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Fundamentals of Business: Essential Concepts in Economics and Strategic Management

This comprehensive wrap-up focuses on key business concepts from profit versus non-profit models to factors of production including capital, labor, and land. It explores essential economic principles, differentiating between microeconomics and macroeconomics. The discussion includes market competition types and their implications for business strategy, as well as ethical considerations and corporate social responsibility. Additionally, it covers international trade fundamentals, business ownership structures, mergers, and forms of partnerships. Ideal for aspiring entrepreneurs and business students.

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Fundamentals of Business: Essential Concepts in Economics and Strategic Management

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Presentation Transcript

  1. Introduction to Business First Wrap-Up: October 17, 2008

  2. Basics • What’s a business? • Profit vs. Non-Profit • Factors of Production • Capital / Labor / Land (Resources) / Entrepreneurship • Manufacturing vs. Services Industries • Capital Intensive vs. Labor Intensive • Economics • Microeconomics vs. Macroeconomics • Economic Systems • Planned vs. Free Market Systems

  3. Microeconomics • Supply and Demand • Changes in Demand • Changes in Demand • Price / Income / Expectations / Substitute Goods • Complementary Goods • Equilibrium Point, Price and Quantity

  4. Macroeconomics • Free Market Competition • Pure Competition / Monopolistic Competition / Oligopoly / Monopoly • Competitive Advantage • Cost Leadership vs. Differentiation • Economic Indicators

  5. Ethics • Ethics vs. Social Responsibility • Factors Influencing Ethical Behavior • Being Legal vs. Being Ethical • Ethical Dilemma vs. Ethical Lapse • Corporate Social Responsibility - Methods

  6. Global Economy • Why do nations trade? • Absolute Advantage vs. Comperative Advantage • Balance of Trade vs. Balance of Payments • Free Trade vs. Fair Trade • Trade Restrictions • Tariffs / Quotas / Embargoes / Subsidies • Trade Organizations • GATT / WTO / IMF / World Bank • Trading Blocks • NAFTA / EU / ASEAN / World Bank • Going International, Opportunities & Challanges

  7. Starting a Business • Business Ownership • Sole Proprietorships / Partnerships / Corporations • General Partnerships vs. Limited Partnerships • Limited vs. Unlimited Liability • Going Public, Advantages & Disadvantages • Corporate Governance • Shareholders / BoD / Corporate Officers / Employees • Mergers & Acquisitions • Strategic Alliances & Joint Ventures

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