Download Jeopardy - Ramsey School District / Overview

Hosted
by
Ms. Varano
Major Business
Activities
Working in the
global economy
TQM
Entrepreneur
A Little bit of
Everything
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PRODUCTION
The major business activity that
involves making a product OR
producing a service
Row 1, Col 1
Example: Computers & technology OR clothing
*They change the way businesses/consumers interact
*They affect the kinds of products or services offered by businesses
*They affect the business operations AND the ways they do business
Explain what an innovation is and
how innovations affect business
1,2
Effectiveness is doing something RIGHT
Efficiency is doing it QUICKLY
What is the difference between
effectiveness and efficiency?
Give an example of both.
1,3
Someone who starts, manages, and owns a business
What is an entrepreneur?
1,4
20% (1/5)
What % of small businesses fail
within the first 3 years?
*5%
*10%
*20%
*30%
*50%
1,5
Marketing
This major business activity
includes all the activities between
business and customers involved
in buying and selling goods and
services
2,1
Competition, Cheaper Labor,
Cheaper Prices, Innovations
What are some challenges that
American businesses face when
they compete with foreign
countries?
2,2
A process of managing quality; it MUST be a continuous way of life and
perpetual improvement in EVERYTHING that a company does; It is the idea
that team work and continual improvement of work procedures and products
results in overall improvement and success of the company.
What is the concept of Total Quality
Management (TQM)?
2,3
Gross Domestic Product: The total market value of all goods & services produced in a country in a year.
*If it is increasing at a reasonable rate (between 2-3%) each year that indicates that citizens are
employed…making money…and spending money on a variety of items  which means that businesses are
thriving, selling products, and making a profit.
*If the GDP is negative or falls rapidly it is an indication that the country is in a recession
*If the GDP grows too fast it is an indication that the country is facing inflation
What is Gross Domestic Product
and how does it explain a nation’s
current economic stability?
*What does a negative GDP indicate?
*What does a very large increase in GDP
indicate?
2,4
Supply: the number of similar products that will be offered for sale at a particular time
and at a particular price
Demand: the number of similar products that will be bought at a given time at a given
price
When too many consumers demand something suppliers increase the price because they can
When suppliers supply too many products the price decreases to meet demand.
Explain the concepts of supply
and demand AND explain how
they affect the business world.
2,5
Industry
All of the businesses within a
category doing similar work are
known as…
3,1
The ability of businesses from one country to compete with similar
businesses in other countries.
What is the definition of
global competition?
3,2
Focus of customers’ needs
Provide excellent customer service
Produce high quality products/services
What are 2 of the 3 ways we
learned that companies can
achieve effectiveness?
3,3
Customers: The best product at the lowest cost
Employees: Their welfare must NOT be sacrificed to benefit others…their rights MUST be respected
Management: Be recognized for their abilities ~ EMPOWER THEM!!!
Competitors: That unfair competition will be avoided
Investors: Their rights will be safeguarded ~ will be kept informed so they can make decisions in their
best interest
The Public: The business will operate in a way that promotes the general welfare ~ Observe ALL the laws
Explain the obligations that businesses
have to 4 of the following 6 groups:
•Customers
•Employees
•Management
•Competitors
•Investors
•The Public
3,4
EFFICIENCY because it does not get anywhere or accomplish anything…it
just runs around fast
Is a hamster running around and
around a wheel in its cage, going
nowhere an example of
efficiency or effectives?
3,5
C
Who has the highest profit?
4,1
*Chinese (Mandarin) 1,213,000,000 people
What language is spoken by
the most people in the world?
4,2
It helps the companies to stay ahead of the
competition by creating better quality goods and
services at a faster pace and often at a lower cost.
How does improving a company’s
technology and innovations help to
improve the company’s efficiency?
4,3
*Competition from other businesses
*ECONOMIC CAUSES: example change in prices
*Change in style
*Competition from NEW products
*Changing economy
*Unprepared
What are 4 risks of opening your
own business? OR 4 reasons for the
failure of so many small businesses?
4,4
Explain how one of the small
businesses we discussed
(McDonald’s/Dell) or another one
got started and how it turned into
the company it is today. Why was
it so easy for the company to get
started in the beginning?
4,5
Industrial Firms: produce goods used by other businesses or organizations to
make things (Example: farmers/construction companies)
Commercial Firms: engage in marketing, finance, and in providing services as
their primary business activities
Explain the difference between
industrial and commercial firms
5,1
AGE DISCRIMINATION
Forced its board of directors to retire at age 62 or those who were 60 and
worked for 15 years.
Each person got between $1 and $3.5 million each for a total of $28
million
What is the most important characteristic of
businesses?
a. That consumers are always right
b. That there is an endless amount of competition
c. That it is constantly changing
d. That all businesses must deal with the global
economy
5,2
Reorganization of work: because it encompasses the idea that companies
MUST empower their workers.
Empowering workers gives them more of a desire to assist and improve the company. The employees are
then given the power to make day to day decisions (because they know what to do best) and are
encouraged to supply ideas and suggestions for improvement.  THE RESULT…more highly trained
employees and less of a need for a high number of managers
What is the most important technique
for a company to achieve
efficiency? Why?
a. Specialization
b. Technology & Innovation
c. Reorganization of Work
5,3
*Franchise: A legal agreement in which an individual/small group purchases
the right to sell a company’s product/service under the company’s name
*Franchisee: The entrepreneur who opens a single franchise
*Franchisor: The parent company
*Fees: Initial Franchise Fee + Yearly % of sales (royalty fees)
What is a franchise, franchisee, and
franchisor? AND What fees can an
entrepreneur who opens a franchise
expect to pay at the time of
opening the business?
5,4
•Total commitment to improvement (always changing)
•Entire workforce is involved in the improvement
•Improved their factory line setup (assembly line)
•Partners with their suppliers (Toyota Finance, Toyota Dealers)
•Customers’ needs are a central focus (those who buy 1 most often buy
another)
•Constantly concerned with having top quality equipment
Give 2 specific examples from
the video clip of how Toyota
implemented Total Quality
Management in its
fork-lift division
5,5
Explain how an automobile
manufacturer could use
“specialization”, “technology &
innovation”, and “reorganization
of work” to increase the company’s
efficiency