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BUS 100 exam #1

Strategies for success
network, plan ahead, take charge of learning, sharpen your skills, get connected, know yourself
Bloom’s Revised Taxonomy
1.Create 2.Evaluate 3. Analyze 4.Apply 5.Understand 6.Remember
Cognitive Style/Strengths
preferred/habitual pattern of mental functioning; how we process information; how we form ideas/judgments
Noise
anything that interrupts communication
Context
an idea that relies on more than an image
Nonverbal communication
eye contact, voice tone, facial expression, gestures & postures
Communication statistics
7% of meaning comes from verbal, 38% comes from tone of voice, 55% comes from body language
Visual Learners
Learn by sight
Auditory Learners
Learn by sound
Kinesthetic Learners
Learn by tactile/touch. Physical senses of information. Difficulty with traditional tests.
Read/writing Learners
learn with information displayed by words.
Business
any organization/activity that provides goods and services in an effort to earn a profit.
Profit
financial reward that comes from starting and running a business. Mores specifically, the money a business earns in sales minus the expenses such as cost of goods and salaries.
Demand Curve
relationship between price and quantity from a demand standpoint that can be shown on a graph. Always negative, sloping downward.
Supply Curve
relationship between price and quantity from a supplier standpoint that can be shown on a graph. Price usually rises and quantity produced increases with it. Slopes upward to the right.
Private enterprise system
-Capitalistic/market econom
-Extravagant human services, like free health care and education have shrunk
• Government owned businesses convert to private ownership by privatization process.
• Profit is goal, even for things like that the government had once controlled
4 basic rights – private enterprise system
1. Right to private property
2.Business owner’s right to own, use, sell their property.
3.Freedom of choice in employment, purchases, and investment.
4.Right to fair competition. Allowing the public to set rules for competitive activity.
Business cycle
•The periodic contractions and expansion that occurs overtime in virtually every economy. Not a predictable pattern, however. The phases are different every time they happen, cannot be for sure guessed how long the phases will last and occur.
Key Phases of business cycle
Contraction, Recovery, Expansions
Contraction period
period of economic downturn, marked by rising unemployment. Businesses cut back on production, consumers shift buying patterns to more basic products and less luxuries. “Feel good” factor disappears. Recession when GDP decreases for two consecutive quarters. Depression is a deep and long lasting recession.
Recovery period
period of rising economic growth and increasing employment following a contraction. Businesses expand, consumers regain confidence, spending rises. Essential transition period between contraction and expansion.
Expansion period
period of robust economic growth and high employment. Businesses expand to move on emerging opportunities. Optimistic and confident consumers, which fuels production and fuels hiring.
Discouraged worker
not employed, but would work if they could
Labor Force
amount of people over 16 years old who are working or actively seeking employment
Unemployment Rate
• Amount of unemployed/labor force = unemployment rate
• Unemployment rate is often understated
Macroeconomics
study of the economy as a whole. Measures of the economy are economic aggregates including GDP, inflation, and unemployment.
• Basically, things that affect the market as a whole, instead of individual markets.
Markets in macroeconomics
Goods & Services, Factors of Production, Financial Markets
GDP
Gross Domestic Product. Production of all final goods and services within a time period in a region.
Microeconomics
focuses on smaller economic units such as individual consumers, families, and individual businesses.
Factors of production
Businesses need natural resources, capital, human resources, and entrepreneurship to achieve their objectives.
Capital (F of P)
machines, tools, buildings, information, technology – synthetic resources needed to produce goods/services.
Human Resources (F of P)
physical, intellectual, and creative contributions of everyone who works within an economy. Knowledge and education are a big factor.
Entrepreneurship (F of P)
taking risks of launching a business and operating it, in response to a profit incentive. See opportunities that others don’t. Key ingredient is freedom.
Natural Resources ( F of P)
all inputs that offer value in their natural state. Land, water, wind, minerals. Things people cannot create. Value rises with high demand or low supply.
Four different types of market structure in a private enterprise system
Monopoly, pure competition, oligopoly, monopolistic competition
Pure Competition
market structure with many competitors selling identical products. Products easily come and go. Examples have almost disappeared in US with large, corporate companies.
Monopolistic Competition
many competitors selling differentiated products. Producers have some control over their own prices depending on the value of the product. New producers can easily enter, examples are clothing brands and restaurants.
Oligopoly
only a handful of competitors selling products that can be similar or different. Retail gas and car manufacturers are examples. Typically avoid intense price competition since there is nothing to gain, they would all simply make less money if that was the case. If price wars flare up, it could be devastating to the industry.
Monopoly
market structure with a single competitor/producer. No room for other to enter. Not good for anyone but the sole company. Can harm an economy and are usually illegal. Natural monopolies are a thing, however, when it would be too inefficient for each competitor to build it’s own infrastructure.
Industrial Revolution
America had from mid 1700’s to mid 1800’s. Mass production becomes prominent and large factories replace skilled workshops. Resulted in unprecedented product efficiency but loss of individual ownership and personal pride in the production process.
Entrepreneurship Era
Built on the foundation of the industrial era. Second half of 1800’s, building large business empires. Created enormous wealth, raising the standard of living across the country. Also created room for monopolies, which the government then stepped in to regulate.
Production Era
Early part of the 1900’s. Big businesses focused on refining the production process and being more efficient. More specialized jobs, increasing productivity and lowering costs and prices. Example when Henry Ford introduced the assembly line.
Marketing Era
After WWII. Power shifted away from producers and toward consumers, flooding the market with choices for the consumers. In order to differenciate themselves, branding and create identities started. Marketing concept emerged. Continues to influence business decisions today.
Relationship Era
Aim to make long term relationships with consumers. Satisfied customers become advocates for a business which promotes their brand. Technology is a key factor, gather detailed knowledge on consumers and what they want.
Ethics
sets of beliefs about right and wrong, good and bad.
Legal and Unethical
Promoting high calorie/low nutrient foods with little info of risks; producing breakable products; paying non living wages in poor countries
Illegal and Unethical
Embezzling money; sexual harassment; collusion with competitors; fraudulent accounting
Legal and Ethical
Producing high quality products; rewarding integrity; fair treatment; contributing to community; respecting the environment
Illegal and Ethical
Providing rock bottom prices only to distributors in underserved areas; collabing with other medical clinics to guarantee low prices in low income countries (collusion)
Universal Ethical Standards
Trustworthiness, respect, responsibility, fairness, caring, citizenship
Social Responsibility
obligation of a business to contribute to society.
Stakeholders
any groups that have a stake, or personal interest, in performance and actions of an organization.
Planned obsolescence
purposely designing a product to break after a certain amount of time in order to encourage repurchases
Cause-Related Marketing
partnership between a business and a nonprofit designed to spike company sales and raise money for the nonprofit.
Corporate Philanthropy
all business donations to nonprofit groups, including both money and products.
Corporate Responsibility
closely related to philanthropy, but focuses on the actions of the business itself rather than donations of money and time.
Supply
quantity of products that producers are willing to offer for sale in a market at a given time.
Demand
quantity of products that consumers are willing to buy at different market prices.
Equilibrium Price
point where quantity demanded matches the quantity supplied.
Fiscal Policy
government efforts to influence the economy through taxation and spending decisions that are designed to encourage growth, boost employment, and curb inflation.
Fiscal policies are closely tied to political philosophy. Some people believe that upping government spending can influence, while other believe lower taxes can boost spending.
Monetary Policy
actions that shape the economy by influencing interest rates and the supply of money.
Joint Venture
involves two or more companies joining forces – sharing resources, risks, and profits but not merging companies – to pursue specific opportunities.
Partnership
Less specific. Encompasses an agreement usually called a strategic alliance. Only makes sense for business who share knowledge of culture and politics.
Acquisition
occurs when one firm buys another firm. Can be peaceful or hostile. The bought firm is no longer independent.
Merger
Instead of one firm buying another, the two companies agree to combine, forming a new company out of the previous two independents.

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