Introduction To Business: Prof. Dr. Abdel Jaroshi
Introduction To Business: Prof. Dr. Abdel Jaroshi
Introduction To Business: Prof. Dr. Abdel Jaroshi
At the conclusion of this course, students will have a better understanding of how a business operates in our modern political, social and
economic environment. Specifically, students will:
Develop a basic understanding of the free enterprise system and other types of economic systems.
Understand how business ethics apply to customers and other stakeholders in the business environment.
Understand the basic forms of business ownership.
Gain a basic understanding of international business and the complexities of operating in a global environment.
Understand the basic functions of management and the skills required of managers working with different concepts of motivation.
Be able to identify the objectives involved in Total Quality Management.
Understand how a company utilizes human resource management to recruit, train, and retain employees.
Develop an understanding of the marketing concept and the various elements of the marketing mix.
Understand how businesses acquire and use capital.
Understand the concepts of accounting and the analysis of financial statements.
COURSE CONTENTS
In general, business administration covers management principles and practices such as the following:
o Communication.
o Organizational leadership.
o Resource management: people, money, time.
o Strategic planning.
o Business-oriented computer applications.
o Financial management.
o Business ethics.
SEE YOU NEXT WEEK.
Individual
Partnership
Corporation
BUSINESS STRUCTURES (US IRS)
Sole Proprietorships
Partnerships
Corporations
S Corporations
Limited Liability Company (LLC)
SOLE PROPRIETORSHIPS
A Limited Liability Company (LLC) is a business structure allowed by state statute. Each state may use
different regulations, and you should check with your state if you are interested in starting a Limited
Liability Company.
Owners of an LLC are called members. Most states do not restrict ownership, and so members may
include individuals, corporations, other LLCs and foreign entities. There is no maximum number of
members. Most states also permit “single-member” LLCs, those having only one owner.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your
state’s requirements and the federal tax regulations for further information. There are special rules for
foreign LLCs.
OWNERSHIP
OWNERSHIP
FORMATION STRUCTURE
SEE YOU NEXT WEEK.
Definition:
An organized way in which a state or nation allocates its resources
and apportions goods and services in the national community.
http://www.businessdictionary.com/definition/economic-system.html
ECONOMIC SYSTEM
Definition:
An economic system is an organized way in which a country allocates
resources and distributes goods and services across the whole nation or a
given geographic area. It is includes the combination of several institutions,
entities, agencies, decision-making processes and patterns of consumption
that make up the economic structure of a specific community. Hence it is a
type of social system.
An economic system defines how all the entities in an economy interact.
Defining them today is much more complicated than it used to be. Ancient
systems were relatively simple – trade was carried out using barter and there
were very few treaties and rules of engagement.
https://marketbusinessnews.com/financial-glossary/economic-system-definition-meaning/
ECONOMIC SYSTEM
4 TYPES OF ECONOMIC SYSTEMS
More Reading:
https://quickonomics.com/four-types-economic-systems/
1) TRADITIONAL ECONOMIC SYSTEM
A market economic system relies on free markets and does not allow
any kind of government involvement in the economy. In this system, the
government does not control any resources or other relevant economic
segments. Instead, the entire system is regulated by the people and the
law of supply and demand.
The market economic system is a theoretical concept. That means, there is no
real example of a pure market economy in the real world. The reason for this
is that all economies we know of show characteristics of at least some kind of
government interference. For example, many governments pass laws to
regulate monopolies or to ensure fair trade and so on.
4) MIXED ECONOMIC SYSTEM
OPTION 1
Multiple Choice Questions