Words of the Week #1 Foundations of Business. Economics The allocation of scarce resources in the production of goods and services—to satisfy unlimited.

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Presentation transcript:

Words of the Week #1 Foundations of Business

Economics The allocation of scarce resources in the production of goods and services—to satisfy unlimited wants and needs.

The Basic Economic Problem Satisfying unlimited wants with limited resources.

Business Any activity that provides goods or services to consumers for the purpose of making a profit.

Management Planning, organizing, staffing, directing, and controlling a company’s resources.

Operations Oversee the transformation of resources (labor, materials, money) into goods or services (products) tangible products—iPhones, iPods intangible products—health care, lessons

Marketing Everything a company does to identify customers’ needs and design products to meet those needs. Develop features and benefits of products, including price and quality. Best method of delivery Best method of promoting products to attract and keep customers Manage relationships with customers

Factors of Production Land – raw materials Labor – transforms raw materials into goods and services Capital - equipment, buildings, vehicles, cash, etc. Entrepreneurship - skill and creativity needed to bring the other resources together to capitalize on an idea

Four Key Parts of an AD Headline- Attracts attention Copy – info about product that will captivate the reader Illustration – draws readers attention Signature – name of the advertiser or logo

Free Market System also known as capitalism, business is conducted with only limited government involvement. Competition determines what goods and services are produced, how they are produced, and for whom.