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

The three internal communication patterns are vertical, horizontal, and network. In vertical communication, messages travel upward or downward along the chain of command. In horizontal communication, messages are exchanged between or among people who need to share data or coordinate effort. In network communication, messages flow freely among those who have a common bond that extends beyond their specific role or unit within the organization.

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Accrual-basis accounting

Accounting basis in which companies record transactions that change a company’s financial statements in the periods in which the events occur.

Accruals

Adjusting entries for either accrued revenues or accrued expenses.

Accrual expenses

Expenses incurred but not yet paid in cash or recorded.

Accrual revenue

Revenues for services performed but not yet received in cash or recorded.

Adjusted trial balance

A list of accounts and their balances after the company has made all adjustments.

Adjusting entries

Entries made at the end of an accounting period to ensure that companies follow the revenue recognition and expense recognition principles.

Book value

The difference between the cost of a depreciable asset and its related accumulated... Continue reading "Understanding Accounting Principles and Concepts" »

Antitrust Policy

Government regulation of businesses to ensure competition and prevent monopolies (control of a market by one company).

Capitalism

An economic system in which individuals and corporations own the principal means of production, through which they seek to reap profits.

Collective Bargaining

The right of workers to have labor union representatives negotiate with management to determine working conditions.

Consumer Price Index (CPI)

A government statistic that measures the change in the cost of buying a fixed basket of goods and services.

Federal Reserve System

Created by Congress in 1913 to regulate the lending practices of banks and thus the money supply.

Fiscal Policy

The government's decisions to tax, spend, and borrow, as reflected in... Continue reading "Glossary of Economic and Political Terms" »

Understanding Brain Drain: Causes and Impacts

Brain drain refers to the emigration of highly trained or educated workers, especially scientists and engineers, from their home countries to more developed nations. This continuous loss of high-level talent poses significant challenges for developing countries.

Key Drivers of Skilled Emigration

The decision for educated and skilled individuals to emigrate is influenced by a combination of factors, stemming from both their home countries and individual motivations.

Country-Level Factors

• Living Conditions

  Poor living conditions in home countries often trigger emigration. Many developing nations lack sufficient facilities to support their populations. For example, inadequate sanitation systems can be a

Start-up of a Construction Project: Architectural Competition

What is the Content of a Feasibility Study?

• Analysis of existing samples
• Site analyses
• Technical constraints (soil, inclination, etc.)
• Legal circumstances (regulations)
• Functional and technological analysis (e.g., museum, factory)
• Architectural program
• List of rooms/premises
• Functional analysis (drawings)
• Traffic analyses
• Legal analysis
• Cost estimation (area-based with plans, based on samples)
• Time estimation (for the whole project)

Types of Construction Projects

Introduction to the different types of construction projects regarding scale, cost, and time:

Minor Projects:

• Low cost
• Mainly privately financed
• Direct contract with the architect, responsibility, and tasks of the architect is complex

Large

Asset Transformation

Asset transformation: Banks make profits by selling liabilities with one set of characteristics (risk, size, return, liquidity) and using the proceeds to buy assets with a different set of characteristics.

Example: Savings deposits held by one person can provide funds to the bank to give a loan to another person. The bank has transformed the savings account into a loan.

Haircut

Haircut: The excess amount of collateral above the amount of a loan.

Excess Reserves

Excess Reserves: Reserves in excess of required reserves.

Bank Holding Company

Bank Holding Company: A company that controls one or more banks, but does not necessarily engage in banking itself.

Examples: Berkshire, JPMorgan Chase

Subprime Mortgage

Subprime Mortgage: Mortgages... Continue reading "Key Banking Terms and Concepts Explained" »

A brand is a ‘name,term,sign,symbol’ or design intended to indentify the goods and Services of one seller and to differentiate them from those of the competition’. // is ‘the promise, the big idea and the expectations that reside in each Customers mind about a product, service or company’. Brand elemnts: name, logo,symbol,package,design. 3product differentiation: Core product, Actual product, augmented product. 5 levels meaning for a product: core benefit Level, generic product level, expected p. L, augment p.L, potential p.L.brands vs products: companies make Products, conusmers make brands. Products can be copied, brans are unique. Products Become obsolete, brands are timeless. Products are instantly meaningful but Brands become... Continue reading "Income from the forest" »