Understanding the global economy
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This document provides an overview of key economic concepts: 1. Economics is the study of how to meet unlimited competing wants with limited resources. Resources include capital, labor, and natural resources. 2. A market economy encourages private ownership and competition through freedoms like choice of work, business ownership, and profit. Competition keeps prices low through both price and non-price factors. 3. Supply and demand determine prices - surplus creates low prices while shortage creates high prices. The business cycle stages of prosperity, recession, depression, and recovery impact industries differently.
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This document provides an overview of different economic systems and how goods and services are obtained under each system. It discusses traditional economies, command economies, and market economies. The US system is characterized as a mixed economy with private ownership of resources but some government regulation. Key aspects of capitalism like profit, competition, and how they keep prices low and drive innovation are explained. Different types of businesses - sole proprietorships, partnerships, and corporations - are defined. Factors of production like natural resources, capital, labor, and their importance for business decisions are covered. Metrics for assessing the economy like GDP, economic indicators, and the business cycle are also summarized.
O level Business studies
This document provides an overview of different forms of business organization, including sole traders, partnerships, private limited companies, and public limited companies.
1) Sole traders are the most common form of business and are owned and run by one person, but they have unlimited liability and limited financing options.
2) Partnerships involve 2-20 people who jointly own and operate a business through a partnership agreement, sharing both profits and unlimited liability.
3) Private limited companies have separate legal identities from their owners and allow owners to sell shares with limited liability, but shares cannot be freely sold without consent.
4) Public limited companies can sell shares to the public, allowing them to potentially raise unlimited capital, but
Managerial economics
The document provides an overview of the objectives, content, and key concepts of managerial economics. It discusses how managerial economics applies economic analysis to business problems and decisions. Some of the main topics covered include demand and supply analysis, production costs, market structures, pricing practices, and opportunity costs. Scarcity, production possibility frontiers, and the role of markets and governments in allocating resources are also summarized.
Unit #1 student
The document provides an overview of basic economic principles including what economics is, the fundamental economic problem of scarcity, and the three basic economic questions of what, how, and for whom to produce goods and services. It defines the four factors of production as land, labor, capital, and entrepreneurship. It also discusses concepts like productivity, production, economic decision making including tradeoffs and opportunity costs, and different economic systems including market economies.
Unit 1.2 Slides
The document discusses several key topics related to businesses and economics:
1. It outlines different types of economic systems including centrally planned, free market, and mixed systems.
2. It discusses stakeholders in businesses like customers, suppliers, owners, managers, employees, community, and government.
3. It explains that businesses aim to provide services, make profits, and have charitable purposes while balancing costs and benefits to the community.
IGCSE Business Studeies Unit 1 understanding business activity ppt
1. Businesses produce goods and services to satisfy peoples' unlimited wants using limited resources. This leads to scarcity.
2. Specialization and division of labor are used to make the most efficient use of limited resources in production. Workers specialize in specific tasks to increase output.
3. Businesses have objectives like profit, growth, and survival that sometimes conflict with stakeholder objectives like customer satisfaction, employment, and environmental protection.
Goal 8 mixed economies
- Mixed economies blend market forces with some degree of government intervention in the production and distribution of goods and services. They address issues like national defense, education, and property rights that markets alone may not adequately provide.
- Governments intervene in mixed economies by providing public goods, regulating markets, collecting taxes, and influencing economic outcomes through fiscal and monetary policy. They aim to balance economic freedom with measures addressing social needs.
Goal 8 mixed economies
- Mixed economies are a blend of market and government interference, with governments providing certain services like national defense and education that are difficult for markets to address.
- Governments also create laws to protect property rights and enforce contracts to encourage development.
- Contemporary economies evaluate whether goals are better achieved through open markets or government action, weighing costs and benefits of each approach.
Goal 8 mixed economy
- Mixed economies blend market forces with some level of government interference in the production and distribution of goods and services.
- Governments provide certain services like national defense and education that are difficult for markets to address. They also create rules to protect property rights and contracts.
- Societies must consider whether goals are better achieved through open markets or government action, weighing costs and benefits of each approach.
economic_systems.pdf
This document provides an overview of different economic systems and concepts related to resource allocation. It discusses key terms, the role of private firms and consumers in market economies, how the price mechanism works, potential market failures, and ways governments can intervene in mixed economies to address failures. Examples are given of different countries that have more market-based, mixed, or planned economic systems. Students are prompted to discuss topics and complete activities in pairs or groups.
2015 day 2
The document contains a quiz covering various economic concepts including defining a firm, opportunity cost, and why entrepreneurs are important to society. It also includes sample activities on trade, business organizations, and investing. Students are asked questions about starting a business, different business structures like corporations and non-profits, and key economic models such as the circular flow and mixed economies.
Chapter 1 notes
This document discusses key business fundamentals including the differences between profit, non-profit, and cooperative companies. It defines important business terms like revenue, expenses, costs, and solvency. It also covers the roles of producers, consumers, and entrepreneurs in the marketplace. Finally, it introduces economic concepts like the factors of production, economic systems, and the relationship between supply, demand, and price.
Intro To Business; Lesson 1 3
This document provides an introduction to different economic systems, including traditional, command, and market economies. It focuses on describing the US market economy. Key aspects of the US market economy include private property, profit motive, competition between businesses, and freedom of choice for consumers and workers. While the US has a predominantly market-based system, it also has some regulations and government-operated enterprises, making it a mixed economic system. Many formerly command-controlled economies are moving toward market-based systems.
Pe unit #1 student
1. The document provides an introduction to basic economic concepts such as scarcity, factors of production, and different economic systems. It defines economics as the study of how people make choices with limited resources.
2. It describes the fundamental economic problem of scarcity and how societies must answer questions about production, distribution, and consumption of goods and services. The three main factors of production are land, labor, and capital.
3. The document introduces the concept of mixed economies and the circular flow model to illustrate how markets for goods/services and factors of production work in a mixed economy like the United States.
Economic systems decision making chapter2week1
The document discusses different types of economic systems:
1) Traditional economies rely on customs and have stable predictable lives but discourage new ideas.
2) Command economies give central authorities control over decisions but lack flexibility and consumer choice.
3) Market economies allow individual freedom and decentralized decision making which drives variety and innovation but can fail to meet needs and cause uncertainty.
It then evaluates the goals of different systems and the tradeoffs between economic freedom, security, growth and other factors in capitalistic systems.
High School Economics, Final Review
The document provides an overview of key concepts in economics, including:
1) Economists study how to meet unlimited wants with scarce resources by analyzing trade-offs and opportunity costs.
2) Production possibility frontiers and opportunity costs demonstrate the trade-offs of allocating resources.
3) Different economic systems answer questions about what, how, and for whom to produce in different ways, such as through tradition, government command, or market forces.
4) Supply and demand determine prices in a market economy through the interaction of producers and consumers.
Chapter One
The document provides an overview of key business concepts including:
1) It defines what a business is and different types of businesses such as sole proprietorships, partnerships, corporations, franchises, and co-operatives.
2) It discusses the importance of understanding demand, supply, price, competition, and the factors that affect them.
3) It explains the different types of costs businesses have including fixed and variable costs and how profits are calculated.
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IGCSE Business Studeies Unit 1 understanding business activity ppt
IGCSE Business Studeies Unit 1 understanding business activity ppt
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Leisure time graphic organizer
The document outlines how people spend their time each day, dividing activities into required duties, leisure time, and types of recreation. Required duties include things like eating, sleeping, working, school, chores, and personal care. Leisure time is discretionary hours not spent on duties. Recreation is divided into passive entertainment like watching TV, and active hobbies/sports that require physical or mental exertion like yoga, soccer, or chess.
34 importance and impact presentation
Sports, entertainment, and recreation (SER) are important because they enhance quality of life by providing escape, fun, health benefits, and a way to bond with others. SER impact the economy by providing jobs and tax revenue. While SER both rely on discretionary income and leisure time, they differ in their revenue streams, products, and how consumer loyalty is achieved. Sports success is based on winning while entertainment success follows fads.
Sports promotion terms
The document discusses various aspects of promotion planning for sports events and entertainment marketing, including using event marketing, sponsorship, and targeting winning teams to promote events and drive ticket and merchandise sales. It also covers types of promotional activities like advertising, publicity, product placement, and tie-ins with other companies to increase awareness of products and events. The key aspects of an effective promotional mix and criteria for selecting appropriate media channels are also outlined.
Retirement
Social Security provides retirement benefits, disability benefits, and survivor benefits. The amount received depends on contributions and claiming age. While Social Security was intended as a safety net, most retirees will need to supplement it due to benefits being less than working income. There are many retirement plan types like IRAs, TSAs, Keoghs, annuities, and employer or public plans, each with their own costs and benefits to consider.
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This document discusses comparing simple vs. compound interest and their impact on savings. It also compares investment and savings options based on factors like risk, reward, convenience and liquidity. Finally, it examines costs and income sources related to investments, noting savings, gifts, inheritances and market gains as potential income sources and fees, opportunity costs, market losses and interest rate risk as important costs and risks to consider.
Debt management
Strategies for effective debt management include maintaining accurate financial records, paying bills on time to avoid penalties, using early payoffs when advantageous, and ensuring protection from identity theft. Sources of assistance for debt troubles include credit counseling services, commercial debt adjustment firms, and bankruptcy. The two most common types of bankruptcy are Chapter 7, which involves liquidating assets, and Chapter 13, which sets up a repayment plan over 3-5 years while allowing one to keep property. Bankruptcy generally affects one's credit and ability to obtain loans for a period of time.
Consumer credit
This document discusses features of credit cards and comparing sources of consumer credit. It outlines key factors to consider when analyzing credit cards, such as annual percentage rates, fees, rewards, and risks. A decision model can help consumers establish criteria to select the credit card best suited to their financial planning needs. Borrowers should also compare terms and conditions, like interest rates and fees, across various sources of consumer credit, including credit cards, banks, retailers, and risk-based lenders.
13 credit & loan functions
This document discusses credit and loan functions, including evaluating methods of financing a purchase, comparing costs and conditions of secured and unsecured loans, explaining the need for a good credit rating, identifying qualifications needed to obtain credit, and identifying basic provisions of credit and loan laws. Specifically, it examines factors that determine creditworthiness like character, capacity, capital, conditions, and collateral. It also outlines several laws that affect credit and loans, such as the Fair Credit Reporting Act, Fair Credit Billing Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and CARD Act.
Personal banking
The document discusses evaluating personal banking costs, opening checking and savings accounts, and reconciling bank statements. It outlines steps for opening accounts, such as completing applications and signature cards. Costs for banking services like ATM fees and minimum balances are also examined. Finally, reconciling statements is presented as important for financial planning by bringing the register and statements into agreement.
12 banking transactions
Financial institutions include banks, credit unions, savings and loans, and non-bank institutions that offer services like checking and savings accounts. Over time, institutions have expanded their services and events like the Great Depression and recessions have shaped the banking system. It's important for consumers to access reliable financial information from trustworthy sources when making decisions.
16 taxes
This document discusses three topics related to personal finance and taxes:
1) Potential tax deductions and credits that can reduce tax liability such as deductions for local taxes, student loans, charitable contributions, and mortgage interest as well as tax credits for energy efficient purchases.
2) The purpose and content of a W-2 form which provides information to complete tax forms including an employee's gross income and tax withholdings.
3) Similarities and differences between state and federal taxation of inheritances such as estate taxes, inheritance taxes, exemptions that vary by state, and whether taxes are levied on the estate or gifts received.
Consumer rights and responsibilities
The document discusses the role of government in establishing property rights and enforcing contracts to facilitate economic activity. It also covers types of contracts consumers may enter, their rights and responsibilities, and important ways to protect personal identity and financial information. Specifically, the government defines property rights to incentivize investment and establishes contract enforcement to promote trust in exchanges. Various contracts like rentals and loans are described along with legal implications. Consumers have rights to information, safety, and remedies for issues, and responsibilities like vigilance over statements and data. Identity theft risks and precautions are also outlined.
Comparison shopping
This document discusses comparison shopping skills and evaluating costs and benefits when making purchasing decisions. It provides considerations for comparison shopping such as value, costs, and payment options. When purchasing or leasing a vehicle, it's important to identify alternatives, gather information through test drives, and compare options based on criteria. Costs and benefits like safety, mileage, and maintenance should be weighed between purchasing and leasing. Both subjective and objective sources should provide information, and discretionary spending decisions require weighing costs and benefits of alternatives.
10 consumer skills
Basic economic concepts like supply, demand, costs of production, and competition impact product prices and consumer spending. Purchase decisions are informed by weighing marginal costs versus benefits using decision models. Conspicuous consumption aimed at impressing others can lead to financial problems if it causes spending beyond one's means. Advertising and marketing influence consumer demand and decision-making in the global marketplace.
11 planning for living
The document discusses the costs and benefits of renting vs purchasing a home. Renting has benefits like lower upfront costs, mobility, and fewer maintenance fees while purchasing has benefits like building equity and tax deductions. It also outlines the steps to renting like gathering information and criteria, and the steps to purchasing like choosing a home, signing contracts, financing, and insuring. Ongoing housing expenses are also examined like utilities, furniture/appliances, and maintenance costs.
14 role of insurance
This document discusses insurance as a risk management strategy in financial planning. It defines different types of insurance like auto, life, health, property and professional liability. It explains key concepts such as premiums, deductibles, claims and coverage. Insurance can provide financial protection from risks and play an important role in financial planning by assisting with disability, unemployment, long-term care and death. Periodic reviews of coverage are important.
Communication skills
The document discusses the importance of communication in various contexts. It notes that CEOs and government leaders spend 80% of their time on communications and poor communication is the second leading cause of failed marriages after trust issues. It also breaks down how humans primarily experience the world, with sight being the dominant sense at 83% and touch the lowest at 1.5%. Finally, it outlines that in communication, words only account for 7% of the message while 55% is derived from nonverbal cues such as body language and facial expressions.
Business ownership
The document discusses business as it relates to SER industries and compares types of business ownership. It defines business as an organization that operates to make a profit by selling goods or services. The three main types of business ownership are sole proprietorships, partnerships, and corporations. Sole proprietorships have all profit and control but also all risk and expense, while partnerships share both risk and profit. Corporations have advantages like lower taxes, risk sharing, and perpetual existence but profits go to investors.
Sales promotion & publicity
The document outlines various sales promotion and publicity tools for service and experience related industries, including trade promotions like slotting allowances and buying allowances to gain retailer support, and consumer sales promotions such as premiums, coupons, product samples, and incentives like contests and sweepstakes. It also discusses public relations activities aimed at different audiences including employees, customers, and the community, as well as publicity tools like news releases, press kits, and press conferences.
Advertising
This document provides guidelines for effective advertising across various media formats. It discusses elements that should be included in TV ads such as grabbing attention within the first 3 seconds, focusing on a single theme or message, keeping the product visible, and emphasizing the key benefit at the end. For print ads, it recommends that the headline be large, persuasive text at the top that identifies the product or its key benefit. The text of print ads should be concise and use simple language and formatting. Visual aspects like illustrations and layout are also important design considerations.
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Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Satta Matka Dpboss Kalyan Matka Results Kalyan Chart
Understanding the global economy
- 1. Understanding the Global Economy How can I make good decisions? How am I influenced? How can I be successful?
- 2. Economics Study of how to meet unlimited competing wants with limited resources
- 3. Think, ShareWe all compete for resourcesWhat are some competing wants in your family? Ex. Your sisters wants to buy a ______, but you want to buy a ______.List 2 competing wants in our country?
- 4. Marketing Basics - How can I satisfy customers? 4
- 5. Think, pair, shareWhat are some things you want, but you can’t go to a store to buy?
- 6. ResourcesAll the things used in producing goods, services, buildings, ideas Capital Money, buildings, equipment, infrastructure – everything needed to start & operate a business Labor All who work full or part time, public or private Natural/Land Land, coal, oil, trees, water
- 7. Land, Labor or Capital Resource?
- 8. Land, Labor or Capital Resource?
- 9. Land, Labor or Capital Resource?
- 10. Scarcity Difference between wants/needs and available resources **key – makes us dependent upon each other globally
- 11. Think, Pair, Share What percent of the world’s consumer’s DO YOU THINK live in the US?
- 12. Balance (of trade)The difference in value between exports and imports of a nation Imports Goods and services purchased from other countries Exports Goods and services sold to other countries deficit More imports than exports surplus More exports than imports
- 13. Think, pair, share:Does the US have more imports or exports?Does the US have a surplus or a deficit?
- 14. World Importswhat’s going on in this picture?
- 15. Business CycleStages an economy goes through due to recurring slow down and growth Prosperity Good time to start a new business, prices rise, economy is flourishing (90’s) Recession Slow down for at least 6 months, companies reduce workforce, prices are lowered Depression Long recession, hard to find a job, many businesses close, very low prices Recovery Business spikes up, people find jobs, demand for products increases, prices increase
- 16. example EXAMPLE of the business cycle
- 17. Government Controlsattempts to control the economy by policy changes Taxes Raise to gain money for govt, lower to give money to citizens Interest rate Raise to gain money for businesses, lower to gain money for citizens Social service programs Provide programs for economic stability for all citizens Ex. Welfare, food stamps, unemployment and job services
- 18. Example of how it works…
- 19. Economic systemsHow gov’tanswers the following questions determines their economic policy 3 questions: what will be produced how will it be produced who will receive it
- 20. Market economy/capitalism People answer – private ownership, marketplace competition Planned economy/communism Gov’t answers – gov’t ownership, no competition Mix economy/socialism Mix – almost all economies are a mix Types of Economic Systems:
- 21. Free Enterprise SystemEncourages individuals to start & operate their own businesses w/out gov’t Risks Potential for business loss or failure Freedoms
- 22. Think, Pair, ShareWhat percent of new businesses fail during their 1st year?What is the #1 reason businesses fail?
- 23. Choice Ownership Profit Competition Free Enterprise SystemFreedoms:
- 25. Ownership Own your own business and land Free Enterprise SystemFreedoms: Ownership
- 26. Profit Money earned after all costs and expenses have been paid Owners get to keep this (rather than give to govt) incentiveto take the risk of running the business (still pay taxes though) revenue Gross income from sales BEFORE costs and expenses expenditures Costs, expenses and taxes incurred on a business in order to operate Free Enterprise SystemFreedoms: Profit
- 28. Competition Struggle for customers between companies Benefits of: Keeps prices low, more choices, better quality, incentive to operate efficiently Free Enterprise SystemFreedoms: Competition
- 30. Price Focuses on price Non-price Focus other than price, ex. Customer service, quality, gift wrap, location Free Enterprise SystemFreedoms: Competition
- 31. Pure Infinite amount of competitors (like internet) supply Businesses ability and willingness to sell products demand Consumers ability and willingness to buy products Equilibrium point When demand equals supply Free Enterprise SystemFreedoms: Competition
- 33. Surplus/buyers mkt More supply than demand – keeps prices low Ex. Corn/cornsyrup, homes Shortage/sellers mkt More demand than supply – keeps prices high Ex. Gas, hybrid cars Surplus vs. Shortage
- 35. Monopoly One firm controls market for a give product (local phone & cable companies) Free Enterprise SystemFreedoms: Competition
- 36. Direct Indirect Free Enterprise SystemFreedoms: Competition vs. vs.
- 37. Direct or Indirect Competition? vs.
- 38. Direct or Indirect Competition? vs.
- 39. Direct or Indirect Competition? vs.
- 40. Direct or Indirect Competition? vs.
- 41. Direct or Indirect Competition? vs.
- 42. Direct or Indirect Competition? vs.
- 43. Explain economics Explain how the phases in a business cycle effect SER industries Explain the concept of supply & demand Explain competition as it relates to SER industries Understanding the Economy