Transcript Principles of Business

Principles of Business
Final Review
Topics to Cover
 Wants vs Needs
 Scarcity
 (3 Basic Economic Questions)
 Economic Systems
 Economic Decision Making Process
 Command
 What is the definition of economics?
 Market
 Supply and Demand
 Traditional
 Expenses
 Mixed
 Profit
 Competition
 How it influences price
 What other factors influence Price
 Marketing
Wants vs Needs
 What are wants and needs?
 How many wants and needs to people have?
 What are resources?
 How many resources do we have?
 What does this situation create?
 What are the three basic economic questions?
 Economic Decision making Process
 Trade Off vs Opportunity Cost
Economic Systems
 How do we decided what economic system we use?
 What are the types of economic systems?
 Command (Pros and Cons)
 Market (Pros and Cons)
 Traditional (Why?)
 Mixed
Supply and Demand Curve
 What happens when the lines shift?
 Right or Left
 What affects demand and supply?
 What affects price?
 How does the demand curve for the
IPhone shift if the price for the Samsung
Galaxy goes down?
Surplus vs Shortage
 More Demand than Supply
 More Supply than Demand
 How do we adjust for a shortage or a
surplus?
International Business
 What is the total number of goods and service produced
in a country in a year?
 GDP: Gross Domestic Product
 CS + GS + CI + NX = GDP
Comparative vs Absolute Advantage
 Absolute Advantage
 Being able to make a product economically more efficient than
another person or country
 Comparative Advantage
 When a person or country can produce a certain product
giving up less of another product
 Specialization
Types of Business
 Sole Proprietorship (Pros and Cons)
 What is a small business??
 (Less than 500)
 Partnerships (Pros and Cons)
 What is required?
 Corporations (Pros and Cons)
 What is needed to form?
 Ownership???
 Franchises
Business Fact To Know
 Types of organizational structure
 Functional vs Matrix
 Making Money
 Selling Price Formula
 What is are expenses? (variable and fixed)
 What is profit?
Business Cycle
Business Cycle Terms
Interest
Inflation
How do we measure it?
Marketing
 Target Market
 If you own a flower shop, what are some target markets?
 Functions of Marketing
 Product and service management, distribution, selling, making information management,
financial analysis, pricing, and Promotion
 Marketing Mix– product, price, place, promotion
 Data Collection Tools – market research
 Channels of Distribution
 Mass communication
Management and Leadership
 Tactical Management
 When is it appropriate to use?
 Strategic Management
 When is it appropriate to use?
 Formal vs Informal Power
Applications, Interviews, and Resumes
 Dress and act professionally
 Have a information sheet
 Come dressed ready to interview
 Use industry specific words in your resume and cover letter
 Bring extra copies of your resume to the interview
 Send follow-up thank you letter or email, but don’t inquire about the job for 5-7 days