1、Chapter 1 1. Define business and profits Business-----An organization that provides goods or services to earn profits Profits: The positive difference between a business’s revenues and its expenses Ü rewards for businesspeople who take the risks 2、 Distinguish between business and not-for-pr
2、ofit organizations • Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system、 ['entəpraɪz] 事业,项目 Not-for-profit organizations are business like establishments (机构;团体;企业) that have primary objectives other than returning
3、 profits to their owners、 It operates in both public service and private sector (部门,行业,领域)、 3、 Identify the factors of production、 Labor, capital, entrepreneurs ([ˌɒntrəprə'nɜ:(r)] 企业家), physical resources, information resources、 4、 Global economic systems Planned economy, market economy and
4、 mixed economies • Planned Economy: Ø An economic system in which the government owns and operates all sources of production • Market Economy: Ø An economic system in which buyers and sellers interact ([ˌɪntər'ækt] 相互作用; 互相影响) based on freedom of choice Mixed Economies: Planned and Market
5、 • The economies of most countries include both planned and market elements、 5. Explain the factors that drive demand and supply、 (1)Factors Driving Demand 1) Price 2) Customer preferences and ine 3)Prices of substitute (['sʌbstɪtju:t] 替代得) and plementary ([ˌkɒmplɪˈmentri] 互补得)items
6、 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
7、 will also influence the supply、 6. Describe each of the four different types of market structures in a private enterprise system、 Perfect petition,monopolistic [məˌnɔpəˈlistik] petition(垄断性竞争),oligopoly( [ˌɒlɪ'gɒpəlɪ] 寡头, 求过于供得市场情况) and monopoly ( [mə'nɒpəlɪ] 垄断) Perfect petition exists when all
8、 firms in an industry are small and the number of firms is large、 Prices are determined by market forces as supply and demand、 In monopolistic petition, many sellers try to make their products at lease seem to be different from those of petitors、 Product differentiation gives sellers some control o
9、ver prices、 When an industry has only a handful of sellers, an oligopoly exists、 The entry of new petitors is hard、 And the prices of parable products are usually similar、 A monopoly exists when an industry or market has only one producer、 A sole supplier enjoys nearly plete control over the price
10、s of its products、 Characteristic Perfect petition Monopolistic petition Oligopoly Monopoly Example Local farmer Stationery store Steel industry Public utility Number of petitors Many Many, but fewer than in perfect petition few none Ease of entry into the industry Relatively easy
11、Fairly easy difficult Regulated by government Similarity of goods/services offered by peting firms Identical Similar Can be similar or different No directly peting goods or services Level of control over price by individual firms None Some Some Considerable 7. Identify and describe the
12、four stages of the business cycle、 Prosperity, 繁荣; recession 衰退; depression 萧条; recovery 复苏 [prɒ'sperətɪ] [rɪˈseʃn] [dɪ'preʃn] 8. Explain how productivity, price-level changes, and employment levels affect the stability of a nation’s economy、 9. Discuss how monetar
13、y policy and fiscal policy are used to manage an economy’s performance、 Monetary Policy 货币政策 government actions to increase or decrease the money supply and change banking requirements and interest rates to influence banker’s willingness to make loans、 Fiscal Policy 财政政策 Government influences
14、economy by spending and taxation decisions、 Government uses fiscal policy to control inflations ([ɪn'fleɪʃn] 通货膨胀), reduce unemployment, improve the general welfare of citizens, and encourage economic growth、 Chapter 2 1、 Explain the concepts of business ethics and social responsibility、 Busines
15、s ethics are standards of business conduct and moral values by employees on the job Social responsibility refers to the overall way in which a business attempts to balance its mitments to relevant groups and individuals in its social environments、 2. Describe the factors that influence business e
16、thics, at individual, organizational, legal, societal levels Individual: values, work background, family status, personality Organizational: Top Level Mgmt、 Philosophy, the Firm’s Reward System, Job Dimensions Environmental: petition, economic conditions, social/cultural institutions 3、 List the
17、 stages in the development of ethical standards、 Stage 1: Preconventional 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
18、 others in making decisions、 Rules are rules are followed because it is a part of belong 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 mon ethical dilemmas
19、in the workplace、 Conflict of interest, honesty and integrity(正直), loyalty VS truth, whistle-blowing(揭发)、 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
20、Public a) Public Health Issues b) Protecting the Environment Green washing: Using advertising to project a green image without substantially altering processes or products Recycling—reprocessing of used materials for reuse c) Developing the Quality of the Workforce d) Corporate Phi
21、lanthropy ([fɪ'lænθrəpɪ] 慈善事业) Responsibility Toward Customers Consumer Rights, Unfair Pricing, Ethics in Advertising Responsibility Toward Employees Workplace Safety; Quality of Life Issues……、 Responsibility Toward Investors Improper financial management; Check kiting空头; Insider trading ;
22、Misrepresentation of finances 7. Explain different stances in CSR Defensive Stance 防卫立场 Obstructionist Stance 阻碍立场 Acmodative Stance 接纳立场 Proactive Stance 积极立场 Lowest Highest Actively Avoids Responsibility Does Legal Minimum Responds to Requests Actively Seeks Opportunities to Co
23、ntribute Chapter 3 1. Identify the industries in which most small firms are established Services服务业, retailing零售业, construction建筑业, wholesaling批发, finance and insurance金融保险, manufacturing制造业,transportation运输、 2、 pare the advantages and disadvantages of small businesses、 Small firms can often
24、operate with greater flexibility than larger corporations can achieve、 This flexibility allows small business to develop innovative products, lower costs, provide superior customer service, and fill isolated niches、 ['aɪsəleɪtɪd] 偏远得 [nɪtʃiz] 商机 However, small business also must operate with fewer
25、resources than large corporations can apply、 As a result, they must suffer from financial limitations and management shortings、 Taxes and government regulation can also impose excessive burdens on small business、 3、 Explain how franchising can provide opportunities for both franchisors and franchis
26、ees(被特许人)、 Franchisees benefit from the parent corporations' experience and expertise、 The franchiser may pick the store location, negotiate the lease, purchase equipment, and support financing、 Franchising offers the benefit of brand recognition, which can make it easier to attract customers
27、 and reduce the costs of advertising as well as increase the likelihood of success、 4. Define the term entrepreneur and distinguish among entrepreneurs, small-business owners, and managers、 Entrepreneur: Businessperson who accepts the risks and opportunities involved in creating, operating a
28、nd growing a new business Small Business Owner: Does not have plans for growth、 5. Starting and funding a small business • Starting from Scratch [skrætʃ] 从零开始;从头做起;白手起家 Ø Disadvantage: Higher risk of business failure Ø Advantage: Avoids problems of an existing business • Buying an Existing
29、 Business Ø Some prefer not to assume the risks of starting a new firm Franchising v Another less risky way to begin a business a) Cf、 equity financing and debt financing 6. Identify three different types of entrepreneurs、 企业家 • Classic entrepreneurs—person who sees a business opportunity and
30、use resources to tap that market、 • Intrapreneur—person who develops innovations within a large organization、 [ɪntræprə'ni:ɜ:] 公司内企业家, 内部创业者 • Change Agent—manager who tries to revitalize an established firm to keep it petitive、 [ˌri:'vaɪtəlaɪz] vt、 使恢复元气; 使新生; 使复兴 7. Identify personality traits
31、 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(含糊), and international locus of control、 1) Are r
32、esourceful and open-minded足智多谋,心胸开阔 2) Are concerned about good customer relations良好顾客关系 3) Desire to be their own boss 4) Can deal with uncertainty and risk 5) Rely on networks, business plans, and consensus(共识) 8. Summarize the three basic forms of business ownership and the advantages and di
33、sadvantages of each form、 1)Sole Proprietorships (所有权) 个人独资企业 Disadvantages: • Unlimited Liability(major drawback) • Limited resources • Limited fundraising capability(有限得融资能力) • Lack of continuity Advantages: • Freedom • Simple to form • Low start up cos
34、ts • Tax benefits • Don’t have to share the profits 2) Partnerships合伙企业 In most cases, partners share the profits equally or in proportion to their investment、 Silent partner: invest funds but play no role in its management Disadvantages: • Unlimited liability • Disagreements among partner
35、s • Lack of continuity • Ownership transfer Sweat equity: invest nothing but provide all the labor Advantages: • More talent and money(the most striking) • More fundraising capability ['fʌndˌreɪzɪŋ] 筹款得 • Relatively easy to form • Limited liability for limited partners • Tax benefi
36、ts 3)cooperatives bine the freedom of sole proprietorships with the financial power of corporations Ø parative Summary: Three Forms of Business Business form liability Continuity Management Sources of investment Proprietorship Personal, unlimited Ends with death or decision of owner P
37、ersonal, unrestricted Personal General partnership Personal, unlimited Ends with death or decision of any partner Unrestricted or depends on partnership agreement Personal by partners Corporation Capital, invested As stated in charter, perpetual or for specified period of years Under co
38、ntrol of board of directors, which is selected by stockholders Purchase of stock 最大得区别:就是否具有法人资质(entity) Disadvantages: • Double taxation • Fluid control ['flu:ɪd]不稳定得 • plicated and expensive to form 4)Corporations Advantages: • Limited Liability • Continuity连贯性 • Stronger fundrais
39、ing capability 9. Type of Corporations Type Distinguishing Features Closely held Stock held by only a few people Subject to corporate taxation Publicly held Stock widely held among many investors Subject to corporate taxation Subchapter S Organized much like a closely held corporation
40、 Subject to additional regulation Subject to partnership taxation Limited liability Organized much like a publicly held corporation Subject to additional regulation Subject to partnership taxation Professional Subject to partnership taxation Limited business liability Unlimited business
41、liability Multinational Spans national boundaries Subject to regulation in multiple countries 10、Describe recent trends in mergers合并and acquisitions收购、 Merger—union of two or more firms to form a new pany Acquisition—purchase of one pany by another Chapter 4 1. Understand significance of
42、 globalization Globalization can make use of international sources of factors of production、 Globalization expends international markets、 The potential for higher standards of living and improved business profitability、 Globalization reduces firms’dependence on the economies of their home nation
43、s 2. Discuss the relationship of absolute and parative advantage to international trade、 (I don’t know、) Absolute Advantage exists when a country can produce something that is cheaper or higher quality than other country、 parative Advantage exists when a country can produce more efficiently or be
44、tter than other nations、 Both of them translate into petitive advantage、 3. Describe how nations measure international trade and the significance of exchange rates、 Nations measure international trade by balance of trade, balance of payments and exchange Rates、 Exchange Rates Heavily Impact Glo
45、bal Trade • When an economy’s currency is strong: Ø Domestic panies find it harder to export products Ø Foreign panies find it easier to export products Ø Domestic panies may move production to cheaper sites in foreign countries • When an economy’s currency is weak: Ø Domestic panies find it e
46、asier to export products Ø Foreign panies find it harder to export products Ø Foreign panies may invest in production facilities Euro mon currency shared among most of the members of the European Union (excluding Denmark, Sweden, and the United Kingdom) Absolute advantage ability to produce some
47、thing cheaper and/or higher quality than any other country parative advantage ability to produce more efficiently or better than other nations National petitive advantage international petitive advantage stemming from a bination of factor conditions, demand conditions, related and supporting indus
48、tries, and firm strategies, structures, and rivalries、 Factor conditions: labor capital entrepreneurs physical resources and information resources Demand conditions : reflect a large domestic consumer base that promotes strong demand for innovative products Related and supporting industries : st
49、rong local or regional suppliers and/or industrial customers Strategies, structures, and rivalries: firms and industries that stress cost reduction, product quality, higher productivity, and innovative products、 International business management Going international: gauging international demand;
50、adapting to customer needs; outsourcing and off-shoring Level of international involvement : exporters and importers; international firms; multinational firms Outsourcing: practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services






