1: The Role of Business
- Page ID
- 3594
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- 1.1: Why It Matters- Role of Buisness
- This page stresses the significance of recognizing the pervasive role of business in everyday life. It encourages students to identify business connections in their surroundings and fosters an appreciation for its influence, even when not immediately apparent. Students are invited to critically evaluate whether anything exists without a relationship to business.
- 1.2: What is Business?
- This page discusses a course that covers the concept of business, including its functions and characteristics. It emphasizes the importance of adapting to a changing environment, customer demands, and technology. Business is defined as activities providing goods or services for profit, with profit stemming from the difference between revenue and expenses. The course will explore how businesses manage these factors to maintain competitiveness and profitability.
- 1.3: For-Profit vs. Nonprofit
- This page outlines the differences between for-profit and nonprofit businesses, emphasizing that for-profits aim to generate profit for owners while nonprofits reinvest revenue into their mission, often depending on donations and grants. It illustrates these distinctions through examples of lemonade stands, focusing on ownership, profit distribution, and tax obligations.
- 1.4: Factors of Production
- This page discusses the four essential factors of production for businesses: natural resources (limited and renewable or nonrenewable elements from nature), labor (human contributions both physical and intellectual), capital (produced resources like machinery), and entrepreneurship (the organization of these resources to create profit). It emphasizes that all four factors are crucial for successful production.
- 1.5: Functional Areas
- This page highlights the essential functional areas of a business, specifically management, operations, marketing, accounting, and finance, and their roles in organizational success. Management is responsible for planning and leading; operations convert inputs into outputs; marketing addresses customer needs and promotes products; accounting delivers financial insights for decision-making; and finance oversees funds and capital management.
- 1.6: Stakeholders
- This page explains business stakeholders as individuals or groups invested in a company's success, categorizing them into internal (e.g., managers, employees, owners) and external (e.g., customers, suppliers, creditors, communities, society, government) stakeholders. Each category has distinct interests and effects influenced by the company's actions, highlighting the importance of understanding these relationships for effective business management.
- 1.7: External Forces
- This page discusses the external forces affecting business operations, categorized into six environments: economic, legal, competitive, technological, social, and global. It highlights the challenges and opportunities presented by these environments, noting that economic shifts, regulations, and technology can significantly impact business strategies. The importance of understanding these factors for maintaining competitiveness and adaptability in a changing marketplace is emphasized.
- 1.8: Putting it Together-Role of Business
- This page examines the influence of business in daily life, detailing its definition and distinctions between for-profit and non-profit entities. It outlines key concepts such as factors of production, functional areas of business, and stakeholders, while also highlighting external influences like economic conditions and regulations that impact business success.