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© Yashuhide Fumoto/Getty Images Course Introduction to Business by Mei-Fei Lu © Yashuhide Fumoto/Getty Images Course Introduction to Business by Mei-Fei Lu

Mei-Fei Lu Name Lu, Mei-Fei Title Lecturer Extension number 1301 E-mail mflu@mail. wtuc. edu. Mei-Fei Lu Name Lu, Mei-Fei Title Lecturer Extension number 1301 E-mail [email protected] wtuc. edu. tw Education Master, George Washington University 1. Wenzao Accounting Director Experience 2. Carrefour Accounting Head s 3. T N Soong Assistant Manager of Auditing Current courses 1. Introduction to Financial Management 2. Introduction to Business 2

Mei-Fei Lu 3 Mei-Fei Lu 3

盧美妃 姓名 盧美妃 職稱 講師 分機 07 -3426031 #1301 E-mail mflu@mail. wtuc. edu. tw 盧美妃 姓名 盧美妃 職稱 講師 分機 07 -3426031 #1301 E-mail [email protected] wtuc. edu. tw 學歷 美國喬治華盛頓大學碩士 經歷 教授課程 1. 2. 3. 文藻會計主任 家樂福會計處長 勤業會計師事務所審計副理 1. 英文財務管理 2. 英文商業概論 4

盧美妃 5 盧美妃 5

§ § Course syllabus Grouping Attendance Co-teaching schedule 6 § § Course syllabus Grouping Attendance Co-teaching schedule 6

Learning Goals 1 Business principles and business will be presented and highlighted. From § Learning Goals 1 Business principles and business will be presented and highlighted. From § Business Environment To § Entrepreneurship § Management and Organization § Human Resource § Production § Marketing § Information Management § Accounting § Finance 7

Learning Goals 2 To help you develop high performance workplace skills. § Using and Learning Goals 2 To help you develop high performance workplace skills. § Using and allocating resources § Working with others § Acquiring and using information § Understanding systems § Working with technology (As recommended by Secretary’s Commission on Achieving Necessary Skills) 8

Textbook § The Future of Business- The Essentials by Gitman & Mcdaniel, § 3 Textbook § The Future of Business- The Essentials by Gitman & Mcdaniel, § 3 nd or 4 rd Edition, published by THOMSON SOUTHWESTERN 9

Evaluation Criteria § § § Participation & Quizzes. . . . 15% Assignments…………………. . Evaluation Criteria § § § Participation & Quizzes. . . . 15% Assignments…………………. . 25% Tests 20%*3………………. . 60% Test one: Oct. 28, 2013 Test two: Dec. 2, 2013 Final test: Jan. 6, 2014 10

Office Hours § § § 11 th Floor of Z-Building 至善樓 11樓 Office of Office Hours § § § 11 th Floor of Z-Building 至善樓 11樓 Office of Accounting Director 會計主任辦公室 3426031 ext 1301 [email protected] wtuc. edu. tw Office Hours: Wednesday: 9: 00 -12: 00 11

The Essentials of the Future of Business, 4 th Edition Mc. Daniel & Gitman The Essentials of the Future of Business, 4 th Edition Mc. Daniel & Gitman Chapter 1 Copyright © 2009 by South-Western, a division of Cengage Learning. All rights reserved CHAPTER 1 © Yashuhide Fumoto/Getty Images Understanding Economic Systems and Business Prepared by Deborah Baker

1 How do businesses and not-for-profit organizations help create our standard of living? 2 1 How do businesses and not-for-profit organizations help create our standard of living? 2 What are the sectors of the business environment, and how do changes in them influence business decisions? 3 What are the primary features of the world’s economic systems, and how are three sectors of the U. S. economy linked? CHAPTER 1 Learning Goals 4 How do economic growth, full employment, price stability, and inflation indicate a nation’s economic health? 13

5 How does the government use monetary policy and fiscal policy to achieve its 5 How does the government use monetary policy and fiscal policy to achieve its macroeconomic goals? 6 What are the basic microeconomic concepts of demand supply, and how do they establish prices? 7 What are the four types of market structure? CHAPTER 1 Learning Goals (continued) 8 Which trends are reshaping the business, micro-, and macroeconomic environments and competitive arena? 14

The Nature of Business 1 1 How do businesses help create our standard of The Nature of Business 1 1 How do businesses help create our standard of living or quality of life? How do development Of businesses damage our life qualify? 15

The Nature of Business A business is an organization that strives for a profit The Nature of Business A business is an organization that strives for a profit by providing goods and services desired by its customers. © AP Images / Paul Sakuma Businesses provide… 1 Goods and services that are the basis of our standard of living Jobs, goods and services that help determine our quality of life 16

The Nature of Business standard of living A country’s output of goods and services The Nature of Business standard of living A country’s output of goods and services that people can buy with the money they have. 1 17

The Nature of Business quality of life The general level of human happiness based The Nature of Business quality of life The general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time. 1 18

Gracious Organiser 19 Gracious Organiser 19

Clubmed GO Gracious Organiser 20 Clubmed GO Gracious Organiser 20

Rafting in Hokkaido 21 Rafting in Hokkaido 21

Rafting in Hokkaido 22 Rafting in Hokkaido 22

Higuwa is the most fierce wild animal in Hokkaido 熊出沒注意 23 Higuwa is the most fierce wild animal in Hokkaido 熊出沒注意 23

World Games 2009 in Kaohsiung 24 World Games 2009 in Kaohsiung 24

World Games 2009 in Kaohsiung § The Kaohsiung World Games generated NT$2 billion (US$60. World Games 2009 in Kaohsiung § The Kaohsiung World Games generated NT$2 billion (US$60. 8 million) in tourism revenue for the city. 25

Entrepreneurship 26 Entrepreneurship 26

ECFA 27 ECFA 27

Cross-strait service trade pact signed § http: //www. taipeitimes. com/News/front/archives/2013 /06/22/2003565371 28 Cross-strait service trade pact signed § http: //www. taipeitimes. com/News/front/archives/2013 /06/22/2003565371 28

The Nature of Business Revenue The money a company earns from providing services or The Nature of Business Revenue The money a company earns from providing services or selling goods to customers. less Costs Expenses that a company incurs from creating and selling goods and services. equals Profit 1 The money left over after all expenses are paid. 29

Not-for-Profit Organizations Not-for-profit organizations account for more than 28% of economic activity In the Not-for-Profit Organizations Not-for-profit organizations account for more than 28% of economic activity In the U. S. 1 A not-for-profit organization is an organization that exists to achieve some other goal than the usual business goal of profit. Government is the largest not-for-profit group. 30

Not-for-Profit Organizations Develop strategy Create budgets Measure performance Encourage innovation Improve productivity Demonstrate accountability Not-for-Profit Organizations Develop strategy Create budgets Measure performance Encourage innovation Improve productivity Demonstrate accountability 1 31

Factors of Production 1. Natural resources 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge Factors of Production 1. Natural resources 2. Labor 3. Capital 4. Entrepreneurship 5. Knowledge 1 32

CONCEPT check Explain the concepts of revenue, costs, and profit. What are the five CONCEPT check Explain the concepts of revenue, costs, and profit. What are the five factors of production? What is the role of the entrepreneur in society? 1 33

Understanding the Business Environment 2 2 What are the sectors of the business environment, Understanding the Business Environment 2 2 What are the sectors of the business environment, and how do changes in them influence business decisions? 34

The Dynamic Business Environment 2 Exhibit 1. 1 35 The Dynamic Business Environment 2 Exhibit 1. 1 35

External Environment Economic Political and legal Demographic Social Competitive Global Technological 2 36 External Environment Economic Political and legal Demographic Social Competitive Global Technological 2 36

Economic Influences § Fluctuations in economic activity create business cycles. § Government can impact Economic Influences § Fluctuations in economic activity create business cycles. § Government can impact the level of economic activity through governmental spending, taxes and interest rate levels. § Forces of supply and demand determine how prices and quantities of goods and services behave in a free market. 2 37

Political and Legal Influences § Amount of government activity § Types of laws passed Political and Legal Influences § Amount of government activity § Types of laws passed § General political stability of government 2 38

Demographic Factors demography The study of people’s vital statistics, such as their age, race Demographic Factors demography The study of people’s vital statistics, such as their age, race and ethnicity, and location. 2 39

Demographic Factors Age Gender Race Ethnicity Location 2 40 Demographic Factors Age Gender Race Ethnicity Location 2 40

Demographic Factors Generation Y Generation X Born between 1964 -1977 Baby Boomers 2 Born Demographic Factors Generation Y Generation X Born between 1964 -1977 Baby Boomers 2 Born between 1979 -1997 Born between 1946 -1964 41

Social Factors Attitudes Values Lifestyles 2 42 Social Factors Attitudes Values Lifestyles 2 42

Technology technology The application of science and engineering skills and knowledge to solve production Technology technology The application of science and engineering skills and knowledge to solve production and organizational problems. 2 43

CONCEPT check Define the components of the internal and external business environments. What factors CONCEPT check Define the components of the internal and external business environments. What factors within the economic environment affect businesses? Why do demographic shifts and technological developments create both challenges and new opportunities for business? 2 44

How Business and Economics Work 3 3 What are the primary features of the How Business and Economics Work 3 3 What are the primary features of the world’s economic system, and how are three sectors of the economy linked? 45

How Business and Economics Work economics Economics is the study of how a society How Business and Economics Work economics Economics is the study of how a society uses scarce resources to produce and distribute goods and services. 3 46

Economic Concerns § What is produced? § How much is produced? § How is Economic Concerns § What is produced? § How much is produced? § How is it produced? § For whom is it produced? 3 47

Global Economic Systems Free Market / Capitalism Planned Economies Communism Socialism Mixed Economies 3 Global Economic Systems Free Market / Capitalism Planned Economies Communism Socialism Mixed Economies 3 48

Global Economic Systems Differentiation among Economic Systems § Allocating limited resources § Choosing goods Global Economic Systems Differentiation among Economic Systems § Allocating limited resources § Choosing goods and services to produce § Determining how and by whom to produce goods § Distributing goods and services 3 49

Global Economic Systems capitalism An economic system based on competition in the marketplace and Global Economic Systems capitalism An economic system based on competition in the marketplace and private ownership of the factors of production; also known as the private enterprise system. 3 50

Global Economic Systems communism An economic system characterized by government ownership of virtually all Global Economic Systems communism An economic system characterized by government ownership of virtually all resources, government control of all markets, and economic decisionmaking by central-government planning. 3 51

Global Economic Systems socialism An economic system in which the basic industries are owned Global Economic Systems socialism An economic system in which the basic industries are owned either by the government itself or by the private sector under strong government control. 3 52

Global Economic Systems mixed economies Economies that combine several systems; for example, an economy Global Economic Systems mixed economies Economies that combine several systems; for example, an economy where the government owns certain industries but others are owned by the private sector. 3 53

Macroeconomics and Microeconomics macroeconomics The subarea of economics that focuses on the economy as Macroeconomics and Microeconomics macroeconomics The subarea of economics that focuses on the economy as a whole by looking at aggregate data for large groups of people, companies or products. microeconomics The subarea of economics that focuses on individual parts of the economy, such as households or firms. 3 54

Economics as a Circular Flow 3 55 Exhibit 1. 3 Economics as a Circular Flow 3 55 Exhibit 1. 3

CONCEPT check What is economics, and how can you benefit from Understanding basic economic CONCEPT check What is economics, and how can you benefit from Understanding basic economic concepts? Compare and contrast the world’s major economic systems. Why is capitalism growing, communism declining, and socialism still popular? What is the difference between macroeconomics and microeconomics? 3 56

Understanding the Business Environment 4 4 How do economic growth, full employment, and price Understanding the Business Environment 4 4 How do economic growth, full employment, and price stability indicate a nation’s economic health? 57

Macroeconomic Goals Economic Growth Full Employment Price Stability 4 58 Macroeconomic Goals Economic Growth Full Employment Price Stability 4 58

Economic Growth economic growth An increase in a nation’s output of goods and services. Economic Growth economic growth An increase in a nation’s output of goods and services. The more a nation produces, the higher its standard of living. 4 59

Economic Growth gross domestic product The total market value of final goods and services Economic Growth gross domestic product The total market value of final goods and services produced within a nation’s borders each year. 4 60

Business Cycles Output An increase in business activity results in a rise in: Income Business Cycles Output An increase in business activity results in a rise in: Income Employment Prices 4 61

Business Cycles recession A decline in GDP that lasts for at least two consecutive Business Cycles recession A decline in GDP that lasts for at least two consecutive quarters. 4 62

Keeping People on the Job full employment The condition when all people who want Keeping People on the Job full employment The condition when all people who want to work and can work have jobs. 4 63

Measuring Unemployment unemployment rate The percentage of the total labor force that is not Measuring Unemployment unemployment rate The percentage of the total labor force that is not working but is actively looking for work. 4 64

Types of Unemployment Frictional Short-term unemployment that is not related to the business cycle Types of Unemployment Frictional Short-term unemployment that is not related to the business cycle Structural Unemployment that is caused by a mismatch between jobs and workers skills Cyclical Seasonal 4 Unemployment that occurs when a downturn in the business cycle reduces demand for labor Unemployment that occurs during specific seasons in certain industries 65

Keeping Prices Steady inflation The situation in which the average of all prices of Keeping Prices Steady inflation The situation in which the average of all prices of goods and services is rising. 4 66

Types of Inflation Demand-Pull Inflation Cost-Push Inflation 4 Demand for goods and services is Types of Inflation Demand-Pull Inflation Cost-Push Inflation 4 Demand for goods and services is greater than the supply Increases in production costs push up prices 67

How Inflation is Measured Consumer Price Index (CPI) Producer Price Index (PPI) 4 Index How Inflation is Measured Consumer Price Index (CPI) Producer Price Index (PPI) 4 Index of prices of a “market basket” of goods/services purchased by consumers Prices paid by producers for raw materials, partially finished goods, and finished products 68

CONCEPT check What is a business cycle? How do businesses adapt to periods of CONCEPT check What is a business cycle? How do businesses adapt to periods of contraction and expansion? Why is full employment usually defined as a target percentage below 100 percent? What is the difference between demand-pull and cost-push inflation? 4 69

Achieving Macroeconomic Goals 5 5 How does the government use monetary policy and fiscal Achieving Macroeconomic Goals 5 5 How does the government use monetary policy and fiscal policy to achieve its macroeconomic goals? 70

Achieving Macroeconomic Goals Contractionary Policy Monetary Policy Expansionary Policy Spending Fiscal Policy Taxation 5 Achieving Macroeconomic Goals Contractionary Policy Monetary Policy Expansionary Policy Spending Fiscal Policy Taxation 5 71

Monetary Policy Federal Reserve System (the Fed) The central banking system of the United Monetary Policy Federal Reserve System (the Fed) The central banking system of the United States. 5 72

Revenue and Expenses for the Federal Budget 5 73 Exhibit 1. 4 Revenue and Expenses for the Federal Budget 5 73 Exhibit 1. 4

Fiscal Policy crowding out The situation that occurs when government spending replaces spending by Fiscal Policy crowding out The situation that occurs when government spending replaces spending by the private sector. 5 74

Fiscal Policy Federal Budget Deficit National Debt 5 The condition that occurs when the Fiscal Policy Federal Budget Deficit National Debt 5 The condition that occurs when the federal government spends more for programs than it collects in taxes. The accumulated total of all of the federal government’s annual budget deficits. 75

A High National Debt Pros: Contributes to: § Economic growth § High employment § A High National Debt Pros: Contributes to: § Economic growth § High employment § Price stability 5 Cons: § § Not everyone holds the debt Crowding out private investment 76

CONCEPT check What are the two kinds of monetary policy? What fiscal policy tools CONCEPT check What are the two kinds of monetary policy? What fiscal policy tools can the government use to achieve its macroeconomic goals? What problems can a large national debt present? 5 77

Microeconomics 6 6 What are the basic microeconomic concepts of demand supply, and how Microeconomics 6 6 What are the basic microeconomic concepts of demand supply, and how do they establish prices? 78

The Nature of Demand demand The quantity of a good or service that people The Nature of Demand demand The quantity of a good or service that people are willing to buy at various prices. 6 79

The Demand Curve 6 Exhibit 1. 5 80 The Demand Curve 6 Exhibit 1. 5 80

The Nature of Supply supply The quantity of a good or service that businesses The Nature of Supply supply The quantity of a good or service that businesses will make available at various prices. 6 81

The Supply Curve 6 Exhibit 1. 6 82 The Supply Curve 6 Exhibit 1. 6 82

Equilibrium Price and Quantity 6 Exhibit 1. 7 83 Equilibrium Price and Quantity 6 Exhibit 1. 7 83

Shifts in Demand 6 Exhibit 1. 8 84 Shifts in Demand 6 Exhibit 1. 8 84

Factors Causing Demand Supply Curve Shifts Shift Demand Shift Supply Buyers’ incomes Technology Buyers’ Factors Causing Demand Supply Curve Shifts Shift Demand Shift Supply Buyers’ incomes Technology Buyers’ preferences/tastes Resource prices Prices of substitute products Changes in prices of other products that can be produced with the same resources Expectations about future prices Number of buyers Number of suppliers Taxes 6 Exhibit 1. 9 85

CONCEPT check What is the relationship between prices and demand for a product? How CONCEPT check What is the relationship between prices and demand for a product? How is market equilibrium achieved? Describe the circumstances under which the price for gasoline would have returned to equilibrium in the U. S. after Hurricane Katrina. Draw a graph that shows an equilibrium point for supply and demand. 6 86

Competing in a Free Market 7 7 What are the four types of market Competing in a Free Market 7 7 What are the four types of market structure? 87

Four Types of Market Structures Perfect Competition Pure Monopoly Monopolistic Competition Oligopoly 7 88 Four Types of Market Structures Perfect Competition Pure Monopoly Monopolistic Competition Oligopoly 7 88

Perfect Competition § A large number of small firms are in the market § Perfect Competition § A large number of small firms are in the market § The firms sell similar products § Buyers and sellers have good information about prices, sources of supply, etc. § It is easy to open a new business or close an existing one 7 89

Pure Monopoly § A single firm accounts for all industry sales § The firm Pure Monopoly § A single firm accounts for all industry sales § The firm is the industry § Barriers to entry prevent new firms from competing with the existing firm 7 90

Monopolistic Competition § Many firms are in the market § The firms offer products Monopolistic Competition § Many firms are in the market § The firms offer products that are close substitutes but still differ § It is relatively easy to enter the market 7 91

Oligopoly § A few firms produce most or all of the output § Large Oligopoly § A few firms produce most or all of the output § Large capital requirements or other factors limit the number of firms 7 92

CONCEPT check What is meant by market structure? Compare and contrast perfect competition and CONCEPT check What is meant by market structure? Compare and contrast perfect competition and pure monopoly. Why is it rare to find perfect competition? How does an oligopoly differ from monopolistic competition? 7 93

Trends in the Business Environment and Competition 8 8 Which trends are reshaping the Trends in the Business Environment and Competition 8 8 Which trends are reshaping the micro- and macroeconomic environments and the competitive arena? 94

Not Over the Hill Yet § Baby boomers make up 42 percent of the Not Over the Hill Yet § Baby boomers make up 42 percent of the workforce. § By 2010, 25 percent of all employments will be of retirement age. Many will work beyond the traditional retirement age of 65. § Today’s workforce spans four generations. 8 95

Not Over the Hill Yet Challenges from the aging population include: § Health care Not Over the Hill Yet Challenges from the aging population include: § Health care § Financial services § Government § Society 8 96

Running Out of Gas © AP Images / Kiichiro Sato § As standards of Running Out of Gas © AP Images / Kiichiro Sato § As standards of living improve, emerging economies need energy 8 § Countries worry about relying too heavily on one source of supply 97

Myths About Energy Independence 1. Energy independence will reduce or eliminate terrorism. 2. A Myths About Energy Independence 1. Energy independence will reduce or eliminate terrorism. 2. A big push for alternative fuels will break our oil addiction. 3. Energy independence will let America choke off the flow of money to countries working against the U. S. 4. Energy independence will mean a more secure U. S. energy supply. 8 98

Meeting Competitive Challenges relationship management The practice of building, maintaining, and enhancing interactions with Meeting Competitive Challenges relationship management The practice of building, maintaining, and enhancing interactions with customers to develop long-term satisfaction through mutually beneficial partnerships. Includes: • Supply Chain Management • Relationship Marketing 8 99

Meeting Competitive Challenges © AP Images / Rick Rycroft Strategic alliances with: 8 § Meeting Competitive Challenges © AP Images / Rick Rycroft Strategic alliances with: 8 § Suppliers § Complementary strengths 100

CONCEPT check What steps can companies take to benefit from the aging of its CONCEPT check What steps can companies take to benefit from the aging of its workers and to effectively manage a multigenerational workforce? Why is the increasing demand for energy worldwide a cause for concern? Describe several strategies that companies use to remain competitive in the global economy. 8 101