MGMT 105 Lecture 2 Outline of Last Lecture I. Course IntroductionOutline of Current Lecture II. The Contemporary Business Worlda. The U.S. Business EnvironmentIII. Overview of Thumbs-Up Extra credit projectCurrent Lecture- The Contemporary Business Worldo A business is an organization that provides good and services to earn profits.o A profit is the difference between a business’ revenues and its expenses.o An economic system is a nation’s system.o Dimensions of External Environment:  Political – legal environment  Economic Technological Environment – the evolution of punch cards being used in the workplace to account for people being absent or late to work Global Business Environment  Socio-Cultural Environment Domestic Business Environmento Factors of production are resources that a country’s business use to produce goods and services. The 5 factors of production are:- Labor – a company needs to have people to work to help run the business effectively o Example: Dr. Welch used Wal-Mart as an example because they are very successful chain that have thousands of workers - Capital – a business doesn’t want to try to expand outside of its means too quickly because it will lose money and not be successful - Entrepreneurs – a risk taker- Physical Resources – one needs land to build their business on- Information Resources- Thumbs-Up Extra Credito Mrs. Lisa Nelson talked to the class about our extra credit opportunity for this semester. o The project is working with elementary students in College Station Independent School District who have some type of challenge in the learning process. o As a volunteer, one may walk around the track with the student, eat lunch withthe student, play a game, do a puzzle, or even just reading with the student.o Dr. Welch and Mrs. Nelson made it very clear that to us these are simple tasks but these simple tasks may be a challenge for the students.o There is a time commitment of an hour per week for 8 weeks and Mrs. Nelson said that the school district needs reliable volunteers who can make it to every session that they’re assigned, because it is crucial to the development of the student.o Contact Dr. Welch or Mrs. Nelson through College Station ISD for more information.o This is the only extra credit assignment for the