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Seven Eras of Business History

This document provides an overview of key business concepts including the factors of production, private enterprise system, history of business, today's workforce, the role of managers, and what makes an admired company. It discusses the four factors of production as natural resources, capital, human resources, and entrepreneurship. It also defines private enterprise/capitalism as an economic system that rewards firms for identifying and serving customer needs and defines competition and competitive differentiation.

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Muhammad Arslan Qadir
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10 views12 pages

Seven Eras of Business History

This document provides an overview of key business concepts including the factors of production, private enterprise system, history of business, today's workforce, the role of managers, and what makes an admired company. It discusses the four factors of production as natural resources, capital, human resources, and entrepreneurship. It also defines private enterprise/capitalism as an economic system that rewards firms for identifying and serving customer needs and defines competition and competitive differentiation.

Uploaded by

Muhammad Arslan Qadir
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

The Changing Face of Business

Learning Objectives

 Introduction to Business
 Factor of Production
 Private Enterprise System
 Seven Eras in the History of Business
 Today’s Business Workforce
 The 21st-Century Manager
 What Makes a Company Admired
Introduction to Business

 business all profit-seeking activities and enterprises that provide goods and
services necessary to an economic system.

 profits rewards earned by business people who take the risks involved in
blending people, technology, and information to create and market want-satisfying
goods and services.

 Not-for-profit organizations business like establishments that have primary


objectives other than returning profits to their owners.
Factors of Production

 Natural resources

 Capital

 Human resources

 Entrepreneurship
Factors of Production (cont.)

 Natural resources
All production inputs that are useful in their natural states, including agricultural land,
building sites, forests, and mineral deposits.

 Capital
Includes technology, tools, information, and physical facilities.
Factors of Production (cont.)

 Human resources
Include anyone who works, including both the physical labor and the intellectual
inputs contributed by workers.

 Entrepreneurship
willingness to take risks to create and operate a business. An entrepreneur is someone
who sees a potentially profitable opportunity and then devises a plan to achieve
success in the marketplace and earn those profits.
The Private Enterprise System

 Private enterprise system economic system that rewards firms for


their ability to identify and serve the needs and demands of
customers.

 capitalism economic system that rewards firms for their ability to


perceive and serve the needs and demands of consumers; also
called the private enterprise system.
The Private Enterprise System cont.

 Competition battle
among businesses for consumer acceptance.

 competitive differentiation
unique combination of organizational abilities, products, and
approaches that sets a company apart from competitors in the minds
of customers.
Seven Eras in the History of Business
Today’s Business Workforce

 Population
 Work Diversity
 Outsourcing
 Offshoring
 Near-shoring
 Flexibility
 Innovation through Collaboration
The 21st-Century Manager

 Critical-thinking

 Creativity

 Ability to lead change

 Vision
What Makes a Company Admired?

 Solid Profits
 Stable Growth
 Safe and challenging work environment
 high-quality goods and services
 business ethics
 social responsibility

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