Page 28 - Introduction to Business
P. 28
1
What Is Business?
Learning Objectives
Introduction
Defining Business and Profit After studying this chapter, you should be able to
The Evolution of Business in the United States
1 Identify the three major factors that are
The New Society of Knowledge Workers impacting business today and discuss the
roles of for-profit and not-for-profit organ-
Types of Economic Systems and Their Impact izations in an economy.
on Business
2 Summarize the evolution of business in the
The Free Enterprise, or Capitalist, System
United States and explain the key issues
The Command, or Planned, Economic System that are impacting its outlook for the future.
The Mixed Economic System 3 Explain the fundamental features of the
The Transition Economies free enterprise, or capitalist, system that
make it efficient and dynamic.
Production of Goods and Services
4 Discuss what is meant by market structure,
Measuring Business Performance and explain why most industries fall under
Maximizing Profit and Shareholder Wealth the banner of monopolistic competition.
Maximizing Stakeholder Wealth 5 Discuss the rationale for countries wanting
to choose other forms (rather than capital-
Minimizing Unemployment and Income
Inequalities ism) of economic systems and explain what
direction most countries are moving toward.
Not-for-Profit Organizations
6 Explain how the factors of production
Demand for Goods and Services impact the supply of goods and services in
an economy.
Measuring Consumer Confidence
7 Discuss how business performance is
The Consumer Knows Best
measured in a capitalist system versus a
Consumer Demographics and Psychographics
socialist system and how the objectives of
Cultural Diversity for-profit businesses differ from the objec-
Measuring Gross National Product, Gross tives of state-owned enterprises and of
National Income, and Gross Domestic Product not-for-profit organizations.
Purchasing Power Parity 8 Explain the important role consumers play
in determining corporate performance and
Business Cycles
show how businesses try to identify con-
The Digital Era sumer needs.
E-Business 9 Discuss why and how national output is
Impact of IT on Globalization, Culture, Society, measured and consider the rationale for
and Politics using output based on purchasing power
parity (PPP) when comparing countries.
Careers in Business
10 Evaluate the impact of the digital revolu-
tion on global businesses, governments,
2 and societies.
Copyright 2010 Cengage Learning, Inc. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part.
