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TAMU MGMT 105 - The Contemporary Business World
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MGMT 105 1st Edition Lecture 1Outline of Last Lecture I. The Contemporary Business Worlda. The U.S. Business EnvironmentII. Overview of Thumbs-Up Extra credit projectOutline of Current Lecture I. The Contemporary Business World (continued)Current Lecture- Planned Economy is an economy that relies on a centralized government that controls factors of productiono Example: communism or socialism (government controls SOME)- Market Economy is an economy that producers and consumers control factors of production; supply and demand- Mixed Market Economy is an economy that features characteristics of both planned and market economies- Privatization is the process of converting government enterprises into privately owned companies- Demand is the willingness and ability of buyers to buy a product or service.- Supply is the ability of producers to offer a good or service for sale.o Example: a VHS player in 2015 wouldn’t cost a lot because the demand is low Low demand = Low Price- Private Enterprise System means that the individual has the right to implement their new idea or open up their own businesso Private property rights is when the ownership of the resources used to create wealth is in the hands of the individuals.o Freedom of choice is when one can sell their labor to any employer of their choice.o Profits drive our economy.o Competition is when 2 or more businesses want the same resources or customers. Types of Competition: - A monopoly is an entity that owns that business o Example: College Station Utilities (NO competitors)- An oligopoly has a FEW competitors and is hard to enter the market as a business o Example: airlines- Monopolistic Competition has MANY competitors and is easy to enter the marketo Example: burgers at Wendy’s were square which made them appear different from other burger places when thecontent in the burger was all the


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