Busn 201 - Study guides, Class notes & Summaries

Chapter 1 Free EnterpriseThe system of business in which individuals are free to decide what to produce, how to produce, and at what price to sell it. EconomicsThe study of how wealth is created and distributed MicroeconomicsThe study of decisions made by individuals and businesses MacroeconomicsThe study of national economy and the global economy CapitalismIndividuals own and operate the majority of businesses Command EconomyEconomic system in which the government decides what goods and ...

Basic management functions☑️☑️ Management is the process of coordinating people and other resources to achieve the goals of an organization. 1) Planning - establishing organizational goals and deciding how to accomplish them 2) Organizing - the grouping of resources and activities to accomplish some end result in an efficient and effective manner 3) Leading - the process of influencing people to work toward a common goal. Concerned with an organization's human resources 4) Motiv...

BUSN 201 Exam 3 Questions and Answers As mentioned in the textbook, Jonathan Swift likened _____ to "cobwebs" because they seem to stretch in every direction to catch innocent flies while failing utterly to stop wasps and other creatures responsible for much greater crimes against human comfort. businesses laws- lawmakers bureaucracy☑️☑️ Laws In court, the _____ is the party filing the complaint, while the _____ is the party charged in the complaint. district attorney / crim...

Business Entity☑️☑️ Commercial endeavours Organizational culture and formalized decision-making structure Employee interaction Company-centric side☑️☑️ "the business system" which reflects the underlying mechanics as to how the business is structured. key partners (backward and forward relationships) key resources (assets, labour, capital, and management acumen) market-centric side☑️☑️ How the business is connected to the marketplace Positioning (available custo...

What makes Canada a competitive and resilient economy?☑️☑️ 1. productivity gains 2. Strong business investment 3. Technological innovation 4. Moderate wage increases 5. Favorable currency exchange rate G7/8☑️☑️ Canada, USA, UK, Italy, Japan, France, Germany Foreign Direct Investment (FDI)☑️☑️ · In 2022, FDI into Canada totaled $726 billion · Largest trading partner = USA · Both Asia/Oceania are active investors in Canada 3 Fundamental Market Composition princi...

The majority of product ideas come from *Marketing consultants *small sized organizations and entrepreneurs *large organizations *medium-sized organizationsSmall sized organizations and entrepreneurs By making Christmas decorations available the day after Thanksgiving, Holly's Holiday Shop is offering customers what kind of utility? *place utility *Time utility *ownership utility *form utilityTime Utility When a Domino's delivery person brings a pepperoni pizza to your dorm room, th...

SustainabilityRelated to the triple bottom line; threatens the survival or current and future generations ResponsibilityNature of relationships between stakeholders EthicsDecision making in ethical dilemmas Milton FriedmanA corporation's sole obligation is to maximize wealth to its shareholders and has no responsibility or capability to address societies interests SustainabilityMeets the needs of the present, without compromising the needs of the future generations Economic impactRevenu...

BUSN 201 Study Guide Exam Questions With Revised Answers What is a form of virtualization in which a company's data and applications are stored at offsite data centers accessed over the Internet. - answerCloud computing What are the four elements of the Management Process? - answerPlanning Organizing Leading Controlling When you are going through the process of planning in an organization, you are essentially working to answer two questions, ________________________, and _____________...

What is a form of virtualization in which a company's data and applications are stored at offsite data centers accessed over the Internet.☑️☑️ Cloud computing What are the four elements of the Management Process?☑️☑️ Planning Organizing Leading Controlling When you are going through the process of planning in an organization, you are essentially working to answer two questions, ________________________, and _________________________________?☑️☑️ What is the situa...

BUSN 201 MIDTERM Exam Questions With Revised Answers Define internal risk. Provide an example. - answerFailure of the business. Ex: Bankruptcy Define external risk. Provide an example. - answerThe negative externalities when a business fails. Ex: employees or lenders not being paid, possibility of being sued. The four factors of production are: - answerNatural rescources, labor, capital, and entrepreneurial ability. Define productivity - answerthe quantity of goods and services produced f...