...The Business Environment BUS 100 – Introduction to Business Professor Denel Pierre In order to understand business and the economy one need to know the meaning of business and its purpose within society. Business can be viewed as a legal entity to sell goods, make goods or provide a service to individuals. It’s an economic system where a for-profit and a non-profit company can exist in providing goods and services. Businesses operate within a network of distributors and producers of goods, consumers’ who purchase goods, within a demographic area based on their needs and wants. Within this network how a business is structured and form can affect the profitability of that business; also, how businesses perform can affect the overall performance of a country’s economy. Describe the role of business in the economy Being part of a capitalistic economy businesses are the main and most important component of it. Businesses play a role in every section of an economy, such as; manufacturing, healthcare, retail and service are examples of what involves businesses. Without a network of producers and distributors there will be no economy, if businesses do not exist then consumers will have to produce, create, store, and sell items themselves, basically everyone would be fending for themselves for every need and want. (Kelly, M., & McGowen, J. (2012) In today’s global businesses environment the economic impact can be felt internationally. As businesses go through cycles of...
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...HSM 544 FINAL EXAM To purchase this visit following link: http://www.activitymode.com/product/hsm-544-final-exam/ Contact us at: SUPPORT@ACTIVITYMODE.COM HSM 544 Final Exam Study Guide The final examination for this course is comprehensive, and it emphasizes key concepts from all weeks of the course. 1. Identify the major tasks of economics and discuss why they are important. What are their roles in organization management? 2. Identify and discuss the factors that influence the demand, in turn healthcare economics. What factor do you believe has the greatest impact on healthcare economics and why? 3. Discuss the role of all parties (patient, providers, and payers) to contain costs. Analyse the impact of cost-containment efforts on the rising cost of healthcare. 4. What are the primary steps in a production function analysis? How would you apply these steps in a healthcare organization? 5. Discuss the connection between redistribution and social insurance 6. How does the role of non-profit healthcare organizations differ from profit healthcare organizations? 7. Discuss the concept of managed care. Why was it created? What were its goals? Have these goals changed? Has it worked? How it can be improved? Pick one of the previous questions for your initial post; all of them will be discussed throughout the week. Wishing you all success on your final exam! Activity mode aims to provide quality study notes and tutorials to the students of HSM 544 Final Exam in order...
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... Abstract This paper covers varies aspects of business and the effect it has on our economy. Inside I will cover the role of business in the economy and I will also educate you on some of the differences and similarities of a for-profit and a non-profit organization. I will also cover the impact of our current fiscal and monetary policies on our economy. The final part of the paper will give you an idea of how I would expose a product to global markets and the impact of social responsibility on a stakeholder group. The Business Environment Introduction In today’s business environment a new era has dawned upon us. A business can be open almost anywhere as long as it follow the rules and regulation. A business environment depends upon the enterprise operating within the framework of the competitive market economy. Therefore globalization and society as a whole has presented opportunities that has arisen in recent years to change the business environment. There was a time when we iron our own cloths, now there are drycleaners on every corner, advertising for our business. People are eating out at fast food restaurants instead of cooking at home. These complex structures are known as a business. These small functioning businesses play a vital role in our economy. A successful business, large or small can increase the economic growth of a community or country. An unsuccessful business, large or small can...
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...First, this paper describes the role of business in the economy. It compares and contrasts the roles of for-profit and non-profit organizations in the economy and discusses the impact of current fiscal and monetary policies on the economy. Also, it outlines a strategy to access global markets. Finally, it discusses the impact of a company’s level of social responsibility on a stakeholder. The Role of Business Businesses are the engine of the economy. Businesses rely on the factors of production, which include four fundamental resources; natural resources, capital, human resources, and entrepreneurship (Kelly & McGowen, 2010). There are five key dimensions that will help determine if the economy will worsen or prosper. These five dimensions include the following environment: technological, competitive, global, social, and economical. For Profit and Non-Profit Organizations Comparison There are many similarities of for profit and non-profit organizations. Both types of organizations provide products or perform services, employ staff, and receive revenue. These organizations also contribute the region’s economic growth and stability (Kelly & McGowen, 2010). Contrast There are significant differences between for profit and non-profit organizations. For profit organizations simply provide products or perform services strictly for financial gain while non-profit organizations do it to contribute to the community. Non-profit organizations normally receive...
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...review will attempt to review the role and challenges of a business or non-profit organization and the marketing strategies that would make any venture competitive. The role of a business or non-profit organization can be determined by the services it provides for its stakeholders. (Carroll and Buccholtcz, 2008.) The relationship between the government and businesses has changed significantly since World War II. The government has a regulative role in the life of businesses, while businesses communicate with the public through advertising and public relations. Globalization has created some new ground rules, and these are changing the role of businesses and non-profit organizations alike. (Norén, Göran, 2004) The role of businesses The basic role of a business originally is to develop and supply goods and services for customers. Profit oriented companies do this for a profit, while non-profit organizations choose to work for the benefit of the society. The profit generated by companies is the foundation of the society’s prosperity; therefore, it is a driving force. Governments depend on businesses, as one of the main sources of tax income, and the more profit businesses make, the higher the tax income would be for the government. Companies, however, benefit the society because they supply goods and services already in demand, create jobs, develop technology and design, and spread environmental practices. The better a profit or non-profit organization can build up its...
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...The view that the main role of business is to make as much money as possible is accepted as a matter of fact. However, to say that the social responsibility of a business is just to make a profit is open to debate. In this essay, I will present an claim against the role of business in social responsibility and pose an argument for businesses role in social responsibility. The argument against the role of business in social responsibility is the main thesis of Milton Friedman. Milton Friedman’s view is that in a capitalist economy, there is one and only one responsibility of business to use its assets and participate in activities created to grow its profits so long as it stays within the regulations of the game and participates in open and...
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...Maximizing Profits in Market Structures XECO/212 Principles of Economics Maximizing Profits in Market Structures There are several types of market structures that influence the goods consumers buy and at what price is set for each good. There are three main market structures which are the competitive markets, monopolies, and oligopolies. Each of which has unique characteristics that determine what role each will play in an economy. The different ways price and output effect maximizing profits in each market structure, along with any entry barriers that may exist for each market structure is also a topic to be discussed. The unique characteristic each market structure has makes them stand apart from one another. First let’s examine a competitive market to see what characteristics make this market unique from the other two being discussed. (A market is said to be competitive when it meets the two following characteristics: there are many buyers and many sellers in the market, and the goods offered by the various sellers are largely the same (Mankiw, (2007)). The buyers and the sellers in a competitive market are price takers because of their individual impact on the price of a good in such a large market. In other words, an individual buyer or seller does not make up enough of the market to even affect the market price of a good such as milk or gasoline. For example, leaving each accepting price generated by the market around them. Since we know what a competitive...
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...Mancini | | | Robert Negron 6/21/2013 Describe the role of business in the economy. Compare and contrast the roles of for-profit and nonprofit organizations in the economy. Discuss the impact of current fiscal and monetary policy on the economy. Select a product or service with which you are familiar and outline a strategy for accessing global markets. Select an organization with which you are familiar and discuss the impact of that organization’s level of social responsibility on a stakeholder group of your choice. | What is the role of business in the economy? Some might say that business breathes life giving air into the lungs of the economy. Business is an organization involved in the trade of goods, services, or both to consumers. Businesses play a huge role in every section of an economy, such as; manufacturing, healthcare, retail and service are examples of what involves businesses. Businesses also create jobs, and use local resources. In turn consumers that are employed by businesses make money in turn spending that money back into the economy creating continues cycle of business. The roles of for-profit and non-profit play a critical role in the economy and are very similar but have one obvious difference. A non-profit organization simply is a business-like establishment; their end result does not include profit where as a for-profit organization’s goal is profit. For-profits also differ from non-profit organizations in that all their employees are hired to do...
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...scope of financial management. What role should the financial manager play in a modern enterprise? The scope of the financial management is to secure the capital needed by the enterprise, and employ it in production and marketing activities, in such a way that it can generate the sufficient returns on invested capital, with an intention to maximise the wealth of the owners. The financial manager plays the crucial role in the modern enterprise by supporting investment decision, financing decision, and also the profit distribution decision. He/she also helps the firm in balancing cash inflows and cash outflows, and in turn to maintain the liquidity position of the firm. How does the modern financial manager differ from the traditional financial manager? Does the modern financial manager's role differ for the large diversified firm and the small to medium size firm? The traditional financial manager was generally involved in the regular finance activities, e.g., banking operations, record keeping, management of the cash flow on a regular basis, and informing the funds requirements to the top management, etc. But, the role of financial manager has been enhanced in the today's environment; he/she takes an active role in financing, investment, distribution of profits, and liquidity decisions. In addition, he/she is also involved in the custody and safeguarding of financial and physical assets, efficient allocation of funds, etc. The role of financial manager in case of...
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...Stacey McDade HCA-240 04-17-2016 What is your role as an administrator in creating an operation budget? *The role of a hospital administer for a non profit level 1 trauma center is to plan and monitor day to day activities, personnel and supplies. This process of planning a budget typically is written out for a one year time frame. The administrator needs to assess revenue and expenses as well. For this hospital the administrator would need to make sure the time a patient is occupying a bed. Every new patient in the trauma center equals a profit for the hospital. What are the components of operating budgets for a hospital of this kind? *The components of this kind of budget would be to assess revenue vs. expenses and make sure the for-profit hospital is making a profit. Revenue would include the amount of money the center gets from the patient or the insurance company for services rendered. In a trauma center profit is based off of patient days spent and procedures. Expenses would include the cost of staff, supplies either office of medical, equipment rental, repair and maintenance and pharmacy. What role does variance reporting have on building an operational budget? *Variance plays a role within the trauma center in two different ways, revenue and expenses. The administrator would have to evaluate expenses and set up a budget to make sure the trauma center is making money. The administrator uses variance to assess the differences between the two figures....
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...Professor Marilyn Fitzpatrick in the spring semester of 2013 Abstract Business is any activity that provides goods and services in an effort to earn a profit. This paper will discuss the role business and the different affects business has on society today. The roles of for-profit and nonprofit organizations will be compared and contrasted. This paper examines the impact of the current fiscal and monetary policies on the economy. A selected product or service will have a strategy for accessing global markets outlined. In the world of business, there are certain constants that exist throughout. One the most important factors being the overall environment itself. The term Business Environment is pretty self-explanatory, and means exactly what it sounds like. The Business Environment is simply a set of different conditions and variable that dictates the nature of the current business environment. The role of business becomes an important factor in determining the flow of this current environment. Business, whether it is large or small scale, is the heartbeat of any economy. Companies that primarily focus on profit margins and financial rewards differ from those that business models consist of mission statements usually geared toward promoting the “greater good”. For-profit and non-profit organizations both play vitals roles in the fluency of the economy’s welfare overall. Behind every economy lies a set of governing rules that work as guidelines to that economy. The United...
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...will explain the role, advantages and disadvantages of business in the economy The Role of Business in the economy is the main component because our economy is capitalistic. Business is in every sector of the market. Everything that is thought of that relates the economy is business. For example retail, services, agriculture, manufacturing, health care, even political campaigning all involves business. Without business, humans would have to completely fend for themselves for absolutely everything. This is why people create trade with each other. Instead of having to provide ourselves with everything, we can focus on producing one product or expertise. We can then specialize in that product or expertise to make it the best in the market and then sell it for a profit. In business the Factors of Production or natural Resources which includes all in puts that offer value in their natural state, such as land, fresh water, wind, and mineral deposits. Capital which includes machines, tools, buildings, information, and technology, the synthetic resources that a business needs to produce goods or services, Human Resources this factor encompasses the physical, intellectual, and creative contributions of everyone who works within an economy. Lastly Entrepreneurships in which entrepreneurs are people who take the risk of launching and operating their own business, largely in response to the profit incentive. The key dimensions of the business environment are business, profit, less, and entrepreneurs...
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...100 11/4/2012 Before you describe the role of business you have to know the meaning of business. “A business is any activity that provides goods and services in an effort to earn a profit,” (Kelly/McGowan, p. 3). “Goods are tangible products and services are intangible products,” states McGowan. Business is the management and coordination of people and resources to accomplish particular production goals, usually for the purpose of profits. McGowan states, “From a bigger picture perspective, business drives up the standard of living for people worldwide, contributing to a higher quality of life.” The role of business plays in the economy and its influence on your standard of living, imagine a world in which you personally had to produce everything you consume. “You would have to grow your own food, sew your own clothes, cook all of your meals, and build our own car, computer, cell phone, houses, and furniture,”(BUS 100). The economies depend upon the employment provided by big and small business and produce the goods and provide the services to businesses. Businesses are the growth engines of the most successful economy. They do not only create wealth for their owners, but also benefits everyone around the business. A healthy business atmosphere drives up the standard of living for people worldwide, causal to a higher quality of life. Many businesses play a major role in supporting charities and businesses play a vital role in the economy by producing goods and services...
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...BUSINESS 100 28 APRIL, 2012 ABSTRACT This paper is going to describe the business environment in the world today explaining the role of business in the economy, for-profit and non-profit organizations, fiscal and monetary policies, accessing the global market, and social responsibility to a stakeholder group. Although there are many different types of businesses in the world today, they all hold the same functions in the economy; to use the factors or production in the best possible way to reach a certain market supplying goods and services to an economy in search of profit. I used the Business 100 book along with credited sources to get information for this paper. My methods for finding information came from chapters one through four in the Business 100 book and searching key words on the internet. I concluded that the role of business in the economy is very important to how an economy progresses or declines. Business does this by operating by fiscal and monetary policy in the country and accessing global markets in search of new outlets worldwide all while pleasing the stakeholders in every category. Inside every economy there are factors that participate in how that economy succeeds or fails. Business is one factor that plays a major role in any economy. Without business there essentially is no economy. Whether it is for profit or non-profit, business can contribute to an economy’s development with the factors of production, adapting to fiscal and monetary policy, accessing...
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...Liam Mulloy 11445008 (one-term Student) Business in Society, Assignment 2, due 02/01/2014 Andrew O’Regan “The John Hopkins International Comparative Non-profit Sector Project has provided important data on the non-profit sector internationally. How has this data informed the development of theories of the non-profit sector?” Introduction The non-profit sector is essentially that part of social activity undertaken by non-governmental and non-profit organisations. Also known as the civil sector, public sector, voluntary sector or the third sector, this part of the economy is gone largely unnoticed but since the 1970s has become under investigation from scholars and economists alike who realised the sector’s large economic contributions. The industry subsequently began to expand; “Prompted by dissatisfaction with the cost and effectiveness of exclusive reliance on government to address the social welfare and developmental challenges of our time, efforts have been launched to find alternative ways to respond”. (Anheier and Salamon, 1992) Seemingly, citizens felt they could no longer rely on the government to neither solve their problems nor provide essentials. Accordingly this shifted the focus of attention to the emerging voluntary sector, which had long contributed to the alleviation of social problems on a global scale, but had long been overlooked in scholarly and economic analyses. Thus the third sector began to grow and became institutionalized in university based...
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