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Commercial banks, thrift institutions, credit unions
Depository
Production and operations control
scheduling, gantt chart, critical path method, total quality management
specialized area of knowledge and expertise (hard skills)
Technical skill
promoting and selling products or services
Marketing
many buyers and sellers, identical products, perfect information, and free entry/exit
Perfect Competition
Insurance companies, pension funds, brokerage firms, commercial finance companies
Non-Depository
recording, summarizing, and reporting a companys financial transactions to provide overview of financial performance
Financial Accounting
one company purchases the other and folds it into their business
Acquisition
focusing on identifying and satisfying consumer needs and wants better than competitors
Marketing Concept
one single firm is the sole producer of a unique product with no close substitutes
Pure monopoly
What is a pro and a con of a partnership?
pro: no special taxes
con: unlimited liability
What is a pro and con of a corporation
pro: limited liability
con: Double Taxation
a countries trade and industry are controlled by private owners for profit
capitalism
means of production, distribution, and exchange are owned or controlled by the community
socialism
many firms selling similar but differentiated products, allowing each firm some "mini monopoly" power to set prices
monopolistic competition
What are the economic systems?
1. Capitalism
2. Communism
3. Socialism
4. Mixed Economy
help Americans start, build, and grow businesses
Small Business Administration (SBA)
formal authority is concentrated in one area or level
Centralization
The degree to which formal authority is spread
Decentralization
Types of plans: time, level of management involved
SMART Goals
1. Specific
2. Measurable
3. Achievable
4. Relevant
5. Time-bound
planned happenstance
What do you need to effectively decentralize?
You need employees willing to take on responsibility