Economics: Scarcity and Private Enterprise Copyright © Texas Education Agency, All rights reserved.
Capitalism and Economy IAFNR Agribusiness ModuleIAFNR Agribusiness Module.
 The study of how to distribute limited resources  the study of how people choose to use scarce resources to satisfy their wants. What is Economics?
People and Government Chapter 1. Principles of Government Chapter 1 Section 1.
Economics 101. Economics  Is a Science that examines how goods and services are produced, sold, and used.  It involves how people, governments and businesses.
Copyright © Cengage Learning. All rights reserved.1 | 1 Economic Systems Economics –The study of how wealth (anything of value) is created and distributed.
Ch.2 S.3 Main Idea: Under capitalism, the basic economic decisions are made through the free interaction of individuals looking out for their own best.
Economic Decisions and Systems. Goals for this chapter  Distinguish between NEEDS vs. WANTS  Explain difference between GOODS and SERVICES  Describe.
 In the Middle Ages, beer was consumed more than water because it was safer to drink alcohol than to drink polluted water  In Mexico, artists can pay.
Marketing I Curriculum Guide. The World of Marketing Standard 1.
Entrepreneurship & the Economy
7 th Grade Social Studies Instructor Mr. Babcock.
Social Studies/Economics. Economics: The study of uses of scarce (Limited) resources to satisfy unlimited human wants.
Economics: Chapter 2: Economic Systems and Decision Making.
Chapter 17 (pgs.445FL1-471) The Economic System. Chapter 17 Section 1 (pgs ) The Economic System at Work ESSENTIAL QUESTION: WHAT ARE THE DIFFERENT.
Chapter 2 - Confronting Scarcity: Choices in Production Read pages I Basics of Production A) Terminology 1) The production possibilities models shows.
Chapter 2 ECON4 William A. McEachern
Unit 7a Economics.
THE BUSINESS ENVIRONMENT
Chapter 33 entrepreneurial concepts Section 33.1 Entrepreneurship
PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIES
Corporate Finance: A South African Perspective
Introduction to Business (MRK 151)
II. Evaluating Economic Performance
Aim: How can we compare the differences between the economies of countries around the world? Objective: SWBAT analyze the different economies of the world.
Power of the Market Free Enterprise.
Chapter 17 (pgs.445FL1-471) The Economic System
AP/ECON Monetary Economics I Fall 2016
Economics The study of how people, businesses, and societies choose to use scarce resources to satisfy their unlimited wants 1.
Understand the United States’ economic system.
Spectrum of Mixed Economics
Three Types of Economies
Corporate Finance: A South African Perspective
The Free Market System 1-1 What is a Free Market? 1-2
Introduction to Entrepreneurship
Economics – Chapter 2, Section 3
AN INTRODUCTION TO ECONOMIC SYSTEMS
The Economic Problem Needs – the essentials of life, such
Economic Systems Business Management.
វិទ្យាស្ថានខ្មែរជំនាន់ថ្មីInstitute of New Khmer
Understand the United States’ economic system.
The U.S. Economic System.
Chapter 2.3 notes.
3 Questions & Economic Systems
Chapter 2.3 Capitalism and Economic Freedom
Every society has an economic system to allocate goods and services.
IV. Economics and Other Social Sciences
Every society has an economic system to allocate goods and services.
Economic Systems 1-3.
Good Anything that can be grown or manufactured (made) Food Clothes Cars.
Presentation transcript:

INSTRUCTOR'S MANUAL INSTRUCTOR'S MANUAL PowerPoint slides to accompany An Introduction to Business Management 8e by Du Toit, Erasmus, Strydom Ancillary material ISBN 978 019 904008 3 © Oxford University Press Southern Africa (Pty) Ltd Vasco Boulevard, Goodwood, Cape Town, Republic of South Africa P O Box 12119, N1 City, 7463, Cape Town, Republic of South Africa All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press Southern Africa (Pty) Ltd, or as expressly permitted by law, or under terms agreed with the appropriate designated reprographics rights organization. Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press Southern Africa (Pty) Ltd, at the address above. INSTRUCTOR'S MANUAL INSTRUCTOR'S MANUAL

THE BUSINESS WORLD AND BUSINESS INSTRUCTOR'S MANUAL Chapter 1 INSTRUCTOR'S MANUAL THE BUSINESS WORLD AND BUSINESS MANAGEMENT

Chapter content Introduction The role of business in society Needs and need satisfaction The main economic systems The need-satisfying institutions of the market economy The nature of business management Classifying the study material of business management Summary 3

Introduction Business world can be seen as a complex system Involves transforming resources into products and services Must meet the needs of people in exchange for profit

The role of business in society The description of a business emphasises four different elements: Business involves human activities Business involves production Business involves exchange Business involves profit 5

Businesses Businesses group together to form industries Industries can exist out of formal and informal Businesses need to be sustainable

The role of business in society Business world under pressure to reconsider role in the following: Social responsibility: malpractice through regulation… businesses need to behave as corporate citizens Affirmative action and equity: balance Business ethics: ethical behaviour of managers… Consumerism: Social force that protects consumers against unsafe products and malpractice Environmental damage/ sustainability 7

Needs and need satisfaction The multiplicity of human needs Humans have a wide range of unlimited physical and psychological needs to satisfy Range from the most basic need for food to the need for self esteem Society has limited resources to satisfy needs: Natural resources Human resources Capital Entrepreneurship 8

The cycle of need-satisfaction 9

The main economic systems Three main systems can be identified: The market economy: free-market economy The command economy Socialism 10

The market economy 11

The market economy Free-market economy functions on the following assumptions: Members of a community may possess assets and earn profits on them The allocation of resources is effected by free markets Members of the community have free choice of products, services, places of residence and careers The state keeps its interference in the system to a minimum

The command economy Command economy functions on the following assumptions: System of communal ownership in which the individual owns no property, except private domestic assets Choices of products and services are limited to what the state offers State decides what the needs of the community are, how and where the goods will be obtained, and in what quantities they may be used Also known communism 13

Socialism Socialism functions on the following assumptions: Strategic and basic resources should belong to every member of the community Businesses and consumers operate within free markets in which they are at liberty to make decisions without restriction Consumers have greater freedom of choice than those under a command economy 14

Comparison of the main economic systems 15

The need-satisfying institutions of the market economy Business organisations Government organisations Non-profit seeking organisations 16

Products and services offered in the market system 17

The nature of business management Consider the following: Economics and business management as related sciences The purpose and task of business management Is business management an independent science? The interfaces between business management and other sciences 18

Classifying the study material of business management The functional management areas of a business are: General management Marketing management Financial management Production and operations management Purchasing management Human resource management Public relations management 19

Summary Business organisation's role in society Social process that transforms a country's means of production Business as a component of the economic system Business provides for the needs of the people