BUA101: Business Economics

• BUA101 is a generic course code and may represent an introductory business administration course.
• Introductory business courses often cover a wide variety of fundamental business concepts.
• Common topics include economics, accounting, marketing, management, and operations.

Economics

• Economics studies how people allocate scarce resources to satisfy unlimited wants.
• Microeconomics focuses on individual decision-making, such as consumers and firms.
• Macroeconomics looks at the economy as a whole, examining factors like inflation, unemployment, and economic growth.
• Supply and demand are fundamental concepts that determine market prices and quantities.
• Market structures include perfect competition, monopolistic competition, oligopoly, and monopoly.
• Economic indicators are used to measure and track the performance of an economy.
• Fiscal policy involves government spending and taxation to influence the economy.
• Monetary policy involves central banks managing interest rates and the money supply to control inflation and stimulate economic growth.
• Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders in a specific period.

Accounting

• Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions.
• Financial accounting focuses on preparing financial statements for external users like investors and creditors.
• Managerial accounting provides information to internal users, such as managers, to help them make decisions.
• The accounting equation is Assets = Liabilities + Equity.
• Assets are resources controlled by a company that are expected to provide future economic benefits.
• Liabilities are obligations of a company to transfer assets or provide services to others in the future.
• Equity represents the owners' stake in the company's assets after deducting liabilities.
• The income statement reports a company's financial performance over a period of time, showing revenues, expenses, and net income.
• The balance sheet presents a company's assets, liabilities, and equity at a specific point in time.
• The statement of cash flows tracks the movement of cash both into and out of a company during a period of time, categorized by operating, investing, and financing activities.
• Generally Accepted Accounting Principles (GAAP) are the common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB).

Marketing

• Marketing is the process of creating, communicating, and delivering value to customers.
• The marketing mix, often referred to as the "4 Ps," consists of product, price, place (distribution), and promotion.
• Market research involves gathering and analyzing information about customers, competitors, and the market environment.
• Market segmentation is the process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics.
• Target marketing involves focusing marketing efforts on one or more key market segments.
• Product differentiation is the process of distinguishing a product or service from its competitors.
• Branding involves creating a unique identity and image for a product or company.
• Promotion includes advertising, public relations, sales promotion, and personal selling.
• Digital marketing utilizes online channels such as websites, social media, and email to reach customers.
• A marketing plan outlines a company's marketing objectives, strategies, and tactics.

Management

• Management is the process of planning, organizing, leading, and controlling resources to achieve organizational goals.
• Planning involves setting goals and developing strategies to achieve them.
• Organizing involves structuring the work and resources needed to implement the plans.
• Leading involves motivating and directing employees to achieve organizational goals.
• Controlling involves monitoring performance and taking corrective action when needed.
• Different management styles exist, such as autocratic, democratic, and laissez-faire.
• Leadership involves inspiring and motivating others to achieve a common goal.
• Organizational structure defines how tasks are divided, grouped, and coordinated within an organization.
• Human resource management (HRM) focuses on recruiting, hiring, training, and managing employees.
• Motivation theories, such as Maslow's hierarchy of needs and Herzberg's two-factor theory, explain what drives employee behavior.

Operations

• Operations management is the process of designing, operating, and improving the systems that create and deliver a company's products or services.
• Supply chain management involves managing the flow of goods, information, and finances from suppliers to customers.
• Inventory management involves determining the optimal level of inventory to hold in order to meet demand while minimizing costs.
• Quality control involves ensuring that products or services meet certain standards and specifications.
• Process improvement involves identifying and eliminating waste in order to improve efficiency and effectiveness.
• Project management involves planning, organizing, and managing resources to complete a specific project within a defined scope, time, and budget.
• Lean manufacturing focuses on eliminating waste and improving efficiency in manufacturing processes.
• Enterprise resource planning (ERP) systems integrate various business functions, such as finance, manufacturing, and HR, into a single system.
• Capacity planning involves determining the amount of resources needed to meet demand.
• Layout design involves arranging equipment, workstations, and storage areas in a way that optimizes efficiency and safety.