Podcast
Questions and Answers
Which product has the highest selling price according to the provided information?
Which product has the highest selling price according to the provided information?
Labaneh has a selling price higher than yogurt.
Labaneh has a selling price higher than yogurt.
True
What is one of the main goals of US business?
What is one of the main goals of US business?
The main goal of business in the US is to prioritize employee welfare over profit.
The main goal of business in the US is to prioritize employee welfare over profit.
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What is one way to add value to wood products?
What is one way to add value to wood products?
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Fresh milk can be sold for ______ NIS.
Fresh milk can be sold for ______ NIS.
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What are the key global economic systems that control the factors of production?
What are the key global economic systems that control the factors of production?
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Match the dairy products with their selling prices:
Match the dairy products with their selling prices:
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In a _____ economy, the government controls the factors of production.
In a _____ economy, the government controls the factors of production.
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Match the following economic systems with their characteristics:
Match the following economic systems with their characteristics:
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What is the primary purpose of a Cost-Benefit Analysis (CBA)?
What is the primary purpose of a Cost-Benefit Analysis (CBA)?
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A Cost-Benefit Analysis only considers financial impacts.
A Cost-Benefit Analysis only considers financial impacts.
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What does the variable 'FV' represent in the formula FV=PV(1+ni)^n⋅t?
What does the variable 'FV' represent in the formula FV=PV(1+ni)^n⋅t?
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What is the term used for a systematic approach to evaluating the impacts of a decision?
What is the term used for a systematic approach to evaluating the impacts of a decision?
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In the formula FV=PV(1+ni)^n⋅t, 'i' represents the present value of the investment.
In the formula FV=PV(1+ni)^n⋅t, 'i' represents the present value of the investment.
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A Cost-Benefit Analysis is an approach that evaluates both _____ and non-financial impacts.
A Cost-Benefit Analysis is an approach that evaluates both _____ and non-financial impacts.
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Match the following terms with their descriptions:
Match the following terms with their descriptions:
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What is the formula used to calculate the future value of money?
What is the formula used to calculate the future value of money?
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The variable 'PV' in the formula FV=PV(1+ni)^n⋅t stands for _____ value.
The variable 'PV' in the formula FV=PV(1+ni)^n⋅t stands for _____ value.
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Match the components of the TVM formula with their definitions:
Match the components of the TVM formula with their definitions:
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Which of the following is NOT typically included in employee benefits packages managed by HRM?
Which of the following is NOT typically included in employee benefits packages managed by HRM?
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HRM is solely responsible for managing salary without any consideration for benefits.
HRM is solely responsible for managing salary without any consideration for benefits.
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Name one type of benefit that HRM might offer to employees.
Name one type of benefit that HRM might offer to employees.
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A comprehensive employee benefits package may include _____ on certain items as part of the company's offerings.
A comprehensive employee benefits package may include _____ on certain items as part of the company's offerings.
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Match the following employee benefits with their descriptions:
Match the following employee benefits with their descriptions:
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What does Present Value (PV) represent?
What does Present Value (PV) represent?
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Future Value (FV) refers to the current worth of money considering inflation.
Future Value (FV) refers to the current worth of money considering inflation.
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What can affect the worth of money over time?
What can affect the worth of money over time?
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The value of a sum of money at a specific point in the future is called _____ Value.
The value of a sum of money at a specific point in the future is called _____ Value.
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Study Notes
Business for Engineering
- This course is for engineering students
- Engineering is about problem-solving
- Senior projects are often excellent solutions needed by many people
- Students and teachers commonly neglect the business potential of senior projects, leaving them on shelves
- The course teaches students to transform solutions into businesses
What topics should engineers know about business?
- Introduction to Business Concepts
- Business terms
- Business models and strategies
- Management concepts
- Financial management
- Project management
- Innovation and entrepreneurship
- Marketing
- Leadership
- Ethics
- Laws
Business for Engineers:
- The course's purpose
- Why students need this course
- Engineers' role in business
- Projects can be transformed into businesses
Why do you need it?
- Students are being prepared to start and own a business
- Conversion of ideas to projects to businesses
- Learn leadership, management, and initial steps to achieve goals
- Develop projects to become businesses by understanding steps
Role of Engineers in Business
- Engineering plays a role in all sectors of the economy
- Examples of sectors: real estate, automotive industry, technology, organizations, appliances, machines, military, medicine, agriculture, food industry (petrol, gas, sun, wind)
What is a Business?
- A transaction cycle that generates profit (usually through products or services)
- Key business functions include management, finance, marketing, sales, and accounting
- Profitable projects, deals, and investments
- Something that makes you money (positive return)
- Value is measured by more than just money (e.g., $, NIS, JD, Gold, Silver, Commodities, Assets, Real Estate)
Business aspects
- Management: planning, human resource management, small business management, large business management, and leadership
- Finance (Accounting, Sales)
- Marketing (Getting new customers)
- Operations (Raw material to product)
What to expect at the end of the course
- Ability to understand what a business is
- Ability to plan a business from an idea
- Ability to study the market and make informed decisions
- Steps to plan and start a business using the business canvas model
Chapter 1: Understanding the U.S. Business System
- A discussion on the U.S. economy's core principles.
- "In business you get what you want by giving other people what they want." - Alice Foote MacDougall. Quotes the importance of understanding customers wants.
- Nature and goals of US business are defined.
- Global economic systems are described and how they affect production.
- Demand and supply are explained.
- Elements of private enterprise and its competition are outlined.
- Evaluation of an economic system is discussed.
- Details on projections for the future U.S. economy
What is Business?
- An organization providing goods and services to generate profits
- Profits are the difference between revenues and expenses
Factors of Production
- Labor
- Capital
- Information Resources
- Physical Resources
- Entrepreneurs
How are factors of production allocated?
- Planned Economy: The government owns and operates all production means.
- Market Economy: Buyers and sellers interact based on choices.
- Mixed Economy: Combines features of planned and market economies.
Circular Flow in a Market Economy
- Firms supply products in output markets and demand resources in input markets.
- Households demand products in output markets and supply resources in input markets.
Capitalism
- Individuals make decisions about where to work, what to buy, and how much to pay.
- Producers make decisions about whom to hire, what to produce, and how much to charge.
- Government supports private ownership and encourages entrepreneurship.
Mixed Economies: Planned and Market
- Most countries' economies have elements from both planned and market systems.
- There's a global trend toward more market-based elements.
Supply and Demand Drive the U.S. Economic System
- Supply: The willingness of producers to offer a good or service for sale.
- The law of supply: Producers offer more at higher prices and less at lower prices
- Demand: The willingness of buyers to purchase a good or service.
- The law of demand: Buyers demand more at lower prices and less at higher prices
- Demand and Supply schedules of various prices relating to the quantity demanded/supplied
Demand and Supply (continued)
- Demand and Supply curves representing price relation to the quantity of goods.
- Equilibrium price is identified on the curve.
The U.S. Economy is a Private Enterprise System
- Core elements of a private enterprise system in the U.S. are outlined
- Private Property Rights
- Freedom of Choice
- Profits
- Competition
Competition
- Competition motivates businesses to offer better or cheaper products.
Understanding Economic Performance
- Key concepts are detailed
- Business Cycle
- Aggregate Output
- Gross Domestic Production (GDP)
- Standard of Living
- Gross National Product (GNP)
- Productivity
- Balance of Trade
- National Debt
- Economic Stability
- Inflation
- Unemployment
U.S. GDP and GDP per Capita
- Data illustrating U.S. GDP and GDP per capita
- Graphs displaying relationship over time
GDP and GDP per Capita (Continued)
- Definition of GDP and GDP per capita, highlighting their usage in evaluating economic well-being
- Graphs displaying relationship over time to show growing GDP/GDP per capita over the years.
Recessions and Depressions, Managing the US Economy, Looking to the Future, Projections and Implications for the U.S. Economy
- Recession/Depression definitions
- Economic Stabilization Policy/ Government policy designed to ease economic changes
- Fiscal and Monetary Policies
- Information revolution, breakthroughs in tech., globalization
Key Takeaways from Projections and Implications for the U.S. Economy
- Economic opportunities like steady growth and lower deficits
- Economic challenges in a global market like trade deficit and income inequality/ debt/ health insurance.
Chapter Review
- Summary of core concepts/topics from the chapter
- Nature and goals of U.S. business, global economic systems, demand and supply, private enterprise/competition.
- Evaluation of economic performance is emphasized
- Projections for the future U.S. economy
Business for Engineering:
- The role of Engineering in Business
- Roles of Engineering in Business (New Product Development, Enhancement of Existing Product, Maintenance)
- Problems (Need for Change, Expansion of existing system, fixing bugs)
- Science & Technology (study of natural objects using observation & experimentation)
- Engineering (Creating Solutions, Effective Management, Project Planning, Problem Solving, Critical Thinking, Attention to detail, Teamwork, Communication, Mathematical background)
- Invention vs Innovation
- Entrepreneurship (Ability to start a business and take risks)
- Added Value
- Sources of Innovation
Market Analysis
- Market Analysis process; understanding market size, trends, competition, and customer needs
- Importance of analysis for business decisions and to understand customers and competitors.
- Key components: Market Size, Market segment, History and Growth rate prediction
- Key components (Market Trends, SWOT Analysis, Tools/Methods) and importance of analysis
- Research Methods(Primary/Formal
- SWOT Analysis(Strengths, Weaknesses, Opportunities, Threats)
Money 101: Financial Basics for Engineers
- Financial literacy's importance to engineers
- How financial skills complement technical skills
- Money matters for Engineers, Personal Finances, Time Value of Money (TVM), Cost/Benefit Analysis
- Opportunity Cost
- Career and Financial planning
- Money Rules (earning money, paying off debt, rule of 80/20, diversification, investing for the long term, asset vs liability, helping others)
Time Value of Money (TVM)
- The concept that now money is worth more than same amount in the future. Money can increase in the future with compounding interest or decrease due to inflation
- Present Value/ Future Value
- Interest Rate
- Number of periods
- TVM formula
Cost-Benefit Analysis (CBA)
- Systematic approach for evaluating financial and non-financial outcomes of a project or decision
- Key for engineering projects (NPV, IRR)
- Example: calculating project investment returns
Opportunity Cost
- The potential benefits missed when choosing one alternative over another
- Understanding trade-offs in financial decisions
Career and Financial Planning
- Techniques for effectively negotiating salaries (e.g., evaluating job offers, negotiation tips)
- Importance of early retirement planning, overview of retirement accounts (e.g., 401k, IRA)
How to add value to an existing product with a specific example in the course.
Payment Systems
- Payment systems as a discussion (Local, International, Cash, Cheques -deferred funds, Credit cards, Debit cards, Online banking, PayPal, Apple Pay, Google Pay, Items (Barter), Crypto currencies, Wallet)
- Payment mechanisms (ways of transferring funds between parties; physical and electronic methods)
- Payment Parties (Payer, Payee, Third party)
- Payment balance, Trade deficit(Economic decline)
Payment Regulations
- Payment system regulations (strict rules for security, SWIFT, Cryptocurrencies)
Security Issues in Payment Systems
- Authentication mechanisms for payment security
Incubators
- Organizations/centers that help startups to establish business and connect to finance sources.
- Services (Minimize risks, office space, networking, training, help with business plans, legal support, funding access)
- Idea validation(pre-incubation), business startup (incubation), and successful company (Post incubation)
- Incubator gains (investment funds, community/social contribution, networking/influence)
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Description
Test your knowledge on key concepts in business economics, including selling prices, economic systems, and the purpose of cost-benefit analysis. This quiz challenges you to match products with their prices and understand various economic frameworks.
