当代商业概论总结

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1、Chapter 11. Define business and profitsBusinessAn organization that provides goods or services to earn profitsProfits: The positive difference between a businesss revenues and its expensesO rewards for businesspeople who take the risks2. Distinguish between business and not-for-profit organizations

2、Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. e ntopraiz事业，项 目Not-for-profit organizations are business likeestablishments （机构;团体;企业） that have primary objectives other than returning profits to their owners. It op

3、erates in both public service and private sector （部门，行业，领域）.3. Identify the factors of production.Labor, capital, entrepreneurs （,nntr pr n3：（r）企业家）,physical resources, information resources.4. Global economic systemsPlanned economy, market economy and mixed economies Planned Economy： An economic sy

4、stem in which the government owns and operates all sources of production Market Economy： An economic system in which buyers and sellers interact （,1 ntBrkt 相互作用；互相影响）based on freedom of choiceMixed Economies: Planned and Market The economies of most countries include both planned and market elements

5、.5. Explain the factors that drive demand and supply.(1)Factors Driving Demand1) Price2) Customer preferences and income3) Prices of substitute(sAbstitju:t替 代 的)and complementary(LkumpITmentri互补的)items4) Number of buyers in the market5)Consumersoptimism about the future.( 2 ) Factors Driving Supply

6、factors of production (Central role in determining the overall supply of goods and services is played by factors of production.) Other factors like taxes and the number of suppliers will also influence the supply.6. Describe each of the four different types of market structures in a private enterpri

7、se system.Perfect competition, monopolistic md.nopdlistik competition(垄断性竞 争)，oligopoly( ,Dli,gDp9li寡头，求过于供的市场情况)and monopoly (manopdli垄断)Perfect competition exists when all firms in an industry are small and the number of firms is large. Prices are determined by market forces as supply and demand.I

8、n monopolistic competition, many sellers try to make their products at lease seem to be different from those of competitors. Product differentiation gives sellers some control over prices.When an industry has only a handful of sellers, an oligopoly exists. The entry of new competitors is hard. And t

9、he prices of comparable products are usually similar.A monopolyexists when an industry or market has only one producer. A solesupplier enjoys nearly complete control over the prices of its products.CharacteristicPerfect competitionMonopolistic competitionOligopolyMonopolyExampleLocal farmerStationer

10、y storeSteel industryPublic utilityNumber of competitorsManyMany, but fewer than in perfect competitionfewnoneEase of entry into the industryRelatively easyFairly easydifficultRegulated bygovernmentSimilarity of goods/services offered by competing firmsIdenticalSimilarCan be similaror differentNo di

11、rectly competing goods or servicesLevel of control over price by individual firmsNoneSomeSomeConsiderable7. Identify and describe the four stages of the business cycle.Prosperity, 繁荣； recession 衰退； depression 萧条； recovery 复苏ppsperBtirfseJndipre Jn8. Explain how productivity, price-level changes, and

12、 employment levels affect thestability of a nations economy.9. Discuss how monetary policy and fiscal policy are used to manage an economys performance.Monetary Policy 货币政策government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bank

13、er s willingness to make loans.Fiscal Policy 财政政策Government influences economy by spending and taxation decisions. Government uses fiscal policy to control inflations（lnfleijn通货膨胀），reduce unemployment, improve the general welfare of citizens, and encourage economic growth.Chapter 21. Explain the con

14、cepts of business ethics and social responsibility.Business ethics are standards of business conduct and moral values by employees on the jobSocial responsibility refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social enviro

15、nments.2. Describe the factors that influence business ethics, at individual, organizational, legal, societal levelsIndividual:values, work background, family status, personalityOrganizational:Top Level Mgmt. Philosophy, the Firm s Reward System, Job DimensionsEnvironmental:Competition, economic con

16、ditions, social/cultural institutions3. List the stages in the development of ethical standards.Stage 1: PreconventionalIndividual is mainly looking out for his or her interest. Rules are followed only out of fear of punishment or hope of reward.Stage 2: ConventionalIndividual considers the interest

17、s and expectations of others in making decisions. Rules are rules are followed because it is a part of belong to the groups.Stage 3: postconventionalIndividual follows personal principles for resolving ethical dilemmas. He or she considers personal, group and social interests.4. Identify common ethi

18、cal dilemmas in the workplace.Conflict of interest, honesty and integrity（ 正 直 ）, loyalty VS truth, whistle-blowing（揭发）.5. Discuss how organizations shape ethical behavior.6. Summarize the responsibilities of business to the general public, customers, employees and investors.Responsibilities to the

19、General Publica）Public Health Issuesb）Protecting the EnvironmentGreen washing: Using advertising to project a green image without substantially altering processes or productsRecyclingreprocessing of used materials for reusec）Developing the Quality of the Workforced）Corporate Philanthropy（fll比nOrpi慈善

20、事业）Responsibility Toward CustomersConsumer Rights, Unfair Pricing, Ethics in AdvertisingResponsibility Toward EmployeesWorkplace Safety; Quality of Life IssuesResponsibility Toward InvestorsImproper financial management; Check kiting 空头; Insider trading ;Misrepresentation of financesLowest/Defensive

21、 Stance 防卫立场Obstructionist Stance 阻碍立场ActivelyDoes LegalAvoidsMinimumResponsibility7. Explain different stances in CSRHighestAccommodative Stance 接纳立场Proactive Stance 积极立场Responds to/Actively SeeksRequestsOpportunities to ContributeChapter 31. Identify the industries in which most small firms are es

22、tablishedServices 服务业, retailing 零售业, construction 建筑业, wholesaling 批发, financeand insurance 金融保险，manufacturing 制造业 transportation 运输.2. Compare the advantages and disadvantages of small businesses.Small firms can often operate with greater flexibility than larger corporations can achieve. This flex

23、ibility allows small business to develop innovative products, lower costs, provide superior customer service, and fill isolated niches, aisaleitid偏远的nitjiz商机However， small business also must operate with fewer resources than large corporations can apply. As a result， they must suffer from financial

24、limitations and management shortcomings,Taxes and government regulation can also impose excessive burdens on small business.3. Explain how franchising can provide opportunities for both franchisors and franchisees （被特许人）.Franchisees benefit from the parent corporations experience and expertise. The

25、franchiser may pick the store location, negotiate the lease, purchase equipment, and support financing. Franchising offers the benefit of brand recognition, which can make it easier to attract customers and reduce the costs of advertising as well as increase the likelihood of success.4. Define the t

26、erm entrepreneur and distinguish among entrepreneurs, small-business owners, and managers.Entrepreneur:Businessperson who accepts the risks and opportunitiesinvolved in creating, operating and growing a new businessSmall Business Owner:Does not have plans for growth.5. Starting and funding a small b

27、usiness Starting from Scratchskr比t 从零开始;从头做起;白手起家 Disadvantage: Higher risk of business failure Advantage: Avoids problems of an existing business Buying an Existing Business Some prefer not to assume the risks of starting a new firm Franchising* Another less riskyway to begin a businessa） Cf. equit

28、y financing and debt financing6. Identify three different types of entrepreneurs.企业家 Classic entrepreneursperson who sees a business opportunity and use resources to tap that market. Intrapreneurperson who develops innovations within a large organization.in tr比pro ni ：3：公司内企业家，内部创业者Change Agentmanag

29、er who tries to revitalize an established firm to keep it competitive. Lri：vaitBlaiz vt.使恢复元气；使新生；使复兴7. Identify personality traits that typically characterize successful entrepreneurs.Successful entrepreneurs may have several traits, including vision, high energy level, need to achieve, self-confid

30、ence and optimism, tolerance for failure, creativity, tolerance for ambiguity (含糊), and international locus of control.1) Are resourceful and open-minded 足智多谋，心胸开阔2) Are concerned about good customer relations 良好顾客关系3) Desire to be their own boss4) Can deal with uncertainty and risk5) Rely on networ

31、ks, business plans, and consensus (共识)8. Summarize the three basic forms of business ownership and the advantages and disadvantages of each form.1)Sole Proprietorships (所有权)个人独资企业Disadvantages: Unlimited Liability(major drawback) Limited resources Limitedfundraisingcapability(有限的融资能 力) Lack of conti

32、nuityAdvantages: Freedom Simple to form Low start up costs Tax benefits Donthave to share the profits2)Partnerships 合伙企业In most cases, partners share the profits equally or in proportion to their investment.Silent partner: invest funds but play no role in its managementSweat equity: invest nothing b

33、ut provide all the laborAdvantages:Disadvantages: Unlimited liability Disagreements among8partners Lack of continuity Ownership transfer More talent and money(the most striking) More fundraising capabilityfA ndjeiziq 筹款的 Relatively easy to form Limited liability for limited partners Tax benefits3) c

34、ooperativesCombine the freedom of sole proprietorships with the financial power of corporations Comparative Summary: Three Forms of BusinessBusiness formliabilityContinuityManagementSourcesofinvestmentProprietorshipPersonal, unlimitedEndswithdeathordecisionofownerPersonal, unrestrictedPersonalGenera

35、l partnershipPersonal, unlimitedEndswithdeathordecision of any partnerUnrestricted or dependsonpartnership agreementPersonalbypartnersCorporationCapital, investedAs stated in charter, perpetual or for specified period of yearsUnder control of board of directors, whichisselectedbystockholdersPurchase

36、ofstock最大的区别：是否具有法人资质(entity)4)Corporationsa iDisadvantages:Advantages:. Double taxation 口诚1词 LiabilityFluid control flu： id 不稳定的 Continuity连贯性厂. Complicated and expensive to Stronger fundraising capabilityform9. Type of CorporationsTypeDistinguishing FeaturesClosely heldStock held by only a few peo

37、pleSubject to corporate taxationPublicly heldStock widely held among many investorsSubject to corporate taxationSubchapter SOrganized much like a closely held corporationSubject to additional regulationSubject to partnership taxationLimited liabilityOrganized much like a publicly held corporationSub

38、ject to additional regulationSubject to partnership taxationProfessionalSubject to partnership taxationLimited business liabilityUnlimited business liabilityMultinationalSpans national boundariesSubject to regulation in multiple countries10.Describe recent trends in mergers 合并 and acquisitions 收购.Me

39、rgerunion of two or more firms to form a newcompanyAcquisitionpurchase of one company by anotherChapter 41. Understand significance of globalizationGlobalization can make use of international sources of factors of production. Globalization expends international markets.The potential for higher stand

40、ards of living and improved business profitability.Globalizationreduces firmsdependence on the economies of their home nations2. Discuss the relationship of absolute and comparative advantage to international trade. (I dont know.)Absolute Advantage exists when a country can produce something that is

41、 cheaper or higher quality than other country.Comparative Advantage exists when a country can produce more efficiently or better than other nations.Both of them translate into competitive advantage.3. Describe how nations measure international trade and the significance of exchange rates.Nations mea

42、sure international trade by balance of trade, balance of payments and exchange Rates.Exchange Rates Heavily Impact Global Trade When an economy s currency is strong: Domestic companies find it harder to export products Foreign companies find it easier to export products Domestic companies may move p

43、roduction to cheaper sites in foreign countries When an economys currency is weak: Domestic companies find it easier to export products Foreign companies find it harder to export products Foreign companies may invest in production facilitiesEuro common currency shared among most of the members of th

44、e European Union (excluding Denmark, Sweden, and the United Kingdom)Absolute advantage ability to produce something cheaper and/or higher quality than any other countryComparative advantage ability to produce more efficiently or better than other nationsNational competitive advantage international c

45、ompetitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures, and rivalries.Factor conditions: labor capital entrepreneurs physical resources and information resourcesDemand conditions : reflect a large d

46、omestic consumer base that promotes strong demand for innovative productsRelated and supporting industries : strong local or regional suppliers and/or industrial customersStrategies, structures, and rivalries: firms and industries that stress cost reduction, product quality, higher productivity, and

47、 innovative products.International business managementGoing international: gauging international demand; adapting to customer needs; outsourcing and off-shoringLevel of international involvement : exporters and importers; international firms; multinational firmsOutsourcing: practice of paying suppli

48、ers and distributors to perform certain business processes or to provide needed materials or servicesOff-shoring : practice of outsourcing to foreign countriesBenefits: 1) focus on their core activities and avoid getting sidetracked on secondary activities; 2)reduce costsInternational organization s

49、tructuresIndependent agent; licensing arrangements; branch offices; foreign direct investmentIndependent agent: foreign individual or organization that agrees to represent an exporters interestsLicensing arrangement: arrangement in which firms choose foreign individuals or organizations to manufactu

50、re or market their products in another countryBranch office: foreign office set up by an international or multinational firm Strategic alliance: arrangement(also called joint venture) in which a company finds a foreign partner to contribute approximately half of resources needed to establish and ope

51、rate a new business in the partners countryForeign direct investment: arrangement in which a firm buys or establishes tangible assets in another country4. Identify the major barriers that confront global businesses.1) Social and Cultural Differences, such as different Language, values and Religious

52、Attitudes.2) Economic Differences, such as infrastructure, Currency Conversion andShifts. infr3stmktja(r)基础设施；基础建设3)Political and Legal Differences, such as political climate, legal environment and international regulations.Legal and political differences: set conditions for doing business; control

53、flow of capital and use tax legislation; even confiscate the property of foreign- owned companies.Quotas, tariffs, and subsidiesQuota: restriction on the number of products of a certain type that can be imported into a countryEmbargo: government order banning exportation and/or importation of a part

54、icular product or all products from a particular countryTariff: tax levied on imported productsSubsidy: government payment to help a domestic business compete with foreign firmsProtectionism: practice of protecting domestic business against foreign competitionLocal content laws: law requiring that p

55、roducts sold in a particular country be at least partly made thereBusiness practice law: law or regulation governing business practices in given countries practices in given countriesCartel: association of producers whose purpose is to control supply and prices Dumping: selling a product abroad for

56、less than the cost of production at home5. Explain how international trade organizations and economic communities reduce barriers to international trade.(不确定)Many international trade organizations promote International Trade to reduce barriers, such as World Trade Organization (WTO), World Bank, and

57、 International Monetary FundEconomic communities create partnerships, found free trade area, customs area and common market to reduce barriers. Such as European Union and North AmericanFree Trade Agreement (NAFTA).6. Compare the different levels of involvement used by businesses when entering global

58、 markets.Exporters and ImportersInternational FirmsMultinational Firms 跨国的Exporter: firm that distributes and sells products to one or more foreign countriesImporter: firm that buys products in foreign markets and then imports them for resale in its home countryInternational firms: firms that conduc

59、t a significant portion of its business in foreign countries; conduct a good deal of their business abroad and may even maintain overseas manufacturing facilities.Multinational firm: firm that designs, produces, and markets products in many nations7. Distinguish between a global business strategy an

60、d a multi-domestic business strategy. Global Business Strategies (Standardization) Offering a standardized, worldwide product and selling it in essentially the same manner throughout a firms domestic and foreign markets. Multi-domestic Business Strategy (Adaptation) Developing and marketing products

61、 to serve different needs and tastes of separate national markets.Chapter 5Management: process of planning, organizing, leading, and controlling an organizations resources to achieve its goalsOrganizing: management process of determining how best to arrange an organization s resources and activities

62、 into a coherent structureLeading: management process of guiding and motivating employees to meet an organizations objectivesControlling: management process of monitoring an organizations performance to ensure that it is meeting its goals1. Identify types of managers by level and area.by level ： top

63、 managers, middle managers, supervisory managers(first-line managers)by area: human resources managers, operation managers, marketing managers, information managers, financial managers and other managers.Top manager: manager responsible for a firms overall performance and effectiveness Middle manager: manager responsible for implementing the strategies and working toward the goals set by top managersFirst-line manager: manager responsible for supervising the work for supervising the work of employees2. Describe