BM

________= maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits.

An ________= group of activities carried out by a human community relating to the production and distribution of wealth (money)

________: One- man businesses usually engage in trade, manufacturing or commerce business and have no legal personality, this legal structure is often chosen by young entrepreneurs wanting to establish a small business on their own.

The __________ are labour (employment), land /nature and capital.

________ can sometimes improve the outcome of the market.

________: deals with aggregate economic quantities such as the level of growth of national output, the evolution of employment or inflation.

________: two or more natural persons who together form a corporation to run a trade, manufacturing, or other commercial business.

________: The service relevant resources are assigned for service delivery during a definiteperiod in time.

________: studies the behaviour of individual economic units … that play a role in the functioning of the economy.

______________: a corporation with a legal entity whose liabilities are covered exclusively by its own assets.

________ is a secured right to produce (or sell) a particular good (under a particular.

A(n) ________ is the network of organizations and the value producing activities involved in the production and delivery of an offering.

________: include both production and exchange, the production involves the provision of services that are consumed exchange involves trade, transport and communication facilities that are used to overcome distance.

________: the elimination of a craving or a desire to seek relief from a perceived or real depravation.

________ Best practices: Moral Obligation, Sustainability, Licence to Operate Reputation.

________ are a variety of different needs which are not immediately necessary for life.

________ (Minimization): A given result achieved with the lowest possible use of resources.

________="people or groups "who are "affected "by the activities of the business, and /or can have an "influence "on the business.

Economics is about managing _______

: A firm produces economic goods

________= do more than the legal minimum required.

the elimination of a craving or a desire to seek relief from a perceived or real depravation

deciding who to work with and the nature of these relationships

needs that are necessary to secure human life

A variety of different needs which are not immediately necessary for life, the goal is to achieve or exceed a general standard of living

Feeling that something is missing

Need aligned with will to act on it

Want becomes operational in the market

A firm supplies goods to the market

A firm produces economic goods

Each individual decides when and in what order to satisfy given needs

The more individuals who want to satisfy similar needs, the greater the problem for society

Unlimited Free Eg

Limited availability (scarce) Not free Eg

Goods that can be touched Eg

goods Goods that cannot be touched Eg

Used by households (consumers)

Used by enterprises

are consumed as they are produced

The service relevant resources are assigned for service delivery during a definiteperiod in time

Product that is created by working with one or more others service, provider

Services that are are rendered and consumed during the same period of time

A service that is one-time generated, rendered and consumed and can never be exactly repeated

the amount by which the value of an article is increased at each stage of its production, exclusive of initial costs

the categories of activities within an organisation, which, together, create a product or service

Uses of Value Chain

A given result achieved with the lowest possible use of resources

Produce the maximum possible result with a given allocation of resources

studies the behaviour of individual economic units … that play a role in the functioning of the economy

deals with aggregate economic quantities such as the level of growth of national output, the evolution of employment or inflation

Effectiveness (efficiency) Promote social justice (equity)

we can distinguish between two economic systems

utilization of earths natural resources such as land, water, vegetation, raw materials and minerals

add value to natural resources by transforming raw materials into valuable products

include both production and exchange, the production involves the provision of services that are consumed exchange involves trade, transport and communication facilities that are used to overcome distance

One-man businesses usually engage in trade, manufacturing or commerce business and have no legal personality , this legal structure is often chosen by young entrepreneurs wanting to establish a small business on their own

two or more natural persons who together form a corporation to run a trade, manufacturing, or other commercial business

a company with an own legal entity formed by at least one or more individuals or companies with a predetermined capital (nominal capital)

a corporation with a legal entity whose liabilities are covered exclusively by its own assets

International Business Management 02-3

Economic (e.g. suppliers, shareholders, banks) • Social/political (e.g. government agencies) • Technological (e.g. standards agencies) • Community (e.g. local residents

mapping the power/interest matrix and ranking stakeholder

Moral Obligation, Sustainability , Licence to Operate Reputation

The two goals complement each other (They want the same thing )

Two goals have no influence on each other.

The fulfillment of one goal negatively affects the achievement of another

Stakeholder power

maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits

Stakeholders can be divided into

group of manufacturers or businesses that produce a particular kind of goods or services.

we can identify three types of “markets” where these “agents” interact.

Goods can be classified according to their use,

State intervention can sometimes improve the outcome of the market. Two main reasons

is the network of organizations and the value producing activities involved in the production and delivery of an offering.

Uses of Value System/Network :

The economic factors of production are

A market economy essentially consists of the