WU Bachelor Program Business and Economics Entrance Exam

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Questions and Answers

What is the primary goal of the script written by Bettina Fuhrmann?

To motivate readers to pursue a career in business and economics

To provide feedback to business teachers who are experts in their respective fields

To explain basic concepts of business and economics to those with little prior knowledge (correct)

To provide a comprehensive overview of business and economics

What is the title of the book from which the content of this script has been taken?

Fuhrmann, Bettina: Introduction to Business and Economics (correct)

Business and Economics for Beginners

Business Studies and Economic Issues

Introduction to Business and Economics

What is the purpose of the acknowledgement section in the script?

To list the contributors to the book

To provide feedback to business teachers

To thank colleagues and family members for their support (correct)

To introduce the book's content

How many pages does the book have according to the script?

The number of pages is not specified Signup and view all the answers

What is the name of the publisher of the book?

Jugend & Volk Signup and view all the answers

Who is the author of the book from which the content of this script has been taken?

Bettina Fuhrmann Signup and view all the answers

What is the title of the study program mentioned in the script?

WU Bachelor Program Business and Economics Signup and view all the answers

Why did the author write the acknowledgement section?

To thank colleagues who contributed to the book's development Signup and view all the answers

What is the primary focus of the book according to the author?

To introduce business and economics to young learners Signup and view all the answers

What is the main reason why economics is important for everyone?

Because everyone is an active part of the economy Signup and view all the answers

What is the concept of scarcity of resources related to?

The scarcity of resources and opportunity cost Signup and view all the answers

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

Focus on different types of businesses Signup and view all the answers

What are the three sectors that businesses operate in, according to the book?

Primary, secondary, and tertiary Signup and view all the answers

What is the main objective of marketing, according to the book?

To achieve market orientation Signup and view all the answers

What is the purpose of market segmentation, according to the book?

To identify the target market Signup and view all the answers

What is the main focus of chapter 6 in the book?

Accounting and keeping records of business Signup and view all the answers

Study Notes

Introduction to Business and Economics

The book "Introduction to Business and Economics" by Bettina Fuhrmann aims to explain basic concepts of business and economics and their interrelationships to students with little previous knowledge.
The book covers selected topics in business studies and economics, which are comprehensive, multifaceted, and interdisciplinary scientific fields.

Acknowledgements

The author thanks colleagues who provided feedback on the manuscript, including Nora Cechovsky, Jesus Crespo Cuaresma, and others.
The author also thanks her family for their support during the writing process.

Dedication

The book is dedicated to all young learners who should understand the importance of economic knowledge and their role in the economy.

The book covers six topics: introduction to business matters, basic economic concepts, focus on different types of businesses, forms of business ownership and sources of finance, marketing, and accounting.

Basic Economic Concepts

Being part of the economy means understanding economic decisions and their impact on individuals and society.
Scarcity of resources leads to opportunity cost, which is the value of the next best alternative given up.
Economics is the study of economic decisions, including the production, distribution, and consumption of goods and services.
Exchanging goods and services creates a circular flow and division of labor, which leads to economic growth and development.
There are different economic systems, including market economies, command economies, and mixed economies.
Supply and demand interact in the market, where households, businesses, and the government meet.
Competition in the market leads to innovation and efficiency.

Focus on Different Types of Businesses

Businesses combine different factors of production, including labor, capital, and entrepreneurship.
Businesses operate in the primary, secondary, and/or tertiary sector, depending on the type of goods and services they produce.
Businesses can be profit-oriented or not-for-profit, depending on their goals and objectives.
Businesses come in all sizes, including large and small, and can be local, national, or international.
Businesses operate in an environment and have stakeholders, including customers, employees, and suppliers.

Forms of Business Ownership and Sources of Finance

There are different forms of business ownership, including sole proprietorship, partnership, and corporations.
Each form of business ownership has its advantages and disadvantages.
There are different sources of finance, including debt and equity, and the choice of source depends on the business's goals and objectives.

Marketing

Marketing involves understanding what a product is and its objectives.
There are different approaches to marketing, including product orientation and market orientation.
Market research is essential to understand customer needs and preferences.
Market segmentation and targeting strategies are used to identify and reach specific customer groups.
The marketing mix includes the four Ps: product, price, promotion, and place.

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Description

Study material for the entrance exam of WU Bachelor Program Business and Economics, covering topics from Bettina Fuhrmann's Introduction to Business and Economics book.