INTRODUCTION TO BUSINESS
ANSWER KEY- BASICS OF BUSINESS, ECONOMICS, and ENTREPRENEURSHIP
Scarcity- Unlimited wants and needs, limited resources (money)
Factors of production (4)- Resources it takes to make a product
Natural resources- Raw materials
Human resources- People- employees
Capital resources- Equipment, Machines, Trucks, Etc.
Entrepreneurial resources- Creative, Innovative Ideas “Marketing”
Types of Economy (3):
1. Market economy- Free economy- no government involvement
Supply- Producers, Business that makes or sells the product
Demand- Consumers wanting or needing a product
Equilibrium price- The price a business must sell the product to equal the
total cost.
2. Command economy- Government controlled economy
3. Mixed economy- Business supplies wants, Government supplies needs
What is the difference between market and command economics?
Free economy vs government controlled
Explain why most countries prefer a mixed economy?
Its balance- allows for capitalism but government provides basic needs
How can a change in supply increase a price? A change in demand?
The price of a product will change according to supply (how much you have of a product)
And demand from the consumer.
What is an ECONOMIC INDICATOR & LIST THE 3:
Economic Indicator is a measuring tool to see how healthy our economy is
G GDP- Gross Domestic Product
U Unemployment- how many people are out of a job
I Interest rate/ Inflation rate
Gross Domestic Product (GDP)- (how many products/ services a country produces)
Business cycle- The ups and downs of a business or the economy
[pic]
Explain what standard of living measures.
Average lifestyle/spending habits of a community
Ethics- Morals and values in business and society (doing the right thing)
Social Responsibility- When business’ put safety before profits
(doing the right thing)
3 Government Agencies:
OSHA- Occupational Safety and Health Administration- Protects employees
FDA- Food and Drug Administration- Protects consumers against food and
medication
EPA- Environmental Protection Agency- Protects the public from pollutants
Conflict of interest- When business’ put profits before public safety
“Entrepreneurship and Small Business”
Pg 1A+B from PowerPoint #5, Pg 2 A+B from Internet Research
Definitions:
Entrepreneurship- A business started by someone who notices a need for a product or service.
Entrepreneur- A person who recognizes an opportunity and assumes the risk of the business
Virtual business (dot-com company)- A business that operates on the internet
Risk taker- Someone who likes to take a risk, an entrepreneur
Small business- Independently owned business (less than 500 employees but usually much smaller than this.
Profit- Revenue (money coming in) minus Expenses (money going out)
Small Business Administration (SBA)- A Federal Program that helps small business get started, sometime lending them money.
Learning Objectives
List the advantages and disadvantages of both:
Entrepreneurship-
A) Satisfaction of taking the risk and being successful
Showing expertise and skills
D) Total responsibility for the business
Long hours
Small Business-
A) Being the boss, provide specialized services large companies can’t offer
D) Lack of management skills, lack of financial planning
What is profit? Money left over after all expenses are paid
Revenue – Expenses = Profit
What is a business plan and list several elements necessary for a business plan?
A written description and plan for your business including all aspects of the business.
BUSINESS PLAN-
A detailed game plan for success
ITEMS NEEDED IN PLAN:
Company description, marketing plan, legal plan, management and operation plan, etc.
SHOW ME THE MONEY- INTERNET RESEARCH
GO TO
DO RESEARCH ON TWO OF THE MILLIONAIRES.
MILLIONAIRE #1
EXPLAIN THEIR IDEA/BUSINESS-
WHY ARE THEY SO SUCCESSFUL (WHAT IS THE KEY)?
MILLIONAIRE #2
EXPLAIN THEIRE IDEA/BUSINESS-
WHY ARE THEY SO SUCCESSFUL (WHAT IS THE KEY)?
GO TO -RESEARCH 2 HOT IDEAS or PRODUCTS FROM THIS SITE
IDEA or PRODUCT #1
WHAT IS THE IDEA OR PRODUCT?
WHY ARE THEY SUCCESSFUL?
WHY IS THIS DIFFERENT THAT OTHER PRODUCTS OR IDEAS?
(what separates them from the competition)
HOW COULD THEY BE MORE SUCCESSFUL (YOUR SUGGESTION)?
IDEA or PRODUCT #2
WHAT IS THE IDEA OR PRODUCT?
WHY ARE THEY SUCCESSFUL?
WHY IS THIS DIFFERENT THAT OTHER PRODUCTS OR IDEAS?
(what separates them from the competition)
HOW COULD THEY BE MORE SUCCESSFUL (YOUR SUGGESTION)?
ENTREPRENEUR
“WHO I MOST ADMIRE IN THE BUSINESS OR ENTERTAINMENT WORLD”
RESEARCH INFORMATION ONLINE ABOUT THE PERSON YOUR MOST ADMIRE THAT HAS BEEN SUCCESSFUL CREATING A PRODUCT, IDEA, SERVICE, OR COMPANY.
TELL ME WHO YOUR PERSON IS AND WHAT MAKES THEM SO INNOVATIVE AND SUCCESSFUL (1-2 paragraphs).
ENTREPRENEUR IS A RISK TAKER, CREATIVE, UNIQUE, & SUCCESSFUL.
_______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- introduction to business finance pdf
- introduction to business management pdf
- introduction to business pdf download
- introduction to business textbook pdf
- introduction to business administration notes
- introduction to business pdf notes
- introduction to business management no
- introduction to business management textbook
- introduction to business administration pdf
- introduction to business management notes
- introduction to business management ppt
- introduction to business book pdf