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Questions and Answers

Which book has the content of this script been taken from?

  • Introduction to Business and Economics (correct)
  • WU Bachelor Program Business and Economics
  • Verlag Jugend & Volk
  • Business and Economics Study Material

What is the aim of this book?

  • To spark an enduring interest in business and economics (correct)
  • To cover all topics related to business and economics
  • To provide a short introduction to business and economics
  • To motivate readers to learn more about business and economics

Who has contributed to the development of the text?

  • Business teachers who are experts in their respective fields
  • The author's colleagues (correct)
  • Students interested in business and economics
  • Readers who provided feedback

Which region is AT&S located in?

<p>Styria (A)</p> Signup and view all the answers

What is AT&S known for manufacturing?

<p>Printed circuit boards (B)</p> Signup and view all the answers

What is the market position of AT&S in Europe?

<p>Market leader (B)</p> Signup and view all the answers

What do Tina and Steve prefer to become?

<p>Entrepreneurs (B)</p> Signup and view all the answers

Which of the following is NOT a basic economic concept discussed in the text?

<p>Different economic systems (D)</p> Signup and view all the answers

Which of the following is NOT a focus of marketing?

<p>The need for more responsibility and sustainability (C)</p> Signup and view all the answers

Which of the following is NOT a form of business ownership discussed in the text?

<p>Summary: Overview of forms of business ownership (A)</p> Signup and view all the answers

What can be learnt from reading a balance sheet and an income statement?

<p>Analysis of financial statements (A)</p> Signup and view all the answers

What is a main characteristic of the economy?

<p>Exchanging goods and services against money or other means of payment (C)</p> Signup and view all the answers

What is Tina and Steve's main idea for their business?

<p>Developing tailor-made software for their customers (C)</p> Signup and view all the answers

What additional services are Tina and Steve considering offering?

<p>Setting up the computer at the user's home, installing software, and connecting to the Internet (B)</p> Signup and view all the answers

Why do Tina and Steve want to start a business?

<p>To earn money and make a living (D)</p> Signup and view all the answers

What is the purpose of a business plan?

<p>To provide structure and content for the business (D)</p> Signup and view all the answers

Why are skilled and talented people important for a business?

<p>To ensure the success and growth of the business (A)</p> Signup and view all the answers

What are the tasks of personnel management?

<p>To motivate and manage employees (C)</p> Signup and view all the answers

What is the purpose of accounting in a business?

<p>To track the financial situation of the business (C)</p> Signup and view all the answers

Which of the following is a benefit of specialization and division of labor?

<p>Improved productivity (B)</p> Signup and view all the answers

What is an example of specialization within a household?

<p>One person doing all the cooking (C)</p> Signup and view all the answers

Which level of production involves the production of tables?

<p>Third level (D)</p> Signup and view all the answers

What are some disadvantages of specialization and division of labor?

<p>Limited skill development (A)</p> Signup and view all the answers

What is the purpose of money in the circular flow of goods and services?

<p>To provide a medium of exchange (D)</p> Signup and view all the answers

In the circular flow of the economy, what role do public authorities play?

<p>They provide goods and services (A)</p> Signup and view all the answers

What happens to the purchasing power of money when there is a general rise in prices?

<p>It declines (D)</p> Signup and view all the answers

Why do individuals engage in exchange of goods and services?

<p>To acquire goods from others (B)</p> Signup and view all the answers

Which of the following best describes scarcity of resources?

<p>Resources are limited and need to be managed. (D)</p> Signup and view all the answers

What is the opportunity cost for Tina and Steve if they decide to set up their own business instead of taking jobs at another business?

<p>The amount of money they could have earned with their business. (C)</p> Signup and view all the answers

What does microeconomics focus on?

<p>The behaviour and decisions of individual households and businesses. (C)</p> Signup and view all the answers

What does macroeconomics study?

<p>The overall economy and aggregate quantities. (D)</p> Signup and view all the answers

Which economic system allows individuals and businesses to make their own economic decisions?

<p>Market economy (B)</p> Signup and view all the answers

What is the role of governments in planned economic systems?

<p>Decide which goods are produced and which services are offered (B)</p> Signup and view all the answers

What determines the supply of a certain good or service in a market economy?

<p>Businesses' production capacities and available resources (A)</p> Signup and view all the answers

What is a market in a market economy?

<p>A place where buyers and sellers meet to exchange goods and services (D)</p> Signup and view all the answers

Which scientific fields does the book aim to explain basic concepts of?

<p>Business and Economics (A)</p> Signup and view all the answers

What is the intention of the short introduction in the book?

<p>To provide a solid basis for advanced studies (D)</p> Signup and view all the answers

Who provided feedback for the development of the book?

<p>Colleagues (C)</p> Signup and view all the answers

Which company is the market leader in Europe in the field of high-end printed circuit boards?

<p>AT&amp;S (D)</p> Signup and view all the answers

Where is AT&S located?

<p>Styria (A)</p> Signup and view all the answers

What are the new technologies that net/de/ specializes in?

<p>advanced packaging (C)</p> Signup and view all the answers

What are Tina and Steve ready to do in order to start their business?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following is NOT a topic covered in the book?

<p>Personnel management (D)</p> Signup and view all the answers

What is the main focus of Chapter 3 in the book?

<p>Forms of business ownership (C)</p> Signup and view all the answers

What does the term 'stakeholders' refer to in the context of businesses?

<p>Employees and customers (C)</p> Signup and view all the answers

What does the marketing mix refer to?

<p>The combination of product, price, promotion, and place in marketing (B)</p> Signup and view all the answers

What is the purpose of a business plan?

<p>To outline the structure and content of the business (C)</p> Signup and view all the answers

Why are skilled and talented people important for a business?

<p>To ensure the success and growth of the business (A)</p> Signup and view all the answers

What are the tasks of personnel management?

<p>To recruit, train, and motivate employees (C)</p> Signup and view all the answers

What is the role of businesses in the economy?

<p>To provide goods and services to fulfill needs and wants (C)</p> Signup and view all the answers

Which of the following is NOT one of the functions of money mentioned in the text?

<p>Measure of inflation (D)</p> Signup and view all the answers

What is the role of public authorities in the circular flow of the economy?

<p>Providing goods and services (C)</p> Signup and view all the answers

What is the main benefit of using money as a means of exchange?

<p>Flexibility of exchange (A)</p> Signup and view all the answers

What is the European Central Bank's preferred inflation rate per year?

<p>Slightly below 2% (D)</p> Signup and view all the answers

What is the opportunity cost for Tina and Steve if they decide to set up their own business instead of taking jobs at another business?

<p>The amount of money they could have earned with their business (B)</p> Signup and view all the answers

Which of the following is NOT a disadvantage of specialization and division of labor?

<p>Increased efficiency and productivity. (B)</p> Signup and view all the answers

What is the focus of microeconomics?

<p>Behaviour and decisions of individual households and businesses (A)</p> Signup and view all the answers

What is the purpose of specialization and division of labor?

<p>To concentrate on what individuals and businesses can do best. (B)</p> Signup and view all the answers

What is the focus of macroeconomics?

<p>Overall economy and aggregate quantities (B)</p> Signup and view all the answers

Which level of production involves the production of tables?

<p>Third level: production of tables. (C)</p> Signup and view all the answers

What is the role of governments in planned economic systems?

<p>To make economic decisions on behalf of individuals and businesses (D)</p> Signup and view all the answers

What are some factors that can influence the division of labor on an international level?

<p>All of the above. (D)</p> Signup and view all the answers

What is the main characteristic of the economy?

<p>Exchanging goods and services against money or other means of payment (A)</p> Signup and view all the answers

What do Tina and Steve consider doing to offer affordable computers to their customers?

<p>Buying used computers at a low price and modifying them to the needs of their customers (A)</p> Signup and view all the answers

What additional services are Tina and Steve considering offering to their customers?

<p>All of the above (D)</p> Signup and view all the answers

What is the main idea of Tina and Steve for their business?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following is NOT a characteristic of a market economy?

<p>Governments play a dominant role in the economy (D)</p> Signup and view all the answers

What is the main factor that determines the supply of a certain good or service in a market economy?

<p>The businesses' production capacities (B)</p> Signup and view all the answers

Which of the following is NOT a type of market mentioned in the text?

<p>Service market (D)</p> Signup and view all the answers

Which of the following is a characteristic of a planned economic system?

<p>Governments play a dominant role in the economy (C)</p> Signup and view all the answers

Flashcards

Aim of the Book

To spark an enduring interest in business and economics.

AT&S Product

Printed circuit boards.

AT&S Market Position in Europe

Market leader.

Tina and Steve's Goal

Entrepreneurs.

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Main Characteristic of the Economy

Exchanging goods and services against money or other means of payment.

Signup and view all the flashcards

Tina and Steve's Business Idea

Developing tailor-made software for their customers.

Signup and view all the flashcards

Tina and Steve's Motivation

To earn money and make a living.

Signup and view all the flashcards

Purpose of a Business Plan

To provide structure and content for the business.

Signup and view all the flashcards

Tasks of Personnel Management

To motivate and manage employees.

Signup and view all the flashcards

Purpose of Accounting

To track the financial situation of the business.

Signup and view all the flashcards

Benefit of Specialization

Improved productivity.

Signup and view all the flashcards

Disadvantage of Specialization

Limited skill development.

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Purpose of Money

To provide a medium of exchange.

Signup and view all the flashcards

Scarcity of Resources

Resources are limited and need to be managed.

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Opportunity Cost

The amount of money they could have earned with their business.

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Microeconomics Focus

The behaviour and decisions of individual households and businesses.

Signup and view all the flashcards

Macroeconomics Study

The overall economy and aggregate quantities.

Signup and view all the flashcards

Economic System Choice

Market economy.

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Government's Role

Decide which goods are produced and which services are offered.

Signup and view all the flashcards

Supply Determination

Businesses' production capacities and available resources.

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What is a market?

A place where buyers and sellers meet to exchange goods and services.

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Intention of Introduction

To provide a solid basis for advanced studies.

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AT&S Location

Styria

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net/de/'s Specialization

advanced packaging

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The Four P's

Marketing mix

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Business plan purpose

To outline the structure and content of the business

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Skilled people

To ensure the success and growth of the business.

Signup and view all the flashcards

Motivation and training

To recruit, train, and motivate employees

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Business Roles

To provide goods and services to fulfill needs and wants.

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Stakeholders

Employees and customers

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Study Notes

Introduction to Business and Economics Study Material

  • The script is written for students interested in the WU bachelor study program Business and Economics and want to take the entry exam.
  • The content is taken from the book "Introduction to Business and Economics" by Bettina Fuhrmann.
  • The aim of the book is to explain basic concepts of business and economics to those with little previous knowledge.
  • The book provides a solid basis for further learning and aims to spark an enduring interest in business and economics.
  • Colleagues and experts in the field have contributed valuable comments to the development of the text.
  • Economic knowledge is important for everyone regardless of age, gender, or personal background.
  • The book is dedicated to young learners to help them understand their active role in the economy.
  • The script covers various topics including introduction to business matters, basic economic concepts, different types of businesses, forms of business ownership and sources of finance, marketing, accounting, personnel management, writing a business plan, and case study.
  • The script provides an example of Tina and Steve considering starting a business that offers computer services.
  • The script discusses the characteristics of a business and the exchange of goods and services in the economy.
  • Tina and Steve consider buying used computers, repairing them, and offering additional services to create value for customers.
  • The script also mentions the possibility of Tina and Steve finding jobs in their field of expertise but they prefer to become entrepreneurs.

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