intro to business management

What is the aim of business economics?

To learn how businesses work.

What defines a business organization?

An organization is considered a business when it is independent, willing to take risks, ensures its viability through its own activities, works in a real market, and creates double value.

What is business as defined in the lecture notes?

A human activity whose basic purpose is to satisfy consumer needs while making a profit.

What are the two types of value creation in a business?

Value for the consumer and value for investors or owners.

What are economic resources?

Factors of production used to produce goods and services; they are scarce.

What are the three basic economic decisions mentioned in the lecture?

What to produce, how to produce, and for whom to produce.

What are Maslow's hierarchy of individual needs?

Self-actualization, esteem needs, belongingness and love needs, safety needs, and physiological needs.

What are the main principles of corporate management decisions?

The principle of economy, profitability, and financial balance.

Who are internal stakeholders in a company?

Owners, employees, and managers.

What does a business model consist of?

Revenue model, product type, delivery model, acquisition channel, and selling tactic.