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Functions
1. Organizing
2.  Leading
3. Planning
4. Controlling

Control is a 4-step process:

1. Establish performance standards based on organizational objectives

2. Measure and report on actual performance

3. Compare results with performance and standards

4. Take corrective or preventive measures as needed

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Legal & Social Environment
Types of Laws

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Legal & Social Environment
Types of Laws

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Administrative Law
the body of law that regulates the operation and procedures of government agencies
Link to practice quiz:
https://quizlet.com/56943037/administrative-law-and-tort-law-flash-cards/

Tort Law
a civil wrong that causes a claimant to suffer loss or harm resulting in legal liability for the person who commits the tortious act
Link to practice quiz:
https://quizlet.com/56943037/administrative-law-and-tort-law-flash-cards/

Contract & Sales Law
an agreement between a buyer and seller covering the sale and delivery of goods, securities, and other personal property
Link to practice quiz:
https://study.com/academy/exam/topic/sales-the-law.html

Antitrust Law
also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices
Link to practice quiz:
http://wps.prenhall.com/bp_cheeseman_legal_7/225/57738/14780980.cw/-/14780983/index.html

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Microeconomics v. Macroeconomics
Micro --> individual company level
Macro --> national economy as  whole

Supply & Demand
Law of Supply:
the law of supply demonstrates the quantities that will be sold at a certain price

Law of Demand:
if all other factors remain equal, the higher the price of a good, the less people will demand that good

Relationship Between Supply & Demand Example & Graph:
Imagine that a special edition CD of your favorite band is released for $20. Because the record company's previous analysis showed that consumers will not demand CDs at a price higher than $20, only ten CDs were released because the opportunity cost is too high for suppliers to produce more. If, however, the ten CDs are demanded by 20 people, the price will subsequently rise because, according to the demand relationship, as demand increases, so does the price. Consequently, the rise in price should prompt more CDs to be supplied as the supply relationship shows that the higher the price, the higher the quantity supplied.

If, however, there are 30 CDs produced and demand is still at 20, the price will not be pushed up because the supply more than accommodates demand. In fact after the 20 consumers have been satisfied with their CD purchases, the price of the leftover CDs may drop as CD producers attempt to sell the remaining ten CDs. The lower price will then make the CD more available to people who had previously decided that the opportunity cost of buying the CD at $20 was too high.

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https://quizlet.com/167341638/major-field-test-business-study-set-flash-cards/

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Capital Structure
how a firm finances its overall operations and growth by using different sources of fund
Link to practice quiz:
https://web.utk.edu/~jwachowi/mcquiz/mc17.html

Capital Budgeting
process in which a business determines and evaluates potential large expenses or investments
Link to practice quiz:
https://web.utk.edu/~jwachowi/mcquiz/mc12.html

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Enterprise Systems (ERP)
Definition:
a cross- functional information system that provides organization-wide coordination and integration of the key business processes and helps in planning the resources of an organization
Benefits:

communicate the critical firm-wide information on the business performance to managers all across the organization quickly, so as to enable them to make better decisions and at the right time

reduce the cost involved in transaction processing, hardware, software, and IT support staff in a significant manner

improve the quality and efficiency of customer service, production and distribution by integrating the company’s internal business processes in sales, finance, production,custom logistics,etc.

help to create a more uniform organizational culture where everyone uses similar type of processes and information to do business

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Hypothesis Testing
Hypothesis testing is the use of statistics to determine the probability that a given hypothesis is true
Steps:
1. formulate the null hypothesis and the alternate hypothesis
2. identify a test statistic that can be used to test the truth of the null hypothesis
3. compute the p-value:

the probability that a test statistic at least as significant as the one observed would be obtained assuming that the null hypothesis were true

4. compare the p-value to an acceptable significance value

if p-value is less than or equal to the significance value, reject the null hypothesis and accept the alternative