Notes, summaries, assignments, exams, and problems for Economics

Qualities of Entrepreneurs

1. Initiative

2. Drive and Determination

To turn ideas into practice.

3. An Ability to Plan Carefully

To minimize the risk of failure.

4. An Ability to Learn from Mistakes

And to see mistakes as "part of learning to succeed".

5. The Ability to Think Ahead

To identify opportunities for the future.

Factors to Consider When Selecting Suppliers

Quality

1. The quality of suppliers needs to be consistent.
2. Customers can be selective about quality.
3. Customers will associate poor quality with the business they buy from, not their suppliers.

Availability

1. If a supplier is often out of stock of items, it could affect the firm's production process.
2. So they need to make sure their supplier can provide stock in sufficient quantities.

Reliability and

The Quality Management System and the After-Sales Service

The QMS is a management system for a customer-focused organisation that involves all employees in a continuous process of improvement. They integrate quality in all activities of the company. It is necessary to set up quality standards, procedures, and work practices. The goal is to maintain a competitive advantage, evaluate a company's performance, and achieve business excellence. Every company that has passed the quality audit and is registered for ISO9000 gets a certificate. This certificate guarantees a quality standard and transmits confidence in the product and services offered by the companies that use them.

In the After-Sales Service Quality

Internal quality: the technical and operational...

Chapter 1: Introduction to Operations and Supply Chain Management

What is Operations Management?

19) The collection of people, technology, and systems within an organization that has primary responsibility for providing the organization's products or services is called:

B) the operations function.

Understanding Supply Chains

20) Which of the following is NOT a flow typically found in a supply chain?

D) risk

21) Which of the following is primarily a supply chain management decision?

A) from whom to purchase materials

22) ________ is an example of an output of the transformation process.

C) Satisfied customers

23) Which of the following statements about the operations function is NOT correct?

C) The outputs of an operations function are always tangible.

24)

Understanding Governmental Proprietary Funds and Business Activities

Canvas Model

Customer Segments

A company supplies products and services to one or several customer segments. Who are the customers? (Proveedores)

Value Propositions

Why should our customers buy our products (or services)? Which outstanding benefits do customers get? Do we fulfill their real needs?

Channels

Value propositions (not just products) are delivered to customers through several channels: communication, distribution, sales, etc.

Customer Relationships

What kind of long-term relationships does the company establish with the customer segment? How?

Revenue Streams (Income)

Revenue flows (i.e., money) represent the money customers would pay for the business's products or services.

Key Resources

Key resources encompass everything the company needs to...

The Degree of Product Acceptance

by the market over time. 'An attempt to recognize distinct stages in sales history of the product' during its life span (Kotler). Evolution of the sales and benefits from the product's launch until its recall. The duration of each stage isn't identical; they can be lengthened, repeated or not even produced at all. Classic stages are:

• Introduction:
• Uncertainty stage.
• The organization risks in choosing the marketing mix variables (4Ps+).
• Higher costs. Limited benefits. Lower sales.
• Basic versions of the product.
• Performances:
  • Attract innovators
  • Activate demand
  • Modifications in products to adapt to what demand wants/needs
• Courses of action:
  • Prestige strategy, higher prices, exclusive or selective distribution, good communication

Government Financial Reporting

Governments combine blended components into both fund and government-wide (GW) statements.

Recording and Accounting for Stock of Transactions of Goods

Accounting for Stock in the PGC

The System of Accounting Records and Accounts of the PGC Identification

300 -> Goes Active

600 -> Shopping

700 -> Sales

There are 2 sets of recording the goods:

1. Administrative Procedure: Only the account becomes 300.

(300) to (400) BUY

(430) to (300)

(700) SALES

2. Procedure Speculative:

(600) to (400) BUY

(430) to (700) SALES

You can do both methods but speculative is recommended. We distinguish two phases:

• During the year: The balance of the 300 reflects the opening balance.
• End of the year: An adjustment is made. There are 2 ways:
  • Balance goes to 600/700 129.
  • Inventory mirror 300. This is carried through the book store.

Create Accounts and Sub-Stock

The General...

Key Terms in Trade, Transport, and Tourism

Trade Terms

• Accessibility: Property applied to a space to express its ease of access or connection to the rest of the set.
• Bulk Trade: The trade is done with products packaged or labeled, which are sold by the merchant in the amount that the buyer wants.
• Distribution Network: Also called the commercial circuit, it refers to the relationship between points of sale and purchase. It varies depending on the goods and has a large spatial elasticity.
• Personal Services: Services directly engaged to meet a need of people, such as hairdressing or beauty services.
• Retail: Selling products directly to consumers in small quantities.
• Wholesale: Buying directly from producers and reselling the products to retailers in

Market Structures and Competition Dynamics

Market structures are constantly changing. A market that today has many competitors might tomorrow have very few, or even none. Competition is a key economic variable, and traditional theory often uses the model of perfect competition to explain it.

Perfect Competition

In a perfectly competitive market, no single agent or company can influence the price. Examples include basic commodities like bread, tomatoes, and oranges. This condition is generally met when:

• There is a large number of competitors.
• Information is perfect: all competitors know their rivals' prices, and all buyers know all product offerings.
• Firms can sell any amount of their product at the prevailing market price.

Imperfect Competition

Imperfect...