Economics
What is economics?
The study of scarcity.
What is a consultant's primary purpose?
Providing strategies, insights, and advice to clients.
What are the departments involved with financial record keeping?
Finance and Accounting Departments
Is a grocery store an example of a business?
Yes
What is the first step to creating a business?
Identifying a need
What is the difference between micro and macro economics?
Micro is concerned with specific markets of a specific country, whereas macro is concerned with the general economic activities of nations as a whole.
What is the purpose of a marketing officer?
To attract more clients
To generate more revenue
To sell products and services
What is the department that directly communicates with clients to sell products?
Sales Department
What is profit?
Revenue - Expenses
What is the second step to creating a business?
Generating a solution
What are the three fundamental questions of economics?
What will we produce, how will we produce it, and who gets it?
List one of the roles of a human resource manager.
Ensures good relations between management and employee.
Manages hiring and firing
Resolve conflicts
Human Resources Department
What is one of the societal needs satisfied by Nike?
Fashionable wear
Athletic clothing
Athletic equipment
...
What is the third step to creating a business?
Evaluating the solution
What are the four main types of economies?
Traditional, market, command, and mixed.
Difference between economic professor and economist? Are the two mutually exclusive?
One is involved in university education and one is generally not.
No, you can be both an economic professor and an economist.
What is the department that tries to create new products or improve existing ones?
What separates a business from an organization like SASPD?
SASPD is nonprofit whereas a business makes a profit.
What is the fourth step to creating a business?
Planning the solution
What is the law of diminishing marginal utility?
All else equal, as consumption increases, the marginal utility derived from each additional unit declines.
Is an economic or business degree flexible?
Yes, extremely so. You can branch out to numerous amounts of careers and industries with either of those two degrees.
Which department is concerned with acquiring the goods and services a company needs to operate?
The purchasing department
What is a business?
Businesses are an organized effort of individuals to sell, for a profit, goods and services that satisfies society's needs.
What is the fifth step to creating a business?
Executing the solution