Ch01 Nature of Business students

Wants are the things you 'wish' you could have.

Yes, they can provide goods or services.

Skills directly related to the work and industry the business is in.

It involves being a messenger and communicator to ensure correct information reaches the right audience.

Microenvironment and Macroenvironment.

Setting objectives and finding the most optimum ways of achieving them.

Agricultural economy.

Individuals or organizations trying to earn a profit.

An economic system where the government owns and operates basic industries while individuals own most businesses.

It involves getting employees to work as a team and improving their social skills among colleagues.

Socialism.

The government.

To understand the main participants and activities of business.

More choice of careers; many people work in government jobs.

It is one of the external factors that influence business operations.

It is a key component of the external environment impacting business operations.

Individuals, partners, or shareholders.

By providing products that satisfy people's needs.

Microenvironment refers to the immediate environment affecting a business, while macroenvironment includes broader societal forces.

Individuals performing tasks to help achieve organizational objectives.

Goods can be physically weighed or measured and satisfy wants and needs for material things.

Human capital.

Individuals that provide the capital to start the business.

Goods are tangible products, while services are intangible activities.

Competition, the economy, digital technology, legal, political and regulatory forces, and social responsibility and ethics.

Digital technology or computerization.

Man, Money, Machine, Methods, Materials, Management.

General environment and task environment.

The amount of goods and services that consumers are willing to buy at different prices at a specific time.

Consumers have a limited choice of goods and services; prices are usually high.

Factors such as company culture, management, and internal resources.

Businesses and government.

Political, Economic, Social, Technological, Environmental, and Legal factors.

Capitalism.

International business taken to a worldwide platform.

Broad economic, socio-cultural, political/legal, demographic, technological, and global conditions that may affect the organization.

A consulting firm.

It is one of the essential components for success.

Information Systems.

Profits are used to further the mission of the organization.

The government supports social and economic institutions with the profits.

Internal and External Environments.

Communism, Socialism, and Capitalism.

By providing opportunities for individuals to become wealthy.

The people, but businesses are allocated through the government.

Owners, employees, and customers.

Delegating tasks, dividing resources, and coordinating activities to complete outputs.

External forces that have a direct and immediate impact on the organization.

Environmental factors.

Unlimited choice of careers.

They can be stored and inventoried.

There is minimum government interference in how businesses are run.

Government controls competition and the economy.

Competition is encouraged by market forces and government regulations.

Businesses should change their mindsets and offer solutions, not merely products.

Yes, a group of people may share the same wants.

They are considered private wants.

Resources limit what you can buy.

Necessary wants such as food, shelter, and clothing.

Natural resources.

A focus on providing services and digital products.

Business, product, and profit.

To lessen mistakes by ensuring correct information reaches the right audience.

1. Insurance 2. Consulting services 3. Software applications

To motivate and inspire workers to improve productivity.

To monitor adherence to planned methods and take corrective action if necessary.

Planning, Organizing, Staffing, Leading, Controlling.

Prices are determined by supply and demand.

Yes, they are subject to taxation by local, state, and federal authorities.

To conduct value-added transformation activities by combining input resources into finished products effectively, efficiently, and competitively.

It describes how the factors of production are used to manufacture goods and services for a particular society.

The study of how resources are distributed and used for the production of goods and services within a social system.

Management Functions.

The price at which the number of products that businesses are willing to supply equals the amount that consumers are willing to buy at a specific point in time.

Socio-Cultural factors.

Customers, suppliers, distributors, and competitors.

Prices are usually high.

Machines.

To manufacture finished goods, products, and services effectively, efficiently, and competitively.

Materials.

It contributes to making effective decisions.

The value-adding transformation of inputs into finished goods and services.

By performing better than rivals.

The broader societal factors that affect an organization.

Necessities (things you need) and the opportunity to become wealthy.

A focus on manufacturing and production processes.

Individuals, companies, and nations.

Consumers have some choice of goods and services; prices are determined by supply and demand.

Political, Economical, Socio-Cultural, Technological, and Legal factors.

Goods, services, and information.

Money.

By fostering teamwork and enhancing social skills among employees.

Direct interactions with customers, suppliers, and competitors.

An economic system where individuals own and operate the majority of businesses that provide goods and services.

A good or service with tangible and intangible characteristics that provide satisfaction and benefits.

The satisfaction and benefits derived from a product or service.

The nature of business.

To provide goods or services without the fundamental purpose of earning profits.

It refers to the change or difference in sales over a specific period.

A society where the people own the nation’s resources regardless of class status.

The amount of goods and services that businesses are willing to sell at different prices at a specific time.

Communism.

Customers, suppliers, distributors, competitors, publics, financial institutions, and local governments.

Man.

Financial resources needed to start up the business.

They provide funding and financial services to businesses.

It has made the influence of consumer patterns immediate.

Economic, social, technological, and political factors.

Government ownership of businesses is at a minimum.

Goods and services.

To aim for no wastage.

To offer finished products as solutions for target customers with the aim of earning profits.

Emotional and psychological skills needed to understand employees and build relationships.

Any party or factor within the business organization.

Everyone contributes according to ability and receives benefits according to need.

Economical factors.

1. Cars 2. Furniture 3. Clothing

Factors and forces outside the organization that affect its performance.

Finance, marketing, and management.

The broader context that includes political, economic, socio-cultural, technological, and legal factors.

Both for-profit and non-profit organizations incur expenses for operations.

Through sales.

Most businesses are owned and operated by the government.

Informational, Interpersonal, Decisional.

Conceptual skills, human skills, technical skills, and political skills.

Cognitive skills including creativity, analysis, comprehension, insight, and judgement.

The problem of unlimited wants and limited resources.

To fulfill the needs of consumers.

To establish and win support from employees for smoother management operations.

Internal Environment + Task Environment.

Factors such as economic conditions, competition, and regulatory policies.

Consumers have a limited choice of goods and services.

Technological factors.

Individuals who are creative, innovative, and motivated to take calculated risks to earn profits.

Knowledge, skills, experience, and good judgment.

Absolutely!

Management.

Individuals own and operate all businesses.

Any activity that seeks profit by providing goods or services to others.

The specific external factors that directly impact an organization’s operations.

Any individual(s) or factors that have a direct and short-term impact on the business organization.

Political factors.

The production of goods and their promotion to consumers.

Competition is restricted in basic industries but encouraged in small businesses.

Consumers have a wide choice of goods and services; prices are determined by supply and demand.

Services or experiences that cannot be physically touched.

Individuals.

Information helps in decision-making and enhances customer experience.

Methods.

The study of how societies use scarce resources to produce valuable commodities.

Conceptual, Human, Technical, Political.

No, they are not subject to taxation by local, state, and federal authorities.

It typically refers to a specific strategy or method of selling.

Any factor that has an indirect and long-term impact on a business organization, equivalent to the General Environment, including PESTEL factors.

Physical items that can be touched and seen.

Planning, implementing, and evaluating activities.

It requires making decisions that are perceived as fair and equal, and making quick decisions based on changing circumstances.

Customers, Suppliers, Distributors, Competitors, Publics, Financial Institutions, Local governments, Employees, Management, Shareholders, and Organisational Culture.

The way in which work is carried out in the organization.

A process that adds value to inputs to create outputs.

Legal factors.

Through sales and/or contributions.

In socialism, the government owns and operates some basic industries, while individuals own small businesses.

Profit is the financial gain obtained from selling products or services after costs are deducted.

Excess income goes to the government.

To satisfy wants and needs for material things.

Little choice in choosing a career; most people work for government-owned industries or farms.

Looking for, securing, training, and developing the right person for the job.

They regulate business operations and provide local support.

Groups that have an interest or impact on the business, such as media and community organizations.

It is part of the external environment that influences ethical practices.

A board of directors, trustees, or managers.

Competition is restricted in basic industries but encouraged in small business.

Individuals and businesses are free to keep profits after paying taxes.

Traditional, command, market, and mixed economies.

Profits are used to pay owners, partners, or shareholders.

Consumers have a wide choice of goods and services.