Business Law – Complete Notes from Benjamin Wolfson Class taken Spring 2008 Quiz questions at end of document What is Law: Law is a set of rules for the peaceful resolution of disputes. (*better/more useful than book definition) It is impossible to set up a system that always resolves conflict. -The phrase “law exists to protect our rights” is incorrect‚ because law gives us our rights. Without the law‚ we would not have them. [ryan] we always want disputes resolved peacefully.
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Research is composed of two syllables‚ a prefix re and a verb search. • Re means again‚ anew‚ over again. • Search means to examine closely and carefully‚ to test and try‚ to probe. • The two words form a noun to describe a careful and systematic study in some field of knowledge‚ undertaken to establish facts or principles. • Research is an organized and systematic way of finding answers to questions. Research is an ORGANIZED and SYSTEMATIC way of FINDING ANSWERS to QUESTIONS. | | SYSTEMATIC
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Employment Sectors Business‚ Government‚ and Non-Profits Government It authoritatively makes decisions for the country Able to affect businesses with regulations and taxes Non-Profit Provides service in which there is demand that businesses and governments get involved in If profit is made‚ services can be expanded‚ reward employees with higher salaries‚ and hire more people Recent ethical breaches in Society Ethic Resources Center Data 1. Observed misconduct higher in larger organizations
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CHAPTER - 7 SOURCES OF BUSINESS FINANCE • Introduction: (14 Marks) Business cannot be run without money. Funds required to carry out business is called Business Finance. This chapter throws light on how the finances for the business can be arranged‚ what are the sources of funding and what terms and conditions are governed with each type of funding. • Sources of Funds : 63 • Share: The amount of capital to be raised from public is divided into units of equal values. These units are known
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purpose of this course is to integrate economic concepts and business decision making. Managers must make decisions based on available information‚ theoretical knowledge‚ and experience. This week’s information may help you understand that decisions must often be made based on limited information regarding the direction of the company‚ which affects revenue‚ pricing‚ and market stability. A manager must understand many factors to help a business increase revenue. One factor is that price times quantity
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Business Environment Business environment refers to the conditions prevailing in a society in which a business is to be operated. It is defined as the total of all things external to business firms and industries‚ which effect their organization and operation. The number and scope of environmental factors‚ which effect business‚ is broad. There should be included all aspects of our social‚ scientific‚ economic‚ political and cultural life which have some bearing upon business. Relationship
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Week 4. Business Strategy Chapter 5: A Dynamic Model of Industry Structuring. Objectives: • Introduce a dynamic model of industry competition and evolution. • Offer several propositions about the way industries will evolve based on this dynamic model‚ focusing specifically on the likely actions of new entrants to an industry and the responses of incumbent firms. • Illustrate how this dynamic model can be used to analyze industries. • Emphasize the managerial implications of this dynamic model
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Tutorial Questions – Sets 1 and 2 Week 2 Tutorial: 1. What is the difference between microeconomics and macroeconomics? Microeconomics is all about particular economic units‚ with consideration of these individual units‚ where as macroeconomics is all about concern for the economy as a whole or with basic/generalized subdivisions. 2. What is the difference between deductive and inductive methods in economics when discussing theories? Deductive methods (or also known as hypothetical methods)
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Strategic Business Objectives Operational Excellence New products‚ services and business models Customer and Supplier Intimacy Improved Decision Making Competitive Advantage Survival Value Chain Model Primary Activities Inbound Logistics (warehousing systems) Operations (machining systems) Sales and Marketing (electronic ordering) Service (equipment maintenance) Outbound Logistics (automated shipment scheduling) Support Activities Admin/Management (messaging/scheduling) Infrastructure
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Role and functions of business - A business is an organisation that attempts to satisfy the needs and wants of individuals by providing goods and/or services. It produces products (goods (tangible) and services (intangible)) that can be bought or sold in aim to generate profit. Employment: One of the most important roles business plays in society is the provision of employment. Very small businesses with fewer than nine employees employ over 16% of the workforce. Businesses with fewer than
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