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

Governments must combine their Discretely presented component units into both the fund and the Government-wide statements. F

 A related organization is a Contractual arrangement whereby two or more participants agree to Carry out a common activity and share its risks and rewards. F

 A primary government can impose Its will on a potential component unit if it has the authority to Modify or approve the unit’s budget. T

 The comprehensive annual financial report (CAFR) is divided into three main sections: the Table of contents section, the auditors’ report section, and the Financial section. F

The typical audit is designed to Cover all... Continue reading "In-depth financial statement analysis" »

ALOS: Average Length of Stay

Total occupied room nights/total bookings

Attrition

Difference between the number of rooms reserved compared to the number of rooms used

Booking Curve

An important tool for yielding that provides a visual representation of the pickup, number of bookings, availability, and yielding capacity of the hotel over time

Pick Up

No. of reservations between today & day of arrival

Contract

>30 nights + large volume

Group

>10 rooms, contract, deposit

• Corporate: Negotiated rate for a block with a specific company
• Association/Convention: Negotiated rate for a block with trade, professional, philanthropic association
• Government: Negotiated rate for a block with a qualifying government agency

Transient

Ind & groups

• Retail: Market

1. Perspectives of Marketing

Marketing is viewed through two primary lenses: Philosophy and Technique.

2. The Marketing Mix

The concept of the marketing mix was first introduced by Neil Borden.

3. Marketing Orientation

Not all companies are marketing-oriented; organizations can be either Sales-oriented or Marketing-oriented.

4. The 4 Ps vs. The 4 Cs

From a customer's point of view, the 4 Ps of marketing (Product, Price, Place, Promotion) evolve into the 4 Cs (Customer value, Cost, Convenience, Communication).

5. Sales Management Decisions

Sales management includes the following key areas:

• Strategic decision-making
• Selection and training
• Motivation
• Supervision and compensation of the sales team

6. Marketing Department Structure

Marketing departments are typically... Continue reading "Marketing Fundamentals: Strategies, Products, and Pricing" »

One of the advantages of licensing is: licensees have considerable autonomy.

Pollo Campero, a chicken restaurant chain: franchising.

Prior to the economic crisis of 1997-1998, South Korea's TRUE

Saab markets two luxury car models, country concentration/market segment concentration

Sony entered into a strategic partnership TRUE Starbucks' relentless pursuit of TRUE

Successful GSPs create win-win situations, mission

Tata Motors (India) acquired Jaguar (UK).

The agreements that allow McDonald's franchisees franchising

The alliance between GE T, The driving force T, The South Korean government has recently F

The disadvantages of joint venturing can Joint ventures allow partners to achieve synergy.

The failure of partnership between Great T, The joint venture... Continue reading "Global Strategic Alliances and Joint Ventures in Business" »

Economic Indicators and Financial Concepts

• Interest rate: Cost of borrowing.
• Exchange rate: Price of currency.
• Inflation rate: General increase in prices.
• Labour force: Number of people working.
• Tax incentives: Government fiscal benefits.
• Government bureaucracy: Administrative systems.
• Gross Domestic Product (GDP): Total economic output.
• Unemployment rate: Percentage of people without jobs.
• Foreign investment: Capital from overseas.
• Balance of trade: Net difference between imports and exports.
• Equity stake: Ownership interest or venture capital.
• Recession: Economic downturn.
• Shares: Units of ownership in a company.
• Debt: Money owed.
• Stock market: Exchange for trading shares.
• Forecast: To predict future trends.
• Profit margin: The difference between revenue and

1.5 Protection vs. Integration

Protectionism: The protection objective is to keep alive domestic production and to increase import prices. For this purpose, it uses different instruments:

• Tariffs: taxes on imported goods to protect the domestic industry. An external tariff is a 'tax' on foreign products introduced in the domestic market. The effect is that its price is higher and it is more difficult to compete with domestic products.
• Quotas on imports: is a limitation of the quantity of foreign products to be imported, regardless of the price. Quotas limit imports and increase domestic prices. The limited quantity is an obstacle for foreign products when international prices have decreased.
• Non-tariff barriers: are administrative regulations for

The US: Prosperity, Crisis, and the New Deal

The Roaring Twenties: An Era of Economic Growth

The decade from 1918 to 1929, following World War I, was a period of significant economic growth in the United States. The American Way of Life, with its core values of individual initiative and the pursuit of success, became an influential model for much of the world.

Key Drivers of 1920s Economic Growth

• Significant technical innovations.
• The implementation of Fordism (mass production techniques), leading to mass consumption and a booming stock market.
• A notable rise in workers' wages.
• Extensive and persuasive advertising campaigns.
• The widespread availability of hire-purchase (installment buying) options.
• Increased accessibility to bank loans for businesses

1.Which Of the following is not a criterionfor Judging the result of an economic policy

b.Employment

2.Economicsis the study ofhow

a.Scarce Resources are used to satisfy unlimited wants

3.The Opportunity cost of choice X can be defined as

b.The Most highly valued alternative to choice X

4.Carlo Discovers when he studies for his macroeconomics tests at the bar, he earns Better grades. He advises all students to study at the bar for similar results. Carlo his guilty of committing

a.The Fallacy of composition

5.Households Are

a.Suppliers In the input market

6.The price of Good C increases and as a result, The demand for good D increases. The two goods are

b.Substitutes

7.Because The nation N is operatingat a point Inside its PPF, it

b.Has Unemployed or inefficiently

Comparative and Absolute Advantage in Trade

1. According to Adam Smith, there would not be trade because Kazakhstan has an absolute advantage in both products. However, taking into account David Ricardo's comparative advantage:

Summarizing: ... will specialize in... and sell it to... and...

Impact of Trade Restrictions on Stakeholders

2.

• Domestic Producers: They will be better off; the quantity produced increases, as does the price.
• Domestic Consumers: They will be worse off; they will consume smaller quantities bought at higher prices.
• State (Government): They will be better off or not, depending on how licenses are sold.
• Overall Country: The country will experience a deadweight loss.

Most Favored Nation Clause and GATT Article XXIV

3. Indeed, it does... Continue reading "International Trade Principles and Economic Dynamics" »

International Trade Policy Analysis

Impact of a 20% Tariff on Personal Computers

Given the following information, we will calculate the cost to consumers, the benefit to producers, the change in government revenue, and the deadweight costs of a proposed 20 percent tariff on personal computers.

Calculations for the 20% PC Tariff

With a 20% tariff, the price of personal computers increases from $2,000 to $2,400 (a $400 increase).

• Cost to Consumers (Loss in Consumer Surplus):
  The total loss in consumer surplus is the area of the trapezoid