business administration & management mr. bernstein general nature of business and impact of...
TRANSCRIPT
Business Administration & Management
Mr. Bernstein
General Nature of Business andImpact of Global Competition on Business,
pp 2-15
February 4, 2015
2
Business Administration & Management
Mr. Bernstein
Key terms:Business: Organization that distributes a good or service
for a profitProfit: Revenue minus costsProduction: Making a product or providing a serviceManufacturing Industries: Producing goodsService Industries: Providing assistance to satisfy
specialized needsFinance: Relating to money
3
Business Administration & Management
Mr. Bernstein
Effectiveness: Making the right decisions about the products or services to offer and how to produce and deliver them
Efficiency: Producing desired goods and services quickly and at low cost.
4
Business Administration & Management
Mr. Bernstein
EffectivenessGather information from potential customers
EfficiencyProductivity – measurement of efficiencySpecializationTechnology and InnovationReorganization
5
Business Administration & Management
Mr. Bernstein
Business GrowthGDP – measurement of all goods and servicesUnderground economyOther measurements of wealth