entrepreneurship lecture 1
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entrepreneurship lecture 1
SUBJECT: Entrepreneurship
Lecture Given: June 18-30, 2009
POWER POINT PRESENTATION
Reference: Introduction to Management-Stephen Robbins and Mary Coulter
Principles of Economics-Karl Case and Ray Fair
Entrepreneurship
• BUSINESS MANAGEMENT / ADMINISTRATION
• MARKETING MANAGEMENT / MARKETING COMMUNICATIONS
• ECONOMICS
• FINANCE
• BUSINESS LAW
Business
• Organization of the people with varied skills, which uses property or talents, to produce goods or services, which can be sold to others for more than their costs
• A system through which economic activity is organized and directed by those who seek to make a profit
Kinds of Businesses
• Commerce
• Industry
• Service
Commerce
• Transfer or exchange of goods and services with the movement of goods from point of production to the point of consumption
• Covers buying, selling, marketing and merchandising
• Trade may be either retail or wholesale
Industry
*Concerned with the creation of form utility or the production of goods that are used either by the consumer or by other industries
• Genetic industries (Begin)
• Extractive (extracting of goods from natural resources)
• Manufacturing (raw materials or secondary products to a more useful form)
• Construction –building of airports, seaports, office buildings or skyscrapers, schools, government facilities and residences.
Service
• Cater to personal needs of people, or with rendering of a personal service
Recreation Services
• Motion picture production and distribution, theaters, stage presentations, television programs etc.
Personal Service
• Restaurant, hotels, lodging houses, laundry shops, beauty parlor, barber shop, canteens
Economics
• Is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
• The study of how people make choices (societal choices)
Why study Economics
• To learn a way of thinking
• To understand society
• To understand global affairs
• To be an informed voter
3 Most Fundamental Concepts
• Opportunity Cost
• Marginalism
• Efficient markets
Opportunity Cost
• The best alternative that we forgo, or give up, when we make a choice or a decision
Marginalism
The process of analyzing the additional or incremental costs or benefits arising from a choice or decision
Efficient Markets
• A market in which profit opportunities are eliminated almost instantaneously
xerxes- Admin
- Posts : 12
Join date : 2009-06-10
Age : 42
Location : Dinalupihan, Bataan
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