Busine的ss Studies 01.pptVIP

Prentice Hall, 2005 Business In Action 3e Understanding the Fundamentals of Business and Economics Why Study Business? Learn what it takes to run a business Build business vocabulary Develop workplace skills Learn about a variety of jobs Appreciate today’s business career What Is a Business? Categories of Business Growth in the Service Sector Why Is the Service Sector Growing? More disposable income Changing demographics and lifestyles Complex goods and technologies Need for professional advice Low barriers to entry What Is an Economic System? The New Economy Types of Economic Systems How Does a Free-Market Economic System Work? Effects of Higher Air Fare on Demand Supply and Demand Relationship Free-Market Competition Competitive Advantage Price Speed Quality Service Innovation The Role of Government Fostering Competition Regulating and Deregulating Industries Protecting Stakeholders Protecting Stakeholders Contributing to Economic Stability The FED and Money Supply Fiscal Policy: Revenues Monitoring Economic Performance Measuring Price Changes Measuring National Output Challenges of Globalization Products and services Managing a small business Globalization and workforce diversity Ethics and social responsibility Technology and electronic commerce The growth in the service sector is attributable to five key factors: Consumers have more disposable income. The 76 million baby boomers in the United States (born between 1946 and 1964) are in their peak earning years. Services target changing demographic patterns and lifestyle trends. The United States has more elderly people, more single people living alone, more two-career households, and more single parents than ever before. These trends create opportunities for service companies. Services are needed to support complex goods and new technology. Computers, home entertainment centers, recreational vehicles, and security systems are examples of products that require specialized installation, repair, user training, o