1. Business Administration & Management Mr. Bernstein General Nature of Business and Impact of Global Competition on Business, pp 2-15 February 4, 2015

2. Business Administration & Management Mr. Bernstein Key terms: Business: Organization that distributes a good or service for a profit Profit: Revenue minus costs Production: Making a product or providing a service Manufacturing Industries: Producing goods Service Industries: Providing assistance to satisfy specialized needs Finance: Relating to money 2

3. Business Administration & Management Mr. Bernstein Effectiveness: Making the right decisions about the products or services to offer and how to produce and deliver them Efficiency: Producing desired goods and services quickly and at low cost. 3

4. Business Administration & Management Mr. Bernstein Effectiveness Gather information from potential customers Efficiency Productivity – measurement of efficiency Specialization Technology and Innovation Reorganization 4

5. Business Administration & Management Mr. Bernstein Business Growth GDP – measurement of all goods and services Underground economy Other measurements of wealth 5