About This Chapter
Operation of Business Firms - Chapter Summary
In this chapter, we've included a series of lessons on topics related to the operation of business firms. You'll watch short videos about the types of business organizations, decision-making models and distribution systems. After you've finished this chapter, you should be able to:
- Outline the advantages and disadvantages of different types of business organizations
- Detail the factors affecting business cycles
- Explain the development and types of decision-making models
- Discuss how to choose information sources for business reports
- Provide a definition and explanation for resource-allocators
- Describe the processes of production and improving productivity
- Identify the definition of product marketing
- Define distributions system and its types
These lessons are easy-to-understand and cover these topics in a bite-sized and approachable format. If you need any help along the way, submit your questions through the Dashboard for an expert to answer.
1. Types of Business Organizations: Advantages & Disadvantages
In this lesson, you will learn about the three main types of business organizations: sole proprietorship, partnership, and corporation. We'll also discuss the advantages and disadvantages of each.
2. Factors Affecting Business Cycles
In this lesson we'll learn about the factors that affect the business cycle. The business cycle can be used to help predict future business and is very important in the forecasting model.
3. Decision Making Models: Definition, Development & Types
In this lesson, you'll gain an understanding of when decisions need to be made and discover how to use different decision-making models and types. Both rational and intuitive decision-making models are discussed.
4. Choosing Information Sources for Business Reports
A business report serves the purpose of summarizing and analyzing a situation to come up with recommendations. The information contained in a business report is generally factual and employs the use of secondary sources to validate recommendations, as you'll learn about in this lesson.
5. Resource-Allocator: Definition & Explanation
Learn about the resource allocator managerial role and explore examples of how managers work in this role in everyday situations. Then, test your understanding with a short quiz.
6. The Processes of Production and Improving Productivity
In this lesson, learn about the different processes businesses use in the production of goods and services in our economy. You'll also learn about the concept of productivity and ways to improve it.
7. What is Product Marketing?
The success of a product is highly dependent on the quality and type of marketing that is done to get the attention of potential buyers. Use the tips in this lesson to make your product marketing more effective.
8. Distribution System: Definition & Types
In this lesson about distribution systems we will grasp how the collaboration of various procedures is linked together to aid supply of products and services to meet demand. An ensuing quiz will test your knowledge.
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Other chapters within the NES Social Science (303): Practice & Study Guide course
- Reading & Research Skills
- Historiography & World History
- Early Civilizations in Egypt, Mesopotamia & the Near East
- The Legacy of Ancient Greece & Rome
- Ancient India & China
- Ancient Japan & Southeast Asia
- Overview of Global Religions
- Early Civilizations in Africa & the Americas
- The Spread of Islam & The Byzantine Empire
- Europe after the Decline of the Roman Empire
- The European Renaissance & Protestant Reformation
- European Expansion from 1450-1650
- The Scientific Revolution & the European Enlightenment
- Major Revolutions Around the World
- Industrialization in Europe
- Major Political Developments from 1350-1871
- Impacts of European Imperialism
- Causes & Consequences of World War I
- Causes & Consequences of World War II
- Causes & Consequences of the Cold War
- Developments in East Asia, Latin America, Africa & the Middle East since 1945
- Changes in Europe after World War II
- Contemporary Global Challenges
- The Precontact Period & Settling North America
- Causes & Consequences of the American Revolution
- The Evolution of National & State Governments
- Major Figures in U.S. History from the Precontact Period-1789
- Political & Constitutional Developments from 1789-1877
- Westward Expansion, Economic Growth & U.S. Foreign Relations from 1789-1877
- Major Antebellum Reform Movements & Key Reformers
- Sectionalism & the American Civil War
- The Reconstruction Period
- Settlement of the Trans-Mississippi West
- The Growth of the Industrial Economy in the U.S.
- The American Progressive Era
- American Imperialism & Rise to International Power
- The 1920s in the U.S.
- Causes & Effects of the Great Depression
- U.S. Foreign Policy since World War II
- Major U.S. Political Events & Developments since 1945
- U.S. Economic Developments since 1946
- Major U.S. Social Developments since 1945
- Major Social & Political U.S. Movements During the Postwar Period
- Basic Geographic Terms & Concepts
- Geographic Reference Sources, Tools & Technologies
- Characteristics of World Geography
- Physical Features of the Earth
- Elements of Weather & Climate
- Natural Resources Around the World
- Human Societies & the Environment
- Current Environmental Problems
- Characteristics of Human Systems
- Basic Political Science Terms & Concepts
- Political Theorists & Figures in Political Science
- Systems of Government
- Comparison of Political Systems
- Key Political Documents
- Significance of Landmark U.S. Supreme Court Decisions
- U.S. Electoral System & Political Process Participation
- U.S. Citizenship Rights & Responsibilities
- Levels of U.S. Government
- Law-Making Processes & U.S. Foreign Policy
- Basic Economic Terms & Concepts
- Microeconomics Concepts & Laws
- Interpreting Economic Information
- Fundamentals of Consumer Economics
- Fundamentals of Personal Finance
- Economic Institutions & Groups
- Unemployment, Inflation & Deflation
- NES Social Science Flashcards