Macroeconomics: Key Concepts and Theories
Closed economy An economy that does not interact with other economies.
Open economy An economy that interacts with other economies.
Exports Goods and services produced domestically and sold abroad.
Imports Goods and services produced in foreign countries and sold domestically.
Net exports The value of exports minus the value of imports, or the trade balance.
Trade surplus The amount by which exports exceed imports.
Trade deficit The amount by which imports exceed exports.
Balanced trade A situation in
Read MoreMacroeconomics: Key Concepts and Theories
Closed economy An economy that does not interact with other economies.
Open economy An economy that interacts with other economies.
Exports Goods and services produced domestically and sold abroad.
Imports Goods and services produced in foreign countries and sold domestically.
Net exports The value of exports minus the value of imports, or the trade balance.
Trade surplus The amount by which exports exceed imports.
Trade deficit The amount by which imports exceed exports.
Balanced trade A situation in
Read MoreMarketing Concepts and Strategies
Marketing
Marketing is a discipline that uses a series of tools to add value to brands in ways perceptible to the consumer. The most effective marketing adds value to a brand.
Key Marketing Terms
Market
A market exists at the confluence of supply and demand. It encompasses all actual and potential buyers of a product.
Premium
A premium is the additional price a consumer pays for a particular brand over a lower-priced alternative. Consumers justify paying this difference based on rational or emotional
Read MoreSales Management: A Comprehensive Guide to Building and Managing a High-Performing Sales Team
Sales Management
Recruitment and Selection
Strategy: Effective Salesperson
- There is great waste in hiring the wrong people.
- If a seller receives $30,000.00 per year, another $30,000.00 are for salary and indirect costs.
- The seller should generate a new sales volume in the margin to at least cover the costs of sales ($60,000.00).
What Makes a Good Seller?
- Starting Point: Ask your customers what traits they prefer in a vendor (profile).
- Common Traits Found in a Company’s Most Successful Vendors:
- Features:
Understanding Organizational Environments: Forces, Types, and Impact on Structure
ITEM 9. The Environment of the Organization
1. Concept of Environment
- The environment refers to all external factors that significantly influence business strategy but are beyond the company’s control.
- It encompasses external factors outside the organization’s control that impact its behavior and outcomes.
2. Classification of the Environment
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- The general environment refers to the external factors surrounding the company from a broad perspective. It encompasses everything surrounding the company derived
Financial Statements: Recognition, Measurement, and Key Concepts
CLOSURE OF LIABILITY
May Occur Through:
- Disbursement of cash
- Transfer of other assets
- Provision of services
- Replacement with a similar requirement
- Capitalization
RESULTS
The utility is often used as a measure of the transaction, or as the basis for other measurements such as return on investment or earnings per share.
INCOME
Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or liabilities, resulting in capital increase.
COSTS
Decreases in economic benefits
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