Introduction to Economics
What is Economics?
Economics is a science that examines how goods and services are produced, sold, and used.
What is Gross Domestic Product?(GDP)
It is the market value of all final products produced in a country during a specific time period.
What is market structure?
It is how a market is organized based on the number of businesses competing for sales in an industry
What is Business?
The term for all activities involved in developing and exchanging products.
True or False: Being on your phone during an interview is okay
False
What is Opportunity Cost?
Opportunity Cost is the value of the next best option that was not selected.
What is Inflation?
It is the general rise in prices throughout an economy.
What are the characteristics of Monopoly?
Just one supplier, no competition, monopolist Controls price, very hard to enter the market
What is Business Market?
Consists of customers who buys products for use in business.
True or False: When applying for a job, you should never lie about your GPA or schooling
True
What is Competition?
The action taken by two or more businesses attempting to attract the same customers.
It is a measure of average prices paid by consumers for consumer goods and services
What is Fiscal Policy?
The tax and spending decisions made by the president and congress
What is Marketing?
Activities that identify, anticipate, and satisfy customer demand while making a profit.
True or False: You should arrive to your job or interview at least 15-30 minutes early
True
What are the Steps in the Decision-Making Process?
Define the problem or challenge, Research alternatives, Choose the best alternative, Implements the decision, Evaluate the decision.
What are the four stages of the business cycle?
promotes fair trade and competition among businesses
What are the 5 Utilities?
Form Utility, Place Utility, Time Utility, Information Utility, and Possession Utility
When asked by an employer to tell them a bit about yourself, how should you answer?
Include hobbies, extracurriculars, things about you
What are the 4 types of Economic Systems?
Traditional economy, Command economy, Market economy, Mixed Economy
What are the four Inflation levels and their rates?
Low: 1%-4%, Medium:5%-9%, Severe: 10% or higher, Hyperinflation: over 1,000%
What are the Federal Antitrust Laws?
Sherman Antitrust Act, Clayton Antitrust Act, Federal Trade Commission
What is included in the cycle of success?
Management, Production, Marketing, and Finance
How should you dress for an interview?
Business casual clothes; blouse or dress shirt, long skirt or dress pants, etc.