Lesson 1 BUSINESS AND ITS ENVIRONMENT NATURE OF BUSINESS Business may be understood as the organized efforts of enterprise to supply consumers with goods and services for a profit. Businesses vary in size‚ as measured by the number of employees or by sales volume. But‚ all businesses share the same purpose: to earn profits. The purpose of business goes beyond earning profit. There are: • It is an important institution in society. • Be it for the supply of goods and services • Creation of
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What are Micro-Inequities and Micro-Affirmations? How do they affect employees and Manager-Employee relationships? Micro-Inequities According to Mary Rowe‚ Micro-inequities are “apparently small events which are often ephemeral and hard-to-prove‚ events which are covert‚ often unintentional‚ frequently unrecognised by the perpetrator‚ which occur wherever people are perceived to be ‘different.’” Bernice Sandler‚ Senior Scholar at the Women ’s Research and Education Institute in Washington‚
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Understanding the External Marketing Environment INTRODUCTION “All businesses operate within an environment‚ which directly or indirectly affects the way in which they function‚ just as we as consumers live within a cultural and social environment which to a greater or lesser degree determines the way in which we behave as individuals.” said Elaine O’Brien‚ University of Strathclyde. Unlike the controllable marketing mix variables‚ the environmental forces are not controllable by marketers
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Demographic environment The phrase demographic environment is composed of two words‚ demographic which in turn comes from demography and environment. Demography is the study of the human population living in an area‚ their age‚ jobs‚ income‚ spending habits‚ ethnicity‚ and gender and so on. In terms of marketing and business‚ this study of human population actually leads to an identification of the potential customers. Businesses employ quite a few methods to identify potential customers for their
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STUDY GUIDE COSTS OF PRODUCTION: Total Physical Product (TP)- total output or quantity produced Marginal Product (MP)- the additional output generated by additional inputs (workers). Average Product (AP)- the output per unit of input. Stage 1: Increasing Marginal Returns Stage 2: Decreasing Marginal Returns Stage 3: Negative Marginal Returns TC- Total Costs: Sum of Fixed and Variable Costs VC- Variable Costs: Costs for variable resources that do change with the amount produced
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Project 1 – Microeconomic Analysis Situation A By: Unknown ECON545 September 21‚ 2014 Professor Andrew Appelson Introduction “To Be on not to Be‚ that is the question‚” a famous quote from Shakespeare poem Hamlet. My niece is interested in attending medical school and has solicited my professional opinion on whether it would be economical feasible for her to attend medical school and if so‚ the best location to practice medicine. There are many variables in determining the maximum
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1. Meet the Fiori family and its Fiori Pasta Company. Papa Don is the president‚ son Tony is vice-president of sales‚ and daughter Gina is vice-president of production. Fiori Pasta produces high-quality pasta products. It has estimated its demand curve for its pasta to be P=39.898-0.03757Q‚ This demand function has been given in terms of price. So to find the Total Revenue (TR) you need to multiply the above equation into Q (which is your quantity). TR=39.898Q-0.03757Q2 MR=39.898-0
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Team: _______________________ AP Macro Problem Set #2 Unit 2: Measurement of Economic Performance 1. (_____/15) Supply & Demand a. Define demand and describe each of the determinants of demand. Give a real world example of each of the determinants. (___/5) b. Define supply and describe each of the determinants of supply. Give a real world example of each of the determinants. (___/5) c. Draw and Supply and Demand graph. (___/5) 2. ( ____/15
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Sample Test Questions for ECON 102 with answers marked 1. Economics deals primarily with the concept of a. scarcity. b. money. c. poverty. d. banking. 2. The adage‚ "There is no such thing as a free lunch‚" means a. even people on welfare have to pay for food. b. the cost of living is always increasing. c. people face tradeoffs. d. all costs are included in the price of a product. 3. Government policies resulting in reduced efficiency include (i) the welfare system
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