Professional Documents
Culture Documents
Excellence in Business, 3e
Chapter 1 - 1
Excellence in Business, 3e
Chapter 1 - 2
What is a Business?
For-Profit Money motive Not-for-profit Social service
Excellence in Business, 3e
Chapter 1 - 3
Categories of Business
Goods-producing Services
Excellence in Business, 3e
Chapter 1 - 4
What is Economics?
Microeconomics Macroeconomics Economic system
Excellence in Business, 3e
Chapter 1 - 5
Factors of Production
Resources Capital Entrepreneurs Knowledge
Excellence in Business, 3e
Chapter 1 - 6
Microeconomics
The Forces of Supply and Demand
Excellence in Business, 3e
Chapter 1 - 8
Government intervention
Excellence in Business, 3e
Chapter 1 - 9
Understanding Demand
Consumer income Consumer preferences Price of substitute goods Price of complementary goods Advertising and promotion spending Expectations about future prices
Excellence in Business, 3e Chapter 1 - 10
Excellence in Business, 3e
Chapter 1 - 11
Understanding Supply
Goods and services Supply Price
Excellence in Business, 3e
Chapter 1 - 13
Excellence in Business, 3e
Chapter 1 - 14
Number of Competitors
Decreases
Decreases Production Costs Will Decline
Excellence in Business, 3e
Increases
Increases Production Costs Will Increase
Chapter 1 - 15
Excellence in Business, 3e
Chapter 1 - 16
Macroeconomics
Issues for the Entire Economy
Excellence in Business, 3e
Chapter 1 - 17
Free-Market Competition
Pure competition Monopoly Oligopoly Monopolistic competition
Excellence in Business, 3e
Chapter 1 - 18
Competitive Advantage
Price Speed Quality Service Innovation
Excellence in Business, 3e
Chapter 1 - 19
Deregulates industries
Protects rights of stakeholders Contributes to economic stability
Excellence in Business, 3e
Chapter 1 - 20
Fostering Competition
Antitrust legislation
Mergers and acquisitions
Excellence in Business, 3e
Chapter 1 - 21
Business ethics
Working conditions
Public safety
Prentice Hall, 2007 Excellence in Business, 3e Chapter 1 - 22
Protecting Stakeholders
Consumer Product Safety Commission (CPSC)
Environmental Protection Agency (EPA) Equal Opportunity Employment Commission
(EEOC)
Federal Communications Commission (FCC) Federal Aviation Administration (FAA)
Excellence in Business, 3e
Chapter 1 - 23
Protecting Stakeholders
Federal Highway Administration (FHA)
Federal Trade Commission (FTC) Food and Drug Administration (FDA)
Excellence in Business, 3e
Chapter 1 - 24
Excellence in Business, 3e
Chapter 1 - 26
Excellence in Business, 3e
Chapter 1 - 27
Balance of trade Inflation rate Consumer price index Gross domestic product Producer price index
Chapter 1 - 29
Excellence in Business, 3e
Excellence in Business, 3e
Chapter 1 - 30
Challenges of Globalization
Products and services Managing a small business Globalization and workforce diversity Ethics and social responsibility Technology and electronic commerce
Excellence in Business, 3e
Chapter 1 - 31