The Business Environment
How do different economies work?
- Explain the concept of competition
Objectives
a. Define the following terms: competition, direct competition, indirect competition, price competition,
nonprice competition, monopoly, oligopoly, perfect competition, and regulated monopolies.
b. Cite examples of direct competition.
c. Cite examples of indirect competition.
d. List examples of price competition.
e. List examples of nonprice competition.
f. Distinguish among market structures of businesses.
g. Describe characteristics of pure competition.
h. Explain characteristics of pure monopoly.
i. Discuss characteristics of monopolistic competition.
j. Describe characteristics of oligopolies.
k. Describe government legislation affecting competition.
l. Explain ways that competition affects producers.
m. Describe how consumers benefit from competition.
n. Explain how our society benefits from competition.
o. Support the need for competition in a private enterprise economy.
a. Define the following terms: competition, direct competition, indirect competition, price competition,
nonprice competition, monopoly, oligopoly, perfect competition, and regulated monopolies.
b. Cite examples of direct competition.
c. Cite examples of indirect competition.
d. List examples of price competition.
e. List examples of nonprice competition.
f. Distinguish among market structures of businesses.
g. Describe characteristics of pure competition.
h. Explain characteristics of pure monopoly.
i. Discuss characteristics of monopolistic competition.
j. Describe characteristics of oligopolies.
k. Describe government legislation affecting competition.
l. Explain ways that competition affects producers.
m. Describe how consumers benefit from competition.
n. Explain how our society benefits from competition.
o. Support the need for competition in a private enterprise economy.
Reference Websites
Competition
Market structures
Monopolistic competition
Monopoly
Oligopoly
Perfect competition
Video and quiz: Competition and market structure
Competition
Market structures
Monopolistic competition
Monopoly
Oligopoly
Perfect competition
Video and quiz: Competition and market structure
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Episode 25: Market structure
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Monopolies, oligopolies, and perfect competition
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Ethics Case - Riley
Two large companies are considering a merger. Riley is in charge of analyzing the effects of the merger on competition in the industry. Because there aren’t many competitors in the industry, Riley determines that competition will decrease, and the new merged company will have lots of flexibility to adjust prices as it sees fit. Riley knows that this merger might hurt customers, even
though it will likely benefit both companies.
Create a GOOGLE DOC & UPLOAD answer to Google Classroom.
(Ethical Principles Involved: Integrity, Accountability, Fairness, Rule of Law, Viability)
Two large companies are considering a merger. Riley is in charge of analyzing the effects of the merger on competition in the industry. Because there aren’t many competitors in the industry, Riley determines that competition will decrease, and the new merged company will have lots of flexibility to adjust prices as it sees fit. Riley knows that this merger might hurt customers, even
though it will likely benefit both companies.
Create a GOOGLE DOC & UPLOAD answer to Google Classroom.
- What should Riley do?
- Should he voice these concerns to top executives?
- Or should he focus on the benefits of the merger rather than the possible negative consequences?
(Ethical Principles Involved: Integrity, Accountability, Fairness, Rule of Law, Viability)
Activity - MONOPOLY
Analyze current (e.g., Microsoft or Walmart) or historical (e.g., Standard Oil) cases in which large companies engaged in practices that eliminated or reduced competition. Identify the business’s market structure. Discuss what might happen to customers, to efficiency of production, and to the price of the goods and services that are being produced if competition is eliminated or diminished.
Create a GOOGLE DOC & UPLOAD answer to Google Classroom.
Analyze current (e.g., Microsoft or Walmart) or historical (e.g., Standard Oil) cases in which large companies engaged in practices that eliminated or reduced competition. Identify the business’s market structure. Discuss what might happen to customers, to efficiency of production, and to the price of the goods and services that are being produced if competition is eliminated or diminished.
Create a GOOGLE DOC & UPLOAD answer to Google Classroom.
Business Activities
How do businesses function?
- Describe types of business activities (CS)
Objectives
a. Define the following terms: business, accounting, customer relations, finance, human resources
management, information management, management, marketing, operations, and production.
b. Identify types of primary business activities.
c. Explain the importance of primary business activities.
d. Explain the interrelationship of business activities.
a. Define the following terms: business, accounting, customer relations, finance, human resources
management, information management, management, marketing, operations, and production.
b. Identify types of primary business activities.
c. Explain the importance of primary business activities.
d. Explain the interrelationship of business activities.
| week_17_bme.pdf |
References
All about marketing
All about management
The basics of management and managers
What is accounting?
What is marketing?
What is the human resource department?
Operating activities
What is customer relations?
What is a production function?
All about marketing
All about management
The basics of management and managers
What is accounting?
What is marketing?
What is the human resource department?
Operating activities
What is customer relations?
What is a production function?
Operating, investing, and financing
Activity - YOUR BUSINESS
Select a business that YOU would like to start. You will present on the primary business activities and present on the role and impact of these activities in its business.
Select a business that YOU would like to start. You will present on the primary business activities and present on the role and impact of these activities in its business.
- Title Slide
- Pick 4 (You will have a slide for each)- Accounting, Finance, Marketing, Human Resources Management, Information Management, Operations, and Management.
- Closing Slide
- You may work alone or with ONE partner.
- Total of 6 slides. 5 points each slide. 30 points
- Upload presentation to Google Classroom.
- Each person in group will present for 1 minute. 50 points
- FBLA dress code. 20 points