Introduction to Business Course Overview

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Questions and Answers

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?

Equilibrium price

Conditions of constant product prices (correct)

High employment

Growth

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?

Monopoly Signup and view all the answers

What role does government intervention play in the economy?

Implementing fiscal and monetary policy Signup and view all the answers

Which of these best describes the consumer price index (CPI)?

A measure that tracks inflation by assessing typical consumer purchases Signup and view all the answers

What is indicated by a decrease in the overall price level?

Deflation Signup and view all the answers

Which market structure is described as rarely occurring?

Perfect competition Signup and view all the answers

Which of the following best defines economics?

The study of the production, distribution, and consumption of goods and services. Signup and view all the answers

What defines a monopoly in terms of market competition?

One supplier dominates the market with no competitors. Signup and view all the answers

What is the term for when the economy starts to grow after a period of recession?

Recovery Signup and view all the answers

In a perfect competition market, what is a characteristic of demand?

It decreases when prices rise. Signup and view all the answers

What are the factors of production according to economic theory?

Land, labour, capital, and entrepreneurship skills. Signup and view all the answers

How is GDP commonly defined?

The sum of market values of all goods and services produced in a year. Signup and view all the answers

What does a recession indicate in terms of GDP?

GDP decreases for two consecutive quarters. Signup and view all the answers

What defines the interaction between supply and demand in a free market?

Supply and demand together establish price levels. Signup and view all the answers

Which scenario best illustrates an oligopoly market structure?

A few large corporations controlling the airline industry. Signup and view all the answers

What is the condition representing full employment?

About 95% of those who want to work are employed. Signup and view all the answers

How are prices set in a perfect competition market?

By the relationship between supply and demand. Signup and view all the answers

Which market structure typically leads to price wars among suppliers?

Polypoly Signup and view all the answers

What characterizes a depression in economic terms?

A severe and prolonged downturn in economic activity. Signup and view all the answers

Which of the following describes monopoly?

A single firm controls the entire market for a specific product. Signup and view all the answers

What is the primary goal of the economy?

Efficiently allocating resources to meet consumer needs. Signup and view all the answers

What kind of market structure is characterized by a few suppliers and high profits?

Oligopoly Signup and view all the answers

What is the significance of the net income stated in the income statement?

It reflects the profit available for distribution or reinvestment. Signup and view all the answers

According to the financial statement, which expense has the highest reported amount?

Wages Signup and view all the answers

Which of the following is NOT a component of operating expenses in the income statement?

Equity investments Signup and view all the answers

What is the golden rule mentioned in relation to financial statements?

No booking without a receipt. Signup and view all the answers

What is the threshold for income to be tax relevant in Germany as stated in the income statement?

€10,000 TEUR per year Signup and view all the answers

What is the primary distinction between financial accountants and management accountants?

Financial accountants provide data for external decision making, whereas management accountants focus on internal data. Signup and view all the answers

Which financial statement is primarily associated with management accounting?

Income statement Signup and view all the answers

What is essential for future managers in relation to financial statements?

Having a basic understanding of their interdependencies. Signup and view all the answers

Which of the following statements is true about the cashflow statement?

It combines data from both management and financial accounting. Signup and view all the answers

In the context of accounting vocabulary, why is it important for managers to be knowledgeable?

To avoid mixing up terms that can lead to miscommunication. Signup and view all the answers

What role does the cost of sales calculation play in financial planning?

It provides insights into resource allocation for production. Signup and view all the answers

What is a fundamental marketing concept that students should define?

Marketing strategy formulation Signup and view all the answers

What is the focus of marketing strategy in a business context?

To identify customer needs and create value for them. Signup and view all the answers

Which of the following components is NOT one of the four Ps of marketing?

Performance Signup and view all the answers

What is the primary focus of marketing as defined in the content?

Creating value for customers while meeting organizational goals Signup and view all the answers

Which pricing strategy would be most appropriate for introducing a new, upscale product?

Skimming pricing Signup and view all the answers

What aspect of the marketing mix is considered most critical in a business game according to the content?

Product Signup and view all the answers

Which statement best characterizes the shift in marketing strategies as a product moves through its lifecycle?

Strategies adapt to changing customer needs and market conditions. Signup and view all the answers

What term describes the philosophy that focuses on satisfying customer needs while meeting company goals?

Marketing orientation Signup and view all the answers

When classifying examples according to the 4Ps, which P would encompass advertising and promotions?

Promotion Signup and view all the answers

For which of the following consumer groups would a marketing strategy for Harley Davidson most likely focus?

Middle-aged consumers valuing freedom and adventure Signup and view all the answers

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.