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Chapter 2: Economy, Money, and Banking What is this thing called economy? Economy The sum total of all the economic activity within a given Economics The study of how a society uses its scarce resources to produce and distribute goods and services Microeconomics The study of how consumers, businesses and industries collectively determine the number of goods and services demanded and supplied at different prices Macroeconomics The study of “big picture” issues in an economy, including com
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Chapter 4: Business Ethics and Corporate Social Responsibility Ethics in contemporary business Ethics The rules or standards governing the conduct of a person or group Do we need to question our existing standards? What promotes unethical behaviour? Facebooks’s business model is based on monetizing mental illness, polarization, aggression and disinformation Facebook failed to act on internal research showing that its Instagram app was damaging teenager’s mental health “Many of the claims
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Chapter 5: forms of ownership Sole proprietorships Sole proprietorship A business owned by a single person Unlimited liability A legal condition under which any damages or debts incurred by a business is the owner’s responsibility Advantages of sole proprietorships Simplicity Single-layer of taxation Privacy flexibility and control Fewer limitations on personal income Personal satisfaction Disadvantages of a sole proprietorship Financial liability Demands on the owner Limited ma
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Chapter 6: entrepreneurship and small-business ownership The big world of small business Small business A company that is independently owned and operated is not dominant in its field and employs fewer than 500 people (although this number varies by industry) Economic roles of small business They provide jobs They introduce new products They meet the needs of larger organizations They inject a considerable amount of money into the economy They take risks that larger companies sometime
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Chapter 7: Management roles, functions and skills Management Management The roles of management Managerial roles Behavioural patterns and activities involves in carrying out the functions of management; includes interpersonal, informational and decision-making roles Interpersonal roles Providing leadership to employees, acting as a liaison between groups, networking and fostering relationships Informational roles Gathering information from inside and outside the organization, sharing
Chapter 8: Organization and Teamwork Designing an effective organizational structure Organization structure A framework that enables managers to divide responsibilities, ensure employees accountability, and distribute the decision-making authority Organization chart A diagram that shows how employees and tasks are grouped and where the lines of communication and authority flow (Exhibit 8.1) Identifying core competencies Core competencies Activities that a company considers central an
Chapter 9: Production systems The system view of business System An interconnected and coordinated set of elements and processes that converts inputs to desired outputs Managing systems for peak performance Help Everyone see the big picture Understand how individual systems really work and how they interact Understand problems before you try to fix them Understand the potential impact of solutions before you implement them Don’t just move problems around-solve them Understand how feed
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Chapter 13: Product management and pricing strategies Characteristics of products 13.1 Identify the main types of consumer and organizational products and describe the four stages in the life cycle of a product Types of products Consumer products Products that are primarily sold to individuals for personal consumption are known as consumer products Convenience products - everyday goods and services that people buy frequently, usually without much conscious planning Shopping products - are
000
Chapter 15: Financial information and accounting concepts Fundamental accounting concepts Assets (OWN) Anything of value owned or leased by a business Liabilities (OWE) Claims against a firm’s assets by creditors Owner’s equity (OWNERSHIP) The portion of a company’s assets that belong to the owners after obligations to all creditors have been met The account equation The basic accounting equation, stating that assets equal liabilities plus owners’ equity Assets - liabilities = owners’ eq
100
Chapter 16: financial management and financial markets The role of financial management Financial management Planning for a firm’s money needs and managing the allocation and spending funds Risk and return trade-off The balance of potential risks against potential rewards Financial management: 3 fundamental concepts Balancing short term and long term demands Must have ready cash to pay salaries, bills, and taxes Needs a financial cushion to ride out rough times May need money for acquis
Information Technology and Globalization
University of Toronto (Mississauga)
7 Notes
MVP: Syed Hamza Ali
Topics in Communication, Culture and Information Technology
Topics in Communication, Culture, Information and Technology
Topics in Communication, Culture, Information & Technology
Topics in Communication, Culture, Information and Technology (SH)