12 Questions
Businesses need a specific set of goals and objectives to follow, derived from the organizational vision and mission. These decisions directly impact commerce and a firm’s ability to ______ or ______.
succeed, fail
A businesses’ vision statement is a description of what an organization hopes to accomplish long-term, generally in a two-to-ten-year timeline. The mission statement defines the type of business an institution is in, why it exists, and the purpose it serves. This helps in setting clear ______ and ______ for the organization.
goals, objectives
Comparing the characteristics of global economic systems is important in the global marketplace to understand the ______ and ______ of different economies.
strengths, weaknesses
The dynamic business environment impacts institutions by requiring them to adapt to changes quickly and efficiently to remain ______ in the market.
competitive
For-profit organizations tend to have more ______ than other entities, but have greater upside (reward) too.
risk
Tesla aims to earn revenues and is therefore referred to as a ______ firm.
for-profit
Higher risk can equal higher ______.
return
Government Business Enterprises (GBEs) are hybrid organizations that have both features of a ______ and a public institution.
business
A country’s structure that encompasses laws, policies, and procedures that have been set up by the government is its...a) Economic system b) Economy c) Policies d) ______
Procedures
Which of the following is an entity or activity that conducts unified sets of tasks and assets, and which can be managed with the intent of creating products or services for clients, investment income generation, or income generation from other typical tasks?a) Not-for-profit b) Business c) ______ d) ROI (return on investment)
Accounting
What economic system is predominantly run by the government and uses a centralized system?a) Capitalism b) Socialism c) ______ d) Mixed economy
Communism
HTTPS://WWW.YOUTUBE.COM/WATCH?V=Q1YW7TCHSC8 TRANSFER TASK PRESENTATION OF THE RESULTS Please present your results.The results will be discussed in plenary.LEARNING CONTROL QUESTIONS 1.Which of the following is an entity or activity that conducts unified sets of tasks and assets, and which can be managed with the intent of creating products or services for clients, investment income generation, or income generation from other typical tasks?a) Not-for-profit b) Business c) Accounting d) ROI (return on investment) LEARNING CONTROL QUESTIONS 2.A country’s structure that encompasses laws, policies, and procedures that have been set up by the government is its...a) Economic system b) Economy c) Policies d) Procedures LEARNING CONTROL QUESTIONS 3.What economic system is predominantly run by the government and uses a centralized system?a) Capitalism b) Socialism c) Communism d) Mixed economy LIST OF SOURCES Corporate Finance Institute (n.d.-a).Mission statement.https://corporatefinanceinstitute.com/resources/knowledge/strategy/mission-statement/ Corporate Finance Institute (n.d.-b).Vision statement.https://corporatefinanceinstitute.com/resources/knowledge/strategy/vision-statement/ NASDAQ Stock Exchange (2022).Tesla Inc.https://www.google.com/finance/quote/TL0:ETR?sa=X&ved=2ahUKEwiv4IS-mbH2AhWsk4kEHZSmBl8Q3ecFegQIERAc Tesla (2021).About Tesla.https://www.tesla.com/about/ © 2022 IU Internationale Hochschule GmbH This content is protected by copyright.All rights reserved.
Global economic systems
Study Notes
Business Goals and Objectives
- A business' vision statement outlines its long-term goals, typically within a 2-10 year timeline.
- A mission statement defines the type of business, its purpose, and the type of products or services it offers.
Characteristics of Global Economic Systems
- Understanding the characteristics of different economic systems is crucial in the global marketplace.
- Comparing economic systems helps in identifying the strengths and weaknesses of different economies.
Types of Organizations
- For-profit organizations have more flexibility but also higher risk, which can lead to higher rewards.
- Tesla is an example of a for-profit organization, aiming to earn revenues.
- Government Business Enterprises (GBEs) are hybrid organizations that combine features of private and public institutions.
Definition of Key Terms
- A business is an entity or activity that conducts unified sets of tasks and assets, managed to create products or services for clients, or generate income.
- An economic system refers to a country's structure, encompassing laws, policies, and procedures set up by the government.
Economic Systems
- Communism is an economic system predominantly run by the government and uses a centralized system.
- Socialism, capitalism, and mixed economy are other types of economic systems.
Test your knowledge on common business concepts in the global marketplace, economic business models, and the impact of the dynamic business environment on institutions. Study goals include understanding the importance of clearly defined goals, comparing global economic systems, and describing today's dynamic business environment.
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