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Students should be able to understand: what is meant by the demand for a good or service the factors which influence demand how to construct an individual demand curve from consumer data the difference between shifts of, and movements along, the demand curve.


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The factors which determine the supply of a good or service Causes of changes in supply The supply curve. Students should be able to understand: what is meant by the supply of a good or service the factors which influence supply how to construct an individual firm's supply curve from production data the difference between shifts of, and movements along, the supply curve. How equilibrium price is determined by supply and demand How markets supply and demand diagrams can illustrate a producer's revenue.

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Students should be able to understand: how the interaction between supply and demand determines equilibrium price using a supply and demand diagram why excess demand and excess supply can lead to changes in price how to use supply and demand diagrams to understand the impact of changes in equilibrium market prices how demand and supply curves can be applied to a variety of real-world markets how to demonstrate revenue on a demand and supply diagram. Complements and substitutes How changes in a particular market are likely to affect other markets.

Students should be able to understand: the meaning of complementary and substitute goods the impact of changes in demand, supply and price in one market on other related markets. Price elasticity of demand Factors affecting price elasticity of demand Measuring price elasticity of demand. Students should be able to understand: that changes in price don't always cause equivalent changes in demand the factors that affect price elasticity of demand the difference between price elastic demand and price inelastic demand that price elasticity of demand is measured as the percentage change in quantity demanded, divided by the percentage change in price and be able to perform calculations from given data the implications of price elasticity of demand for producers and consumers.

Price elasticity of supply Factors affecting price elasticity of supply Measuring price elasticity of supply. Business objectives Types of costs Types of revenue Profit The importance of cost, revenue and profit for producers Moral and ethical considerations. The meaning and importance of productivity The factors that influence productivity.

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Students should be able to understand: the difference between production and productivity the benefits of increased productivity. The meaning of economies of scale Types of economies of scale Diseconomies of scale. Students should be able to understand: economies of scale as the effect on average costs of a rise in production the implications and effects of economies of scale on business behaviour the costs and benefits of growth for a business the different types of economy of scale, including managerial, purchasing, financial, technical and risk-bearing what is meant by diseconomies of scale.

Students should be able to understand: that there is a range of market structures factors such as the number of producers, the degree of product differentiation and ease of entry as being used to distinguish between different market structures. The main characteristics of a competitive market The impact of competitive markets on price and choice The economic impact of competition on producers and consumers. Students should be able to understand: what is meant by a competitive market how producers operate in a competitive market the economic impact of competition on consumers, producers and workers why profits are likely to be lower in a competitive market than one that is dominated by a small number of producers.

The main characteristics of a non-competitive market The impact of non-competitive markets on price and choice Monopoly and oligopoly. Students should be able to understand: what is meant by a non-competitive market how producers operate in a non-competitive market the meaning of monopoly the meaning of oligopoly the causes and consequences of monopolistic and oligopolistic power. The role and operation of the labour market Determination of wages through supply and demand Gross and net pay.

Students should be able to understand: wage determination using simple demand and supply analysis wage differentials within and between occupations the difference between gross and net pay how to calculate income including gross and net pay. Estimated between Wed. Please note the delivery estimate is greater than 7 business days.

The Foundations of Business

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Growing up, Jobs had an interest in computers. He attended lectures at Hewlett-Packard after school and worked for the company during the summer months.

3.1.1 Economic foundations

He took a job at Atari after graduating from high school and saved his money to make a pilgrimage to India to search for spiritual enlightenment. At the same time his drive for perfection was so strong that employees who did not meet his demands are faced with blistering verbal attacks. Nor did they all go along with his willingness to do whatever it took to produce an innovative, attractive, high-quality product.

So at age thirty, Jobs found himself ousted from Apple by John Sculley, whom Jobs himself had hired as president of the company several years earlier. It seems that Sculley wanted to cut costs and thought it would be easier to do so without Jobs around. His solution: start a new personal computer company called NextStep. In , he was invited back to Apple a good thing, because neither his new company nor Apple was doing well. Steve Jobs was definitely not humble, but he was a visionary and had a right to be proud of his accomplishments.

Jobs did what many successful CEOs and managers do: he learned, adjusted, and improvised. Perhaps the most important statement that can be made about him is this: he never gave up on the company that once turned its back on him. So now you have the facts. As the story of Apple suggests, today is an interesting time to study business.

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Advances in technology are bringing rapid changes in the ways we produce and deliver goods and services. The Internet and other improvements in communication such as smartphones, video conferencing, and social networking now affect the way we do business. Companies are expanding international operations, and the workforce is more diverse than ever. Corporations are being held responsible for the behavior of their executives, and more people share the opinion that companies should be good corporate citizens.

Plus—and this is a big plus—businesses today are facing the lingering effects of what many economists believe is the worst financial crisis since the Great Depression. Economic turmoil that began in the housing and mortgage industries as a result of troubled subprime mortgages quickly spread to the rest of the economy. In , credit markets froze up and banks stopped making loans. Without money or credit, consumer confidence in the economy dropped and consumers cut back their spending. Businesses responded by producing fewer products, and their sales and profits dropped.

Unemployment rose as troubled companies shed the most jobs in five years, and , Americans marched to the unemployment lines. The stock market reacted to the financial crisis and its stock prices dropped by 44 percent while millions of Americans watched in shock as their savings and retirement accounts took a nose dive. In fall , even Apple, a company that had enjoyed strong sales growth over the past five years, began to cut production of its popular iPhone.

Things have turned around for Apple, which reported blockbuster sales for in part because of strong customer response to the iPhone 4S. But not all companies or individuals are doing so well. The economy is still struggling, unemployment is high particularly for those ages 16 to 24 , and home prices remain low. A business Activity that provides goods or services to consumers for the purpose of making a profit.


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First, whereas Apple produces and sells goods Mac, iPhone, iPod, iPad , many businesses provide services. Your bank is a service company, as is your Internet provider. Hotels, airlines, law firms, movie theaters, and hospitals are also service companies. Many companies provide both goods and services.

For example, your local car dealership sells goods cars and also provides services automobile repairs. Second, some organizations are not set up to make profits. Many are established to provide social or educational services. Such not-for-profit or nonprofit organizations Organization that has a purpose other than returning profits to owners.

Most of these organizations, however, function in much the same way as a business. They establish goals and work to meet them in an effective, efficient manner. Thus, most of the business principles introduced in this text also apply to nonprofits.