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Chapter 1

Chapter 1. Business: 2005 and Beyond. What is Business?. All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. Profits —rewards for businesspeople who take the risks involved to offer goods and services to customers.

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Chapter 1

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  1. Chapter 1 Business: 2005 and Beyond

  2. What is Business? • All profit-seeking activities and enterprises that provide goods and services necessary to an economic system. • Profits—rewards for businesspeople who take the risks involved to offer goods and services to customers.

  3. Not-for-Profit Organizations • Businesslike establishments that have primary objectives other than returning profits to their owners. • The Nature Conservancy fighting to save the world’s last great places

  4. Factors of Production Four basic inputs for effective operation: • Natural Resources - land, forests, mineral deposits • Capital – money, technology, tools, information, physical facilities • Human Resources – anyone who works • Entrepreneurship – willingness to take risks to create and operate a business

  5. Basic Rights in the PrivateEnterprise System

  6. Six Eras in the History of Business

  7. Strategic Alliances and Partnerships • Businesses must form partnerships with other organizations to take full advantage of available opportunities. • Partnership: an affiliation of twoor more companies with the shared goal of assisting each other in the achievement of common goals • Strategic alliance: partnership formed to create a competitive advantage for the businesses involved

  8. Preparing for Changes in the Workforce • In the coming decades, companies will face several trends that challenge their skills for managing and developing human resources. • Aging of the population. • Shrinking labor pool. • Increasingly diverse workforce. • The changing nature of work. • The new employer-employee partnership.

  9. The Changing Nature of Work • Outsourcing—Contracting with another business to perform tasks or functions previously handled by internal staff members • The military increases its backup from private companies

  10. Reaping the Benefits of Diversity • Blending individuals of different ethnic backgrounds, cultures, religions, ages, genders, and physical and mental abilities can enrich a firm’s success. • Coca-Cola promoting its diversity in employment

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