1. Lecture 1-2 Modern meaning of business

2.  Business and economy? Are they the same things or have some differences? What differences?  Business and property? How are related these two things? Can business develop without property?  Entrepreneurs and employees? Are they the same? Or different? You prefer to be entrepreneur or employee?

3. IncomeCriminal wayTo stealTo rub Non criminal way To ask, to beg Business?

4.  Deal – manufacturing, trade, promotion, sale  Relationships between people, between participants of deal

5.  Exchange (result of activities)  Promotion of own interests (supremacy of own interests)  Compromise  Independence  Risk  Special skills (negotiation, managerial decision making, creativity…)

6.  Economy is more broad  Economy includes macro-level  Economy considers patterns (law) of market functioning

7.  Fundamental base of business  Property right (possession) – to be owner, to use, to dispose (sale, give in rent, give, present …)  Main goal of business is to increase a property, to appropriate a new property by legal way

8.  Self increasing values  Not only money !  Capital turnover (Money – Goods – Money = Investment – Manufacturing – Sale)  Fixed capital  Working (circulating) capital

9.  What is your fixed capital?  What is your working capital?  You have to compensate fixed capital cost. How to do it?  What is more important in Your business (for your income increasing) – fixed capital or working capital? Why? Group 1 – Small guest house Group 2 - Travel agency Group 3 – Tour – operation company Group 4 – Tourist guide company