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Ch 7: Business Interactions with the Marketplace

About This Chapter

Watch video lessons and get information on types of business organizations and their structure. Learn about steps in decision making, along with the principle of rational choice and its applications.

Business Interactions with the Marketplace - Chapter Summary

The lessons in this chapter look at the steps in decision making, including intuitive decision making and the principle of rational choice. You'll get information on what constitutes a business organization, including structure, type and examples. Our instructors also introduce the concept of entrepreneurship and why it's important. After viewing these lessons, you should be able to:

  • Give examples of several types of business organizations
  • Explain why entrepreneurship is important to the economy
  • Relate the seven steps of decision making
  • Explain the principle of rational choice in economics
  • Analyze intuitive decision making in business and management

These lessons, taught by professionals in the field, include self-assessment quizzes that allow you to gauge your knowledge. Video tags make it easy to return to the lesson and review passages that require more attention. If you still have questions, you can contact the instructor directly for further help.

5 Lessons in Chapter 7: Business Interactions with the Marketplace
Test your knowledge with a 30-question chapter practice test
What Is a Business Organization? - Structure, Types & Examples

1. What Is a Business Organization? - Structure, Types & Examples

Want to start a business? One of the first steps is to pick its form. In this lesson, you'll learn about the primary ways businesses are organized with examples provided along the way.

Entrepreneurship & the Economy: Definition & Importance

2. Entrepreneurship & the Economy: Definition & Importance

Entrepreneurs fill a vitally important role in market economies. In this lesson, you'll learn about the importance of entrepreneurship, different types of entrepreneurs and how they add value to an economy.

The Seven Steps of Decision Making

3. The Seven Steps of Decision Making

Effective decision-making is an essential skill for every manager. In this lesson, you'll learn about a seven-step process for effective decision-making. You'll also have an opportunity to take a short quiz after the lesson.

Principle of Rational Choice in Economics: Theory & Analysis

4. Principle of Rational Choice in Economics: Theory & Analysis

Economic theory is based on several important concepts. One of those concepts is that people make choices in their best self-interest. This is known as the Rational Choice Theory. We will explore this concept in more detail in this lesson.

Intuitive Decision Making in Business and Management

5. Intuitive Decision Making in Business and Management

Managers often rely on patterns and intuition to make quick decisions. Intuitive decision making can be very beneficial in the business world and differs from rational processes in several ways. Learn more about both decision-making tools and find out which process provides the best solutions.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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