BA 1100 Lecture Notes - Lecture 2: Lee Iacocca, Dry Cleaning, Oligopoly

• School: Ohio University
• Department: Business Administration
• Course: BA 1100
• Professor: Tim Reynolds

Document Summary

Services: dry cleaning, doctors checkup, basketball game, concert. Ideas: professionals generate ideas for solving problems, therapist, nutritionist, public relations, board of directors/trustees. The goal of business is to earn profit. In the end all business operations can be reduced to three words: people, products, and profits. lee iacocca. Who benefits from products: stakeholders, customers, employees, investors, government regulators, community, and society. An individual who risks/her wealth, time and effort to develop for profit an innovative product or way of doing something. The owner is primarily responsible for obtaining financial resources for the operation of the business. What are some different ways owners can obtain financing: angel investors, bank loans, crowd funding, personal funds. The study of how resources are distributed for the production of goods and services within a social system. A description of how a particular society distributes its resources to produce goods and services.