1、Chapter 11. Define business and profitsBusiness- An organization that provides goods and services to earn profits Profits: The positive difference between revenues and expenses rewards for businesspeople who take the risks2. Distinguish between business and not-for-profit organizations Business cons

2、ists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. entpraz 事業，項目 Not-for-profit organizations are business like establishments (機構;團體;企業) that have primary objectives other than returning profits to their owners. It operates in both

3、 public service and private sector (部門，行業，領域).3. Identify the factors of production. Labor, capital, entrepreneurs (ntrprn:(r) 企業家), physical resources, information resources. 4. Global economic systemsPlanned economy, market economy and mixed economies Planned Economy: An economic system in which t

4、he government owns and operates all sources of production Market Economy: An economic system in which buyers and sellers interact (ntrkt 相互作用； 互相影響) based on freedom of choice Mixed Economies: Planned and Market The economies of most countries include both planned and market elements.5. Distinguish

5、between microeconomics and macroeconomics. Microeconomics微觀經濟學study of small economic units, such as individual consumers, families, and businesses. For example, demand &supply, consumer choices.Macroeconomics宏觀經濟學study of a nations overall economic issues, such as how an economy maintains and alloc

6、ates resources and how government policies affect the standards of living of its citizens. For example, GDP.6. Explain the factors that drive demand and supply.(1)Factors Driving Demand 1) Price 2)Customer preferences and income 3) Prices of substitute (sbsttju:t 替代的) and complementary （kmplmentri 互

7、補的）items 4) Number of buyers in the market 5) Consumers optimism about the future.（2）Factors Driving Supply factors of production (Central role in determining the overall supply of goods and services is played by factors of production.) Other factors like taxes and the number of suppliers will also

8、influence the supply.7. Describe each of the four different types of market structures in a private enterprise system.Pure competition，monopolistic mnplistik competition(壟斷性競爭)，oligopoly( lgpl 寡頭, 求過于供的市場情況) and monopoly ( mnpl 壟斷)Pure competition exists when all firms in an industry are small and t

9、he number of firms is large. Prices are determined by market forces as supply and demand.In monopolistic competition, many sellers try to make their products at lease seem to be different from those of competitors. Product differentiation gives sellers some control over prices.When an industry has o

10、nly a handful of sellers, an oligopoly exists. The entry of new competitors is hard. And the prices of comparable products are usually similar.A monopoly exists when an industry or market has only one producer. A sole supplier enjoys nearly complete control over the prices of its products. 8. Identi

11、fy and describe the four stages of the business cycle. Prosperity, 繁榮； recession 衰退； depression 蕭條； recovery 復蘇prspert rsen dpren9. Explain how productivity, price-level changes, and employment levels affect the stability of a nations economy.10. Discuss how monetary policy and fiscal policy are use

12、d to manage an economys performance. Monetary Policy 貨幣政策government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers willingness to make loans.Fiscal Policy 財政政策Government influences economy by spending and taxation decisions. G

13、overnment uses fiscal policy to control inflations (nflen 通貨膨脹), reduce unemployment, improve the general welfare of citizens, and encourage economic growth. Chapter 21. Explain the concepts of business ethics and social responsibility.Business ethics are standards of business conduct and moral valu

14、es by employees on the jobSocial responsibility refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social environments. 2. Describe the factors that influence business ethics, at individual, organizational, legal, societal leve

15、lsIndividual: values, work background, family status, personalityOrganizational: Top Level Mgmt. Philosophy, the Firms Reward System, Job DimensionsEnvironmental: Competition, economic conditions, social/cultural institutions3. List the stages in the development of ethical standards. Stage 1: Precon

16、ventional Individual is mainly looking out for his or her interest. Rules are followed only out of fear of punishment or hope of reward. Stage 2: Conventional Individual considers the interests and expectations of others in making decisions. Rules are rules are followed because it is a part of belon

17、g to the groups.Stage 3: postconventional Individual follows personal principles for resolving ethical dilemmas. He or she considers personal, group and social interests.4. Identify common ethical dilemmas in the workplace.Conflict of interest, honesty and integrity(正直), loyalty VS truth, whistle-bl

18、owing(揭發).5. Discuss how organizations shape ethical behavior.6. Summarize the responsibilities of business to the general public, customers, employees and investors.Responsibilities to the General Publica) Public Health Issuesb) Protecting the Environment Green washing: Using advertising to project

19、 a green image without substantially altering processes or products Recyclingreprocessing of used materials for reuse c) Developing the Quality of the Workforce d) Corporate Philanthropy (flnrp 慈善事業)Responsibility Toward Customers Consumer Rights, Unfair Pricing, Ethics in AdvertisingResponsibility

20、Toward EmployeesWorkplace Safety; Quality of Life Issues.Responsibility Toward InvestorsImproper financial management; Check kiting空頭; Insider trading ;Misrepresentation of finances7. Explain different stances in CSR DefensiveStance防衛立場ObstructionistStance阻礙立場bstrknstAccommodativeStance接納立場kmdetvPro

21、activeStance積極立場LowestHighestActively Avoids ResponsibilityDoes Legal MinimumResponds to RequestsActively Seeks Opportunities to ContributeChapter 31. Identify the industries in which most small firms are establishedServices, retailing(ri:tel 零售業), construction建筑業, wholesaling批發, finance and insuran

22、ce, manufacturing制造業,transportation.2. Compare the advantages and disadvantages of small businesses.Small firms can often operate with greater flexibility than larger corporations can achieve. This flexibility allows small business to develop innovative products, lower costs, provide superior custom

23、er service, and fill isolated niches. asletd 偏遠的 ntiz 商機 However, small business also must operate with fewer resources than large corporations can apply. As a result, they must suffer from financial limitations and management shortcomings. Taxes and government regulation can also impose excessive b

24、urdens on small business.3. Explain how franchising can provide opportunities for both franchisors and franchisees.（找不到） Franchisees benefit from the parent corporations experience and expertise. The franchiser may pick the store location, negotiate the lease, purchase equipment, and support financi

25、ng. Franchising offers the benefit of brand recognition, which can make it easier to attract customers and reduce the costs pf advertising as well as increase the likelihood of success. 4. Define the term entrepreneur and distinguish among entrepreneurs, small-business owners, and managers.（找不齊）Entr

26、epreneur:Businessperson who accepts the risks and opportunities of creating, operating and growing a new businessSmall Business Owner:Does not have plans for growth.5. Starting and funding a small business Starting from Scratch skrt 從零開始;從頭做起;白手起家 Disadvantage: Higher risk of business failure Advant

27、age: Avoids problems of an existing business Buying an Existing Business Some prefer not to assume the risks of starting a new firmFranchisingv Another less risky way to begin a businessa) Cf. equity financing and debt financing6. Identify three different types of entrepreneurs. 企業家 Classic entrepre

28、neursperson who sees a business opportunity and use resources to tap that market. Intrapreneurperson who develops innovations within a large organization. ntrprni: 內企業家, 內部創業者 Change Agentmanager who tries to revitalize an established firm to keep it competitive. ri:vatlaz vt. 使恢復元氣； 使新生； 使復興7. Iden

29、tify personality traits that typically characterize successful entrepreneurs. Successful entrepreneurs may have several traits, including vision, high energy level, need to achieve, self-confidence and optimism, tolerance for failure, creativity, tolerance for ambiguity, and international locus of c

30、ontrol. 1) Are resourceful and open-minded2) Are concerned about good customer relations3) Desire to be their own boss4) Can deal with uncertainty and risk5) Rely on networks, business plans, and consensus8. Summarize the three basic forms of business ownership and the advantages and disadvantages o

31、f each form.1)Sole Proprietorships ( prpratp 所有權) 個人獨資企業Disadvantages: Unlimited Liability Limited resources Limited fundraising capability Lack of continuity Advantages: Freedom Simple to form Low start up costs Tax benefits2) Partnerships合伙企業Disadvantages: Unlimited liability Disagreements among p

32、artners Lack of continuitykntnju:t 連續性;連貫性 Advantages: More talent and money More fundraising capability fndrez 籌款的 Relatively easy to form Tax benefitsDisadvantages: Double taxation Fluid control flu:d不穩定的 Complicated and expensive to form3) Corporations Advantages: Limited Liability Continuity連貫性

33、Stronger fundraising capability9. Describe recent trends in mergers合并and acquisitions收購.Mergerunion of two or more firms to form one companyAcquisitionpurchase of one company by anotherChapter 41. Understand significance of globalization (I dont know.)Globalization can make use of international sour

34、ces of factors of production.Globalization expends international markets.Globalization reduces firmsdependence on the economies of their home nations2. Discuss the relationship of absolute and comparative advantage to international trade. (I dont know.)Absolute Advantage exists when a country can pr

35、oduce something that is cheaper or higher quality than other country.Comparative Advantage exists when a country can produce more efficiently or better than other nations.Both of them translate into competitive advantage.3. Describe how nations measure international trade and the significance of exc

36、hange rates. Nations measure international trade by balance of trade, balance of payments and exchange Rates.Exchange Rates Heavily Impact Global Trade When an economys currency is strong: Domestic companies find it harder to export products Foreign companies find it easier to import products Domest

37、ic companies may move production to cheaper sites in foreign countries When an economys currency is weak: Domestic companies find it easier to export products Foreign companies find it harder to import products Foreign companies may invest in production facilities4. Identify the major barriers that

38、confront global businesses.1) Social and Cultural Differences, such as different Language, values and Religious Attitudes.2) Economic Differences, such as infrastructure, Currency Conversion and Shifts. nfrstrkt(r) 基礎設施； 基礎建設3) Political and Legal Differences, such as political climate, legal enviro

39、nment and international regulations.5. Explain how international trade organizations and economic communities reduce barriers to international trade. （不確定） Many international trade organizations promote International Trade to reduce barriers, such as World Trade Organization (WTO), World Bank, and I

40、nternational Monetary Fund Economic communities create partnerships, found free trade area, customs area and common market to reduce barriers. Such as European Union and North American Free Trade Agreement (NAFTA).6. Compare the different levels of involvement used by businesses when entering global

41、 markets. Exporters and Importers International FirmsMultinational Firms 跨國的7. Distinguish between a global business strategy and a multi-domestic business strategy. Global Business Strategies (Standardization) Offering a standardized, worldwide product and selling it in essentially the same manner

42、throughout a firms domestic and foreign markets. Multi-domestic Business Strategy (Adaptation) Developing and marketing products to serve different needs and tastes of separate national markets. Chapter 51. Summarize the major benefits of planning and distinguish among strategic planning, tactical p

43、lanning, and operational planning.Planning helps a company to turn vision into action, take advantage of opportunities, and avoid costly mistakes.Strategic Plans Steps needed to meet strategic goals; resource allocations; focus on company prioritiesTactical Plans Shorter-term plans for implementing

44、specific aspects of the companys strategic plansOperational Plans Short-term targets for daily, weekly, or monthly performance2. Explain the importance of setting goals and formulating strategies.Goal Setting: Provides direction and guidance for managers at all levels Helps firms allocate resources

45、Helps to define corporate culture Helps managers assess performanceFormulating strategies describe an organizations intentions, outline how to meet the goals, and include the responsiveness to new challenges and new needs. 3. Process of strategic planning.Step 1:Setting Strategic Goals Strategic goa

46、ls are derived from a firms mission statementStep 2:Analyzing the Organization and the Environment: SWOT Analysis Assessing internal strengths and weaknesses and external opportunities and threats Environmental analysis Organizational analysisStep 3:Matching the Organization and Its Environment Matc

47、hing environmental threats and opportunities against corporate strengths and weaknesses4. Discuss conditions that encourage opportunities for entrepreneurs.5. Identify types of managers by level and area.(見另一份)by level：top managers, middle managers, supervisory managers(first-line managers)by area:

48、human resources managers, operation managers, marketing managers, information managers, financial managers and other managers.6. Describe the basic management skills. Technical skillsability to understand and apply the techniques, knowledge, and tools and equipment of a specific discipline or depart

49、ment Human skillsinterpersonal skills that enable a manager to work effectively with and through people Conceptual skills knseptul adj. 觀念的，概念的ability to see the organization as a unified whole and to understand how each part of the overall organization interacts with other partsDecision-Making Skil

50、lsTime-Management Skills7. Describe 3 types of leadership styles and how to choose the proper one Transactional leadership 交易型領導 Transformational leadership變革型領導 Charismatic leadership 魅力型領導8. Explain the development and importance of corporate culture. Corporate Culture Shared experiences, stories, beliefs, and norms that characterize an organization Defines the work and business climate in an organization Culture takes time and effort to form and once formed, it is re