Podcast
Questions and Answers
What does inflation specifically refer to in economic terms?
What does inflation specifically refer to in economic terms?
- An increase in the cost of living adjustments
- A rise in the overall price level (correct)
- A rise in the overall consumer price index
- An increase in employment rates
Which of the following is a goal of the economy related to price stability?
Which of the following is a goal of the economy related to price stability?
- Equilibrium price
- Conditions of constant product prices (correct)
- High employment
- Growth
What economic indicator is typically more interesting for forecasting?
What economic indicator is typically more interesting for forecasting?
- Leading indicators (correct)
- Coincident indicators
- Hypothetical indicators
- Lagging indicators
In the context of market structures, which term describes a market characterized by a single seller?
In the context of market structures, which term describes a market characterized by a single seller?
What role does government intervention play in the economy?
What role does government intervention play in the economy?
Which of these best describes the consumer price index (CPI)?
Which of these best describes the consumer price index (CPI)?
What is indicated by a decrease in the overall price level?
What is indicated by a decrease in the overall price level?
Which market structure is described as rarely occurring?
Which market structure is described as rarely occurring?
Which of the following best defines economics?
Which of the following best defines economics?
What defines a monopoly in terms of market competition?
What defines a monopoly in terms of market competition?
What is the term for when the economy starts to grow after a period of recession?
What is the term for when the economy starts to grow after a period of recession?
In a perfect competition market, what is a characteristic of demand?
In a perfect competition market, what is a characteristic of demand?
What are the factors of production according to economic theory?
What are the factors of production according to economic theory?
How is GDP commonly defined?
How is GDP commonly defined?
What does a recession indicate in terms of GDP?
What does a recession indicate in terms of GDP?
What defines the interaction between supply and demand in a free market?
What defines the interaction between supply and demand in a free market?
Which scenario best illustrates an oligopoly market structure?
Which scenario best illustrates an oligopoly market structure?
What is the condition representing full employment?
What is the condition representing full employment?
How are prices set in a perfect competition market?
How are prices set in a perfect competition market?
Which market structure typically leads to price wars among suppliers?
Which market structure typically leads to price wars among suppliers?
What characterizes a depression in economic terms?
What characterizes a depression in economic terms?
Which of the following describes monopoly?
Which of the following describes monopoly?
What is the primary goal of the economy?
What is the primary goal of the economy?
What kind of market structure is characterized by a few suppliers and high profits?
What kind of market structure is characterized by a few suppliers and high profits?
What is the significance of the net income stated in the income statement?
What is the significance of the net income stated in the income statement?
According to the financial statement, which expense has the highest reported amount?
According to the financial statement, which expense has the highest reported amount?
Which of the following is NOT a component of operating expenses in the income statement?
Which of the following is NOT a component of operating expenses in the income statement?
What is the golden rule mentioned in relation to financial statements?
What is the golden rule mentioned in relation to financial statements?
What is the threshold for income to be tax relevant in Germany as stated in the income statement?
What is the threshold for income to be tax relevant in Germany as stated in the income statement?
What is the primary distinction between financial accountants and management accountants?
What is the primary distinction between financial accountants and management accountants?
Which financial statement is primarily associated with management accounting?
Which financial statement is primarily associated with management accounting?
What is essential for future managers in relation to financial statements?
What is essential for future managers in relation to financial statements?
Which of the following statements is true about the cashflow statement?
Which of the following statements is true about the cashflow statement?
In the context of accounting vocabulary, why is it important for managers to be knowledgeable?
In the context of accounting vocabulary, why is it important for managers to be knowledgeable?
What role does the cost of sales calculation play in financial planning?
What role does the cost of sales calculation play in financial planning?
What is a fundamental marketing concept that students should define?
What is a fundamental marketing concept that students should define?
What is the focus of marketing strategy in a business context?
What is the focus of marketing strategy in a business context?
Which of the following components is NOT one of the four Ps of marketing?
Which of the following components is NOT one of the four Ps of marketing?
What is the primary focus of marketing as defined in the content?
What is the primary focus of marketing as defined in the content?
Which pricing strategy would be most appropriate for introducing a new, upscale product?
Which pricing strategy would be most appropriate for introducing a new, upscale product?
What aspect of the marketing mix is considered most critical in a business game according to the content?
What aspect of the marketing mix is considered most critical in a business game according to the content?
Which statement best characterizes the shift in marketing strategies as a product moves through its lifecycle?
Which statement best characterizes the shift in marketing strategies as a product moves through its lifecycle?
What term describes the philosophy that focuses on satisfying customer needs while meeting company goals?
What term describes the philosophy that focuses on satisfying customer needs while meeting company goals?
When classifying examples according to the 4Ps, which P would encompass advertising and promotions?
When classifying examples according to the 4Ps, which P would encompass advertising and promotions?
For which of the following consumer groups would a marketing strategy for Harley Davidson most likely focus?
For which of the following consumer groups would a marketing strategy for Harley Davidson most likely focus?
Flashcards
Economics
Economics
The study of how goods and services are produced, distributed, and consumed.
Factors of Production
Factors of Production
Inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.
Perfect Competition
Perfect Competition
A market with many buyers and sellers of a standardized product.
Demand
Demand
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Supply
Supply
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Demand Curve
Demand Curve
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Circular Flow
Circular Flow
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Economic Goals
Economic Goals
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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)
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GDP Growth
GDP Growth
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Business Cycle
Business Cycle
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Recession
Recession
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Full Employment
Full Employment
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Unemployment Rate
Unemployment Rate
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Polypoly
Polypoly
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Monopoly
Monopoly
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Price stability
Price stability
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Inflation
Inflation
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Deflation
Deflation
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Consumer Price Index (CPI)
Consumer Price Index (CPI)
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Leading Economic Indicators
Leading Economic Indicators
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Monetary Policy
Monetary Policy
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Income Statement
Income Statement
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Revenues
Revenues
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Operating Expenses
Operating Expenses
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Net Income
Net Income
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Tax Relevance (Germany)
Tax Relevance (Germany)
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Financial Accounting Focus
Financial Accounting Focus
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Management Accounting Focus
Management Accounting Focus
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Key Financial Statements
Key Financial Statements
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Cash Flow Statement
Cash Flow Statement
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Income Statement (P&L)
Income Statement (P&L)
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Balance Sheet
Balance Sheet
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Management Decisions and Financials
Management Decisions and Financials
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Accounting Vocabulary Importance
Accounting Vocabulary Importance
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What is marketing?
What is marketing?
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What is the marketing mix?
What is the marketing mix?
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What is product?
What is product?
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What is price?
What is price?
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What is place?
What is place?
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What is promotion?
What is promotion?
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What is the marketing concept?
What is the marketing concept?
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What is a product lifecycle?
What is a product lifecycle?
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Study Notes
AWL Introduction to Business
- The course emphasizes learning business through practical experience.
- The professor is Dr. Antje Bruesch, located at Reutlingen University.
- The course uses feedback tools for interactive learning.
First Lecture
- Students are asked about any prior business class/apprenticeship experience.
- The lecture checks for students' English proficiency.
- Key technical checks include MS Teams, RELAX (Moodle), Topsim (Chrome Browser), and Untis (timetable).
Roles
- Students are expected to bring their devices for immediate feedback.
- Active participation is essential for a hands-on learning experience.
- Feedback and discussions among peers are an integral part of class activity.
Table of Contents - Learning Business by Doing Business
- The course includes topics like macroeconomics, management & organization, and accounting.
- Included entities in the course curriculum include Mosaic GmbH.
- The course integrates hands-on business learning.
Learning Objectives
- Students will gain a comprehensive understanding of key business vocabulary and fundamental concepts.
- Students will be capable of solving basic business challenges.
- The program introduces basic business functions.
- Students will practice using business vocabulary during discussions.
- Students develop a comprehensive understanding of business decisions and their financial effects.
- Application of accounting concepts will be taught.
- Business game experiences and additional tasks will improve academic writing, feedback and presentation skills in English, and group work abilities.
F1) Macro-Economics
- The topics covered include introduction to economics, competition, measuring the economy, economic forecasting, and summarization.
- Macroeconomics is the study of the economy as a whole.
- Microeconomics is about individual consumer or business choices.
F1) Introduction - Why Needed?
- The current economic recovery is considered crucial, particularly for incentives and investment.
- The headphones market is growing due to digital services (e.g., streaming).
- Sales growth is predicted to increase by 3% to 5%.
F1) Learning Objectives
- Students will define economics and identify factors of production.
- Students will describe perfect competition and the interaction of supply and demand.
- Students will describe various market structures (polypoly, oligopoly, monopoly).
- Students will describe the key goals of the economy.
F2) Management/Organization
- The sections in this topic include Introduction, Wrap-up, What do managers do?, Organisational chart, and Summary.
F2) Management/Organization; What do managers do?
- Managerial activities, according to Henri Fayol's functional management approach: planning, organizing, directing, and controlling.
- The levels of management include top, middle, and first-line managers
F2) Organising-example
- Include example organizational charts: purely functional, combination geographical/functional and matrix.
F2) Critical summary and outlook
- Management demands significant skills.
- Effective management involves political awareness, administrative efficiency, and motivating employees in demanding situations.
- Positives: creativity, positive environments and diverse interactions; potentially higher compensations.
F3) Accounting
- Introduction, with learning objectives for the module.
- Focus on financial statements: cash flow statement, balance sheet, and income statement.
- Explanation of the difference between cash and accrual accounting, and depreciation.
F3) Basics of financial statements
- Students analyze sample financial statements (balance sheet, income statement, cash flow statement) for Joe.
- Students prepare similar statements for themselves (or modified versions).
F3) Exemplary P&L
- Information about income statement, costs and deductions.
F3) Exemplary CF statement
- Detailed analysis of Cash Flow Statement, including different activities.
F4) Marketing
- Introduction, what is marketing about?, learning objectives, marketing strategy, exercise, and summary.
- Definition of marketing, marketing concept, and marketing strategy.
- Understanding of the 4Ps (product, price, place, promotion) of the marketing mix.
- Importance of customer needs, organizational goals, and pricing strategies.
F4) Learning objective questions
- Students will define terms related to marketing.
- Students will identify target consumer groups for different products.
- Students will identify the 4Ps of the marketing mix.
- Students will identify pricing strategies for products.
- Students will develop marketing campaigns for specific businesses.
F4) Product lifecycle
- The progression from introduction through growth to maturity and decline.
F5) Exercise
- Classify examples in relation to the 4Ps of marketing.
F4) Summary
- The importance of marketing in promoting sales and driving overall success.
- A method for evaluating sales results and maximizing business opportunities.
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Description
This quiz introduces students to the practical aspects of learning business through interactive experiences. With emphasis on feedback and active participation, the course covers essential topics like macroeconomics, management, and accounting. Dr. Antje Bruesch leads this engaging course at Reutlingen University.
