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What is the difference between a business and a not-for-profit organization?
business - profit is the main goal, provides tangible goods required for an economic system
not-for-profit - have goals other than profit (ie. healthcare, museums, libraries)
What are the factors of production?
factors of production - basic inputs for effective operation
1) natural resources
2) capital
3) human resources
4) entrepreneurship
What are the basic rights?
Basic rights:
1) private property
2) competition
3) profits
4) freedom of choice
What is a private enterprise system?
private enterprise system - an economic system that rewards firms for their ability to identify and serve the needs and demands of customers
What is an entrepreneur?
entrepreneur - an individual who seeks a profitable opportunity and takes the necessary risks to set up and operate a business
What are the 6 eras of business?
1) Colonial Period
2) Industrial Revolution
3) Industrial Entrepreneurs
4) Production
5) Marketing
6) Relationship
How are today's business workforce and the nature of work itself are changing?
- Baby boomers are retiring -> extreme ends of the spectrum have to work/keep working
- job expectations are changing due to diversity, outsourcing
- younger generations are shifting away from the work-comes-first lifestyle
- not interested in climbing the corporate ladder
What are the skills and attributes that managers need to lead businesses in the 21st century?
vision – theability to perceive marketplace needs and what an organization must do tosatisfy them
critical thinking– the ability to analyse and assess information to pinpoint problems oropportunities
creativity – thecapacity to develop novel solutions to perceived organizational problems
ability to lead change due to technology, marketplace demands and global competition
What makes a company admired?
- solid profits
- stable growth
- safe and challenging workenvironment
- high-quality goods and services
- business ethics
- social responsibility
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