Notes, abstracts, papers, exams and problems of Economy

CHAPTER 1

4) To participate in a supply chain, a firm must actually handle the physical goods at some point.

7) Inputs to the transformation process are tangible, but the outputs may be tangible or intangible.

9) Of the three flows linking organizations in a supply chain, information and monetary flows always move upstream and physical flows always move downstream.

10) A second-tier supplier is downstream from a first-tier supplier in the supply chain.

13) The drive for efficiency has decreased the level of globalization in the world economy over the last twenty years.

14) E-commerce is the component of a supply chain that is the most susceptible to breakdown.

15) To avoid supply chain problems, firms must manage relationships with their downstream... Continue reading "Key Concepts in Supply Chain and Operations Management" »

Understanding Power Sharing

Horizontal Distribution of Power

Power is shared among different organs of government, such as the legislature, executive, and judiciary. This is called horizontal distribution of power because it allows different organs of government placed at the same level to exercise different powers.

Such a separation ensures that none of the organs can exercise unlimited power. Each organ checks the others, resulting in a balance of power among various institutions. For example, although judges are appointed by the executive, they can check the functioning of the executive or laws made by the legislatures. This arrangement is called a system of checks and balances.

Vertical Division of Power

Power can also be shared among governments... Continue reading "Understanding Power Sharing and Employment Generation Strategies in Government" »

Customer/ cliente: is a person who buys goods or Services.

Customer loyalty/ Fidelización del cliente: is when a supplier receives the ultimate reward for His efforts.

Customer royalty: nobleza del Cliente.

Customer care/ atención al Cliente: is a service provided by companies, where they solve queries of Customers.

Repeat Business: customers to buy from companies again And again.

Code of practice: set of Rules. Explains what the consumer can expect of the company. Service: job where People do or provide something rather than produce something. Goods: are Products or objects that can satisfy people's wants.

Marketing: is the process Of performing market research, selling products to customers. Telecommunications: is the transmission of information,... Continue reading "Hrm, company-of-origin, analysis" »

Economic Systems and Their Characteristics

Command Economy

Comparable to a monopoly, in a command economy, the government has explicit control over the price and supply of a good or service.

Mixed Economy

The main characteristic of a mixed economy is that while some sectors reflect private ownership and freedom, and the flexibility of the law of demand, other sectors are subject to government planning.

Established Economies

Examples of established economies include:

• North America
• European Union
• Japan

Emerging Economies

Emerging economies typically face relatively low GDP per capita and a workforce that is either unskilled or semi-skilled, but they exhibit sustained economic reform and growth.

Free Trade Agreements

The creation of free trade agreements has... Continue reading "Command, Mixed, and Emerging Economies: HR Management" »

Introduction

Price is the sum of all the values that customers give up to gain the benefits of acquiring or using a product. It is one of the most flexible elements of the marketing mix, as prices can be changed quickly.

Importance and Impact of Price

Price has a major impact on a firm's market share and profitability. Due to fixed costs, a small change in price can have a larger impact on profit.

In recent years, the Great Recession and the internet have made it easier for consumers to compare offers, leading to more frugal and conscious spending habits.

Cutting Prices: Not Always the Best Answer

Cutting prices is often not the best answer, as it can lead to lost profits, damaging price wars, and cheapening the brand.

Instead, companies should focus... Continue reading "Pricing Strategies: Understanding Value, Costs, and Competition" »

Which topic is studied in Macro?

ALL (Output growth, Unemployment, Inflation)

Which is not a macroeconomic policy of governments

Stock prices

Equilibrium is defined as...

Aggregate output equals consumption minus investment

The saving/investment approach suggests that an economy is equilibrium when..

S=I

If S=-Co+(1-C1)(Y-T), the term (1-C1) is called the...

Marginal propensity to save

Which of the following indexes are used to measure the overall price?

ALL of ABOVE (CPI, PPI, GDP deflator)

The equilibrium condition for the goods market is called the...

IS relation

A decrease in the real money supply will shift the LM curve...

Upward and to the left

Lower real income... the demand for money and a lower price level... the demand for money

Decreases, increases

Liabilities

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)

Financial Plan (Planning)

Financial plan is the process of managing your money to achieve personal economic satisfaction.

Financial Plan Incorporates:

• Formalized report - follows proper procedures, orderly, endorsed
• Summarizes current financial situation - Now the way it is
• Analyze financial needs - need to purchase for?
• Recommends future financial activities
• Measure progress toward financial goals

Advantages of Financial Plan:

1. Increases effectiveness in obtaining and using your financial resources - aids in credit, obtain capital, collateral
2. Increased control of your finances
3. Improved personal relationships
4. Freedom from financial worries

Financial Life Cycle:

1. Borrowing phase - school, home, family, purchase items
2. Accumulation phase - savings, investments,

Macroeconomics Q&A

According to which of the following models is there no built-in mechanism which will automatically bring the economy back to full employment?

Basic Keynesian model

An increase in capital formation that expands long-run aggregate supply will

• increase output and
• decrease prices.

An increase in the long-run aggregate supply curve indicates that

potential real GDP has increased.

An anticipated change is an economic occurrence that

is foreseen by most economic participants.

Controlling the money supply to achieve desired macroeconomic goals is called

monetary policy.

If resource prices are fixed and the product selling price rises, then

profits will increase.

In the foreign exchange market, the price of one nation's currency in terms of

SWOT analysis: a form of strategic  that identifies and analyses the main internal strengths and weaknesses and external opportunities and threats that will influence the future direction and success of a business.