Business
things you must have in order to survive.
Needs
Can be reproduced
renewable
Four Functions of Management
planning organizing leading controlling
A business owned by one person, and the owner has
unlimited liability.
sole proprietor
Not loving it! In early Spring 2023, which fast-food giant temporarily closed its U.S. offices ahead of a big round of layoffs
McDonald's
re the things you wish you could have
Wants
4 Types of Economic Resources are
natural human capital entrepreneurial
the act or process of creating goals and objectives as well as strategies to meet them.
planning
A business owned by two or more people.
partnership
Bloomin' Brands owns over 1,500 restaurant chains, including what Australian-themed restaurant that’s known for its Bloomin' Onion
Outback
widely shared by many people
Public Wants
A shortage of resources used to satisfy wants and needs
Scarcity
manager who is responsible for the daily operations of a business
operational manager
A business where one or more of the partners are not active, have no decision-making power, and are limited in their liability to the amount they invested.
limited partnership
What is the last name of the business tycoon behind the "No. 5" perfume
chanel
are physically weighed or measured, something you can see and touch are tasks that people or machines perform
goods and services
Meets the changing needs/wants of people. They improve on ways to use resources, or create and produce new ones.
Entrepreneur resources
a manager who carries out the decisions of top managers or are often responsible for various departments in a business
middle managers
A legal entity that is separate from its owners and controlled by a board of directors; the entity has most of the same rights and responsibilities that individuals possess but offers limited liability.
corporation
What athleisure brand was once designed with a specific "muse" in mind: a 32-year-old woman named Ocean making $100,000 a year
Lululemon
Step 1: Identify the problem
Step 2: List the alternatives
Step 3: Determine the pros and cons
Step 4: Make the best decision
Step 5: Evaluate your decision
Decision Making
the value of a trade off made in a decision.
opportunity cost
a manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others
top level manager
A corporation governed by a board of directors, that sells shares of stock, reports financial information to the general public, and is heavily regulated by the government.
public corporation
Eric Wickman, Andy "Bus Andy" Anderson, and C. A. A. "Arvid" Heed started a business to take iron ore miners two miles from Hibbing to the town of Alice for 15 cents per ride? In 1929, the company took on the name it’s known by today, which it shares with a very speedy pup
greyhound