Chapter 1 Overview
Business is the nation’s engine for growth. To succeed, business firms must know what customers want so that they can supply it quickly and efficiently. Firms can lead in advancing technology and other changes. They have the resources, know-how, and the financial incentive to bring about innovation.
Businesses require physical inputs as well as the accumulated knowledge and experience of managers and employees. Yet they also rely on their ability to change with the marketplace. Flexibility is a key to long-term success— and to growth.
Learning Objectives
- Distinguish between business and not-for-profit organizations.
- Identify and describe the factors of production.
- Describe the private enterprise system, including basic rights and entrepreneurship.
- Explain how today’s business workforce and the nature of work itself is changing.
- Identify the skills and attributes managers need to lead businesses in the 21st century.
- Outline the characteristics that make a company admired by the business community.
Business is the nation’s engine for growth. To succeed, business firms must know what customers want so that they can supply it quickly and efficiently. Firms can lead in advancing technology and other changes. They have the resources, know-how, and the financial incentive to bring about innovation.
Businesses require physical inputs as well as the accumulated knowledge and experience of managers and employees. Yet they also rely on their ability to change with the marketplace. Flexibility is a key to long-term success— and to growth.
Learning Objectives
- Distinguish between business and not-for-profit organizations.
- Identify and describe the factors of production.
- Describe the private enterprise system, including basic rights and entrepreneurship.
- Explain how today’s business workforce and the nature of work itself is changing.
- Identify the skills and attributes managers need to lead businesses in the 21st century.
- Outline the characteristics that make a company admired by the business community.
LECTURE SLIDES OF CHAPTER 1
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