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© 2006 Pearson Education Canada Inc.Chapter 1 - 1 Chapter 1 Fundamental s of Business, Economics, and the New Role of E- Business.

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Presentation on theme: "© 2006 Pearson Education Canada Inc.Chapter 1 - 1 Chapter 1 Fundamental s of Business, Economics, and the New Role of E- Business."— Presentation transcript:

1 © 2006 Pearson Education Canada Inc.Chapter 1 - 1 Chapter 1 Fundamental s of Business, Economics, and the New Role of E- Business

2 © 2006 Pearson Education Canada Inc.Chapter 1 - 2 Why Study Business? Learn what it takes to run a businessLearn what it takes to run a business Build business vocabularyBuild business vocabulary Develop workplace skillsDevelop workplace skills Learn about a variety of jobsLearn about a variety of jobs Appreciate today’s business careerAppreciate today’s business career

3 © 2006 Pearson Education Canada Inc.Chapter 1 - 3 What Is a Business? For-ProfitNon-Profit Money Motive Social Service Ethical Conduct Social Responsibility EfficiencyEffectiveness

4 © 2006 Pearson Education Canada Inc.Chapter 1 - 4 Business Categories Providing Services Producing Goods Capital IntensiveLabour Intensive

5 © 2006 Pearson Education Canada Inc.Chapter 1 - 5 Growth in the Service Sector

6 © 2006 Pearson Education Canada Inc.Chapter 1 - 6 Why Is the Service Sector Growing? More disposable income Changing demographics and lifestyles Complex goods and technologies Need for professional advice Low barriers to entry

7 © 2006 Pearson Education Canada Inc.Chapter 1 - 7 What Is an Economic System? GoodsServices Human Resources Natural Resources CapitalKnowledgeEntrepreneurs Factors of Production Scarce Resources

8 © 2006 Pearson Education Canada Inc.Chapter 1 - 8 The New Economy General Characteristics Physical Assets Cost Control Intellectual Assets Adding Value Technology MechanicalInformation Workforce Job-Specific Skills Transferable Skills Lifelong Learning Geography Close to Resources Near to Collaborators Near to Competitors Capital Debt FinancingVenture Capital New EconomyOld Economy

9 © 2006 Pearson Education Canada Inc.Chapter 1 - 9 Types of Economic Systems Capitalism Mixed Capitalism SocialismCommunism Privatization Free-Market System Planned System

10 © 2006 Pearson Education Canada Inc.Chapter 1 - 10 How Does a Free-Market Economic System Work? GovernmentInterventionGovernmentInterventionSupply and Demand Supply CompetitionCompetition

11 © 2006 Pearson Education Canada Inc.Chapter 1 - 11 Supply and Demand Relationship 1015202530 Quantity of Hats Price $35 $30 $25 $20 $15 Not enough demand D Right price makes supply & demand equal E Not enough supply S

12 © 2006 Pearson Education Canada Inc.Chapter 1 - 12 PureCompetition MonopolisticCompetitionOligopoly Monopoly Free-Market Competition

13 © 2006 Pearson Education Canada Inc.Chapter 1 - 13 Competitive Advantage Price Speed Quality Service Innovation

14 © 2006 Pearson Education Canada Inc.Chapter 1 - 14 The Role of Government Fosters competitionFosters competition Regulates industriesRegulates industries Deregulates industriesDeregulates industries Protects stakeholder’s rightsProtects stakeholder’s rights Contributes to economic stabilityContributes to economic stability

15 © 2006 Pearson Education Canada Inc.Chapter 1 - 15 Fostering Competition Competition Act Mergers and Acquisitions

16 © 2006 Pearson Education Canada Inc.Chapter 1 - 16 Regulating and Deregulating Industries GovernmentRegulationFreeCompetition Fair Competition Business Ethics Working Conditions Public Safety

17 © 2006 Pearson Education Canada Inc.Chapter 1 - 17 Protecting Stakeholders Competition BureauCompetition Bureau Health CanadaHealth Canada Transport CanadaTransport Canada National Energy BoardNational Energy Board Canadian Food Inspection Agency (CFIA)Canadian Food Inspection Agency (CFIA) Canadian Radio-Television and CommunicationsCanadian Radio-Television and Communications Commission (CRTC) Commission (CRTC) Competition BureauCompetition Bureau Health CanadaHealth Canada Transport CanadaTransport Canada National Energy BoardNational Energy Board Canadian Food Inspection Agency (CFIA)Canadian Food Inspection Agency (CFIA) Canadian Radio-Television and CommunicationsCanadian Radio-Television and Communications Commission (CRTC) Commission (CRTC) ColleaguesEmployeesSupervisors EnvironmentCustomersSuppliers Society Investors

18 © 2006 Pearson Education Canada Inc.Chapter 1 - 18 Contributing to Economic Stability EconomicExpansion EconomicContraction Recovery Recession BusinessCycleBusinessCycleMonetaryPolicyFiscalPolicy InterestRates Revenue and Spending

19 © 2006 Pearson Education Canada Inc.Chapter 1 - 19 Monitoring Major Economic Indicators Interest Rates UnemploymentStatistics Housing Starts Durable-GoodsOrders

20 © 2006 Pearson Education Canada Inc.Chapter 1 - 20 Measuring Price Changes InflationDeflation Consumer Price Index (CPI) Purchasing Power

21 © 2006 Pearson Education Canada Inc.Chapter 1 - 21 Measuring National Output Gross National Product (GNP) Gross Domestic Product (GDP) Dollar Value YesYes Final Goods and Services YesYes Domestic Businesses NoYesForeign-OwnedBusinesses YesNo Overseas Operations

22 © 2006 Pearson Education Canada Inc.Chapter 1 - 22 Monetary and Fiscal Policy Monetary Policy –Actions taken by the Bank of Canada to regulate the nation’s money supply adjusting interest rates conducting open market operations Fiscal Policy –Use of government revenue and spending to influence the business cycle adjusting tax rates changing government spending patterns

23 © 2006 Pearson Education Canada Inc.Chapter 1 - 23 Challenges of Globalization Products and servicesProducts and services Managing a small businessManaging a small business Globalization and workforce diversityGlobalization and workforce diversity Ethics and social responsibilityEthics and social responsibility Technology and electronic commerceTechnology and electronic commerce

24 © 2006 Pearson Education Canada Inc.Chapter 1 - 24 The Internet and the New Economy Changing Supply Chain InteractionsChanging Supply Chain Interactions Collapsing BoundariesCollapsing Boundaries Altering the way companies communicate internally & externallyAltering the way companies communicate internally & externally

25 © 2006 Pearson Education Canada Inc.Chapter 1 - 25 Intranets and Extranets IntranetIntranet –a –a private internal network –permits firms to link geographically remote sites and workers –provides access to information, and serves as a communication portal ExtranetExtranet –similar to an intranet –extends the network to select people outside the organization

26 © 2006 Pearson Education Canada Inc.Chapter 1 - 26 What is E-Commerce E-CommerceE-Commerce –Buying and selling goods and services over an electronic network –Categories Business to Consumer (B2C)Business to Consumer (B2C) Business to Business (B2B)Business to Business (B2B) Consumer to Consumer (C2C)Consumer to Consumer (C2C)

27 © 2006 Pearson Education Canada Inc.Chapter 1 - 27 Hot topics In E- commerce/business Channel ManagementChannel Management Information PrivacyInformation Privacy Employee ProductivityEmployee Productivity Data SecurityData Security SabotageSabotage

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