Business Management: A Comprehensive Guide
Item 1: Functional Areas and Entrepreneurship
Functional Areas of a Company
External Functions:
- Funding: Fundraising is essential for various investments.
- Supply: Structuring the acquisition of production factors for the production process or service.
- Marketing: Placing products or services in the external market.
Internal Functions:
- Production: Transforming inputs into finished products.
- Planning and Control: Establishing objectives and goals for the company.
Definition of Entrepreneur
Knight: An agent who
Read MoreThe Role of the Public Sector and Fiscal Policy in Economic Stability
Decisions and State Intervention in the Economy
The Role of the Public Sector
Composition
The public sector comprises administrative agencies through which the State implements national policy. This includes the Legislative, Executive, Judiciary, and autonomous public bodies, institutions, companies, and individuals acting on behalf of the State. It encompasses all activities owned or controlled by the central and local government.
Role and Volume
The public sector’s role and size depend on the defined
Read MoreInternational Economic Relations and Trade: A Comprehensive Guide
International Economic Relations: Trade
The Interplay of Economics, Politics, and Social Interests
Economic decisions are never made in a vacuum. They’re always intertwined with the social and political interests of various groups and sectors, often leading to contradictions. Economics isn’t a neutral science; it reflects different perspectives and ideologies.
Economic Liberalism vs. Government Control
A central debate in economics revolves around the role of government. Should it intervene in the
Read MoreCost Accounting Basics, Objectives, and Methods
Definition and Objectives of Cost Accounting
Cost accounting, a subset of internal accounts, addresses a company’s technical-economic aspects. Its main objectives include:
- Collecting, measuring, valuing, and representing internal transactions.
- Valuing outputs from production.
- Analyzing and controlling production costs.
- Calculating the differential contribution to cost achievement.
- Providing information for management decisions.
- Determining the necessary accounts for achieving these objectives.
Specified
Read MoreKey Features of Labor and Economic Changes During Industrialization
The main features of the labor force during the early stages of industrialization were: work intensified and was subjected to greater scrutiny. The majority came from rural industry; the traditional craftsman and the peasantry were largely composed of women and children (more docile labor and cheap).
The differences that existed between subsistence and commercial agriculture in relation to forms of management included: division of large estates to smallholder farmers transferred through leasing contracts,
Read MoreThe 1973 Oil Crisis and the Rise and Fall of the Welfare State
The 1973 Oil Crisis
The 1973 oil crisis was a major factor that contributed to the economic downturn of the 1970s. Since the early 1970s, OPEC countries had been increasing oil prices. However, the most significant increase came after the 1973 Arab-Israeli War. Arab countries used oil prices as leverage against Western governments, whom they accused of supporting Israel.
The immediate consequence was a rapid rise in oil prices, which jumped from $3 to $10 per barrel in less than two months. This surge
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