MGMT 1 Study Guide - Comprehensive Midterm Guide: Roaring Twenties, Customer Relationship Management, Resource Depletion
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Needs to make a profit: types of businesses b. i. Services make up over 70% of u. s. economy. Types of services b. ii. 2. a. b. ii. 2. b. b. ii. 2. c. b. ii. 2. d. b. ii. 2. e. b. ii. 2. f. Take risks (money, time) to start a business. Successful entrepreneurs can make a lot of money (e. g. bill gates) b. iv. 4. c. Higher risks often go hand in hand with higher b. iv. 5. rewards. Evolution of business: evolution of business has been driven by innovation and increased productivity with shifts in employment a. i. The wealth of nations by adam smith a. ii. Declaration of independence written: 1750 1850 b. i, 1885. Crash in stock market after the roaring 20s: 1930s f. i. Total amount of money generated during a given time period: expenses b. i. Total amount of money spent during a given time e\period: profit c. i. Revenues < expenses: profits and losses are dynamic (e. g. most startups don"t generate enough revenues to cover expenses for a while. Standard of living and quality of life: standard of living a. i.
