Business Administration - MultiEdu

Business Administration Ing. Kateina Markov, Ph.D. Department of Business Administration Faculty of Economics [email protected] phone: +420 48535 2344 Literature - sources Lectures ppt presentations - Multiedu.tul.cz - Rydvalov, P., Markov, K. Small and Medium Enterprises - Introduction to Business

Subject requirements Semestr credits - Semestr project (25 points) - Activity during the semestr (5 points) - Attandance Exam written exam 70 points Form of the Project

Written in MS Word up to 10 pages Title list Name, title of the project, date, country Content, pages numbering Literature resources Harward style of citation Theoretical part Practical part Conclusion

Business environment Geographical Social Political and legal

Economic Ecological Technological Ethic Cultural What means ECONOMIC Availability and prices of factors of production (resources, which are used to produce goods and services)

Tax burden of enterprises Economic growth, monetary conditions (macroeconomic growth, inflation, exchange rate, purchasing power of customers) Customers, suppliers, financial institutions Do you know? -

- Income tax of your country (PIT, CIT)? Natural person x legal entity- body (companies) Inflantion Unemployment Value Added Tax Average gross salary (wage)? ECONOMICS -

- Economics a science concerned with law governing the economic life of siciety. To meet human wants and needs with limited sources. How, what and for whom. Economy Complex of activities and subjects (firms, companies, state, individuals) concerned with

the production, distribution, exchange and consumption of goods within a certain area. Basic types of economies Command economy (centrally planned) - Economic decision are made by goverment Shortage x unsaleable commodities - It was typical for socialist countries (Free market economy)

Law of supply and demand Profitability P D S E Q

Supply the goods being sold Demand the interest of the buyers to purchase the commodities offered Market price a figure determined by the relation between the supply and the demand

Equilibrium point of intersection between supply and deman Competion creates an inseparable conditions for the existence of any market Mixed economy Combines certain featues of pure market and

command economic systems Part of the production is governed by market laws, some firms are publicly owned Transition economy

Economy which are in the phase of transition from planned economy to an open-market system Government stops interventing in many spheres of countrys life Restitution, privatization, liberalization of prices etc. What is a market? An economic area specializing in the exchange of activities through an exchange of goods.

Sellers x buyers interaction (influence of prices and quantities) Market functions Gives the answer what, how and for whom to produce Helps to allocate scare resources

Types of market Market of products and servises. Market of factors of production (land, capital goods and labour markets). Financial markets (money and capital

market). Competion - - Contest in the market by legal means: Lower production costs Higher quality Sale promotion Competion has a positive impact, e.g. Quality improvements,upgrading of technical

paremeters Perfect competition - market situation, where there exists a large numbers of sellers and buyers Products are close substitutes and are replaceable

No single firm is able to dominate the market Imperfect competition - - At least one competitor is big and strong enough to influence the market price Cost advantage lower prices

Barriers to competition trademark, brand name Insufficient information Administrative measuers, government directives Monopoly Oposite of perfect competition Only one producer with various advantages

from such a position Monopoly power to fix a price above the marginal costs Monopsony Market with only one buyer The buyer has ability to influence the market price

Monopolistic competition Market with many producers Their product are differentiated each of them can set their own prices and their production is kind of monopoly Tender

Specific form of open competition Partners in tender submit proposal for contract on certain products The purpose of tender is to obtain a larger number of offers and the most suitable is selected Trust and cartels Sometimes serious distortion of perfect

competition Based on agreement with the aim of gaining competitive advantage over non-members OPEC- cartel dictating oil prices Enterprise, its objectives and functions What is business? - all the work involved in providing people with goods and

services for a profit Profit is the money left over from all sums received from sales after expenses, which have been deducted Enterprise - an independent subject, founded usually by entrepreneur on purpose to achieve some profit, which is usually the main objective of business

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