Read the summary and the most important questions on Business dimension of Europe

• 1 The EU

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• Who helped with the European project?

  Konrad Adenauer
  Simone Veil 
  Alcide de Gasperi 
  Robert Shuman 
  Winston Churchill
  Jean Monnet

• What did the Treaty of Rome do in 1958?

  Proposed the progressive reduction of customs duties and the establishments of a customs union. It proposed to create a single market for goods, labor, services, and capital across member states.

• What did the treaty on the European Union in Maastricht in 1993 do?

  Between 12 member states for a shared European citizenship, the eventual introduction of a single currency and for common foreign and security policies.

• What did the treaty of Nice in 2003 do?

  Reformed the institutional structure of the European Union to withstand eastward expansion. This task was originally intended to have been done by the Amsterdam Treaty, but failed to be addressed at the time.

• What did the treaty of Lisbon in 2009 do?

  A change in calculating such a majority to a new double majority, a more powerful European Parliament. This treaty also made the Union's bill of rights, the charter of fundamental rights. Legally binding.

• 2 Chapter 1 The business environment

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• What are the benefits of business?

  Produce most goods and services.
  Employ most working people.
  Create innovations.
  Provide a vast range of opportunities for new businesses, which serve as their suppliers.
  Contributes to the quality of life and standard of living for people living in society

• What is an external environment?

  Is everything outside an organizations's boundaries that might affect it. Plays a major role in determining the success or failure of any organization.

• What is an economic system?

  Is a nation's system for allocating its resources among its citizens.

• A basic difference between economic systems is the way it manages its factors of production. The factors are resources used in the production of goods and services. Name and explain those factors.

  • Labor(HR management): physical and mental capabilities of people as they contribute to economic production.  
    
  • Capital: funds needed to create and operate a business enterprise. 
  • Entrepreneurs: individual who accepts the risks and opportunities involved in creating and operating a new business venture. 
  • Physical resources: tangible items that organizations use in the conduct of their businesses. Example: Starbucks relies on coffee beans. 
  • Information resources: data and other information used by businesses. 

• What is a planned economy?

  Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions. Two basic forms: 
  

  •  communism: owns and operates all factors of production. 
  • socialism: owns and operates only selected major sources of production.