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1
Q

What are each of the environmental forces

A

sociocultural, political, economic, technology, and legal

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2
Q

Different sociocultural factors

A

population size, cultural trends, age, gender, race

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3
Q

political factors

A

trade tariffs, tax policies

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4
Q

economic factors

A

unemployment rates, consumer’s disposable income, interest rates, gross domestic product

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5
Q

what does technology do

A

technology can positively and negatively affect operations of a business. Technology can also take away jobs from people

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6
Q

legal factors

A

health and safety regulations, employment laws, antitrust laws, discrimination laws. Also industry-specific regulators such as the Federal Trade Commission and the Food and Drug Administration

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7
Q

What are the four components of management

A

planning, organizing, leading, controlling

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8
Q

planning

A
  1. Setting organizational goals
  2. Developing strategies to reach those goals
  3. Determining the resources needed
  4. Setting precise standards
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9
Q

Organizing

A
  1. Allocating resources, assigning tasks, and establishing procedures for accomplishing goals.
  2. Preparing a structure (organization chart) showings lines of authority and responsibility
  3. Recruiting, selecting, training, and developing employees
  4. Placing employees where they’ll be most effective
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10
Q

Leading

A
  1. Guiding and motivating employees to work effectively to accomplish organizational goals
  2. Giving assignments
  3. Explaining routines
  4. Clarifying policies
  5. Providing feedback on performance
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11
Q

Controlling

A
  1. Measuring results against corporate objectives
  2. Monitoring performance relative to standards
  3. Rewarding outstanding performance
  4. Taking corrective action when necessary
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12
Q

What is a SWOT analysis

A

SWOT analysis is a strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.

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13
Q

Internal factors of SWOT analysis

A

The strengths and weaknesses

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14
Q

External factors of SWOT analysis

A

opportunities and threats

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15
Q

What are the five factors of production

A

Land, labor, capital, entrepreneurship, knowledge

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16
Q

Land

A

Land and other natural resources are used to make homes, cars, and other products

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17
Q

Labor

A

AKA workers. People have always been an important resource in producing goods and services, but many people are now being replaced by technology

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18
Q

Capital

A

This includes machines, tools, buildings, or whatever else is used in the production of goods. It might not include money; money is used to buy factors of production but is not always considered a factor by itself

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19
Q

Entrepreneurship

A

All the resources in the world have little value unless entrepreneurs are willing to take the risk of starting businesses to sue those resources

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20
Q

Knowledge

A

Information technology has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.

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21
Q

Which are the key factors to the growth sectors in technoogy and services.

A

What makes rich countries rich today is a combination of entrepreneurship and the effective use of knowledge. Entrepreneurs use what they’ve learned to grow their businesses and increase wealth. Economic and political freedom also matter.

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22
Q

What is Just-in-time manufacturing

A

a production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line

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23
Q

What is Total quality management

A

an organization wide effort to infuse quality into every activity in a company through continuous improvement

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24
Q

What is Quality

A

Consistently producing what the customer wants while reducing errors before and after delivery to the customer

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25
Q

What is Six sigma quality

A

a Quality that allows only 3.4 defects per million opportunities.

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26
Q

What is Statistical quality control

A

The process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning

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27
Q

What are economies of scale

A

Economies of scale refers to the fact that companies can reduce their production by purchasing raw materials in bulk. Thus, the average cost of goods decreases as production levels rise.

28
Q

What are the 5 steps in maslows pyramid

A

Physiological needs, safety needs,social needs, esteem needs, self actualization

29
Q

what are physiological needs

A

basic survival needs scuh as the need for food, water, and shelter

30
Q

what are safety needs

A

The need to feel secure at work and at home

31
Q

what are social needs

A

The need to feel loved, accepted, and part of the group

32
Q

what are esteem needs

A

The need for recognition and acknowledgement from others, as well as self respect and a sense of status or importance

33
Q

what is self actualization

A

The need to develop to one’s fullest potential

34
Q

How does maslows pyramid relate to business and motivating employees

A

In order for a business to create an environment where employees want to stay and work to their fullest potential, the business needs to create an environment that facilitates maslow’s hierarchy

35
Q

What are herzbergs motivators

A
  1. Advancement
  2. The nature of the work
  3. Responsibility
  4. Achievement
  5. Growth
  6. Recognition
36
Q

What are herzbergs demotivators aka hygiene factors

A
  1. Company policies
  2. Quality of leadership
  3. Pay
  4. Relationships
  5. Work conditions
  6. Status
  7. Security
37
Q

3 key factors when choosing which business structure to form

A
  1. Liabilities
  2. Taxes
  3. Flexibility
38
Q

What are the different types of entities you can structure for a business

A

Sole proprietorship, general partnership, limited partnership, limited liability partnership, public and private corporations, s corporation, limited liability company

39
Q

What is a sole proprietorship

A

a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity

40
Q

what is sole proprietorship

A

a type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity

41
Q

what is a general partnership

A

A partnership in which all owners share in operating the business in assuming liability for the business’s debts.

42
Q

What is a Limited partnership

A

A partnership with one or more general partners and one or more limited partners

43
Q

what is a limited liability partnership

A

A partnership that limits partner’s risk of losing their personal assets to onyx their own acts and omissions and to the acts and omissions of people under their supervision

44
Q

What is a public corporation

A

A corporation is a state chartered legal entity with authority to aCT and have liability separate from its owners

45
Q

Public vs Private corporation

A

Public are listed on the stock exchange and the public can buy shares in the company. Public companies have to be transparent and report their quarterly results and the valuation of the company can be measure from their trading price on the stock exchange

Private corporations are not sold on the stock exchange and hence not sold to the public but held privately by people.
Private companies do not need to disclose their financials to the public, so it is more difficult to know what they’re doing and how valuable their company is at any point in time

46
Q

What is a S corporation

A

A unique government creation that looks like a corporation but is taxed like sole proprietorships and partnerships.
- S corporations have shareholders, directors, and employees, plus the benefit of limited liability.

47
Q

What is a limited liability corporation

A

A limited liability company is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation

48
Q

What is the Invisible Hand

A

The invisible hand is a metaphor for the unseen forces that move the free market economy. Through individual self-interest and freedom of production and consumption, the best interest of society, as a whole, are fulfilled.

49
Q

What is capitalism and advantages and disadvantages

A

under capitalism all or most of the factors of production and distribution such as land, factories, railroads, and stores, are owned by individuals.
Advantage: most profitable
Disadvantage: it can create a wealth gap

50
Q

What is socialism and advantages and disadvantages

A

An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among people
Advantage: It can bring social and economic equality
Disadvantage: It takes away business people’s incentives to become rich which creates a brain drain, or a loss in innovators and creative thinkers such as doctors, lawyers, business owners, and others who earn a lot of money.

51
Q

What is communism and advantage and disadvantage

A

An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production
Advantage: Everyone is equal
Disadvantage: You will always make the same amount as everyone else no matter the work you put in. There are no incentives to work hard. Also the government has no way of knowing what to produce.

52
Q

What are the four types of unempoyment

A

frictional unemployment, structural unemployment, cyclical unemployment, seasonal unemployment

53
Q

what is frictional unemployment

A

Frictional unemployment: Frictional unemployment refers to those people who have quit work because they didn’t like the job, the boss, or the working conditions and who haven’t yet found a new job

54
Q

what is structural unemployment

A

Unemployment caused by restructuring of firms or by a mismatch between skills (or location) of job seekers and the requirements (or location) of available jobs (ex. Coal miners in an area where mines have been closed).

55
Q

what is cyclical unemployment

A

Occurs because of a recession or a similar downturn in the business cycle. This type of unemployment is the most serious

56
Q

what is seasonal unemployment

A

Seasonal unemployment occurs where demand for labor varies over the year, as with the harvesting of crops.

57
Q

what is the gross domestic product

A

The total value of final goods and services produced in a country in a given year

58
Q

What are the different economic cycles

A

an economic boom, a recession , a depression, and a recovery

59
Q

what is inflation

A

Inflation is a general rise in the price of goods and services over time. The official definition is “a persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of goods and services.” Thus it is also described as “too many dollars chasing too few goods.”

60
Q

What is an entrepreneur

A

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

61
Q

what is a business plan

A

A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals.

62
Q

What is an organization chart

A

A visual device that shows relationships among people and divides the organizations work; it shows who reports to whom

63
Q

What is line organization

A

Has direct two way lines of responsibility, authority, and communication running from the top to the bottom, with all people reporting to only one supervisor

64
Q

what is line and staff organization

A
  • Line personnel:
    • Employees who are part of the chain of command that is responsible for achieving organizational goals
    • Line personnel have authority to make policy decisions
  • Staff personnel
    • Employees who advise and assist line personnel in meeting their goals
    • Staff personnel includes marketing research, legal advising, IT, and
65
Q

what are matrix style organizations

A

Specialist for different parts of the organization are brought together to work on specific projects but still remain part of a line and staff structure
Emphasis is on product development, creativity, special projects, rapid communication, and interdepartmental teamwork

66
Q

what is a tall organization structure

A

An organizational structure in which the pyramidal organization chart would be quite tall because of the various levels of management

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