OCC intro to Business

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xunasnvmna1979

Business Finance

Oakton Community College

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STUDY GUIDE (CHAPTERS 1-4) Chapter 1 -What is profit? -Know all the factors of production -What is the study of economics? -Know the different economic systems? -Know all the economic indicators discussed in class (GDP, Unemployment Rate & Inflation) -What is the standard of living? -Budget deficit/national debt -Monetary vs fiscal policy -Know the different types of competition (Perfect, Monopolistic, Oligopoly & Monopoly) -Supply/Demand/Equilibrium -Free market competition Chapter 2 -What is ethics? -Know the 4 ethical norms -What is insider trading? -What is whistleblowing? -What is the Sarbane-Oxley Law of 2002? -What is social responsibility? -Know the 4 types of stances -Who are the 5 stakeholders? Chapter 3 -Define small business and its purpose -Ways to start a small business -Reasons for success and failure of small businesses -What is an entrepreneur & his/her characteristics? -What is the SBA/SBIC/SCORE? -What is the purpose of a formal business plan? -What is venture capital? -Know all the advantages/disadvantages of sole proprietorships, partnerships (both general & limited) & C-corporations -Differences between S-Corporation & LLC -What is a merger/acquisition? 1 Chapter 4 -Know the difference between the balance of trade and balance of payments? -Know the difference between absolute, comparative advantage & national competitive advantage -Foreign currency questions -Examples of exporting/importing -Know all the Protectionist measures -Dumping -Know ways to become involved in the global market (Agents, licensing, strategic alliance & FDI) -WTO 2
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Introduction to Business

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Introduction to Business
Chapter 1












Profits are financial revenue gains exceeding expenses, costs, and taxes for maintaining a
specific business activity.
Factors of production entail resources used for producing goods and services; examples
include land, capital, and labor.
The study of economics involves studying people’s behavior, decisions, and reactions in
difficult and successful situations.
Economic systems include traditional, command, mixed, and market economies.
The key economic indicators include gross domestic product (GDP), stock market,
unemployment, consumer price index (CPI), producer price index (PPI), the balance of
trade, housing starts, and interest rates (Voynarenko et al., 2019).
Standard of living measures how well or poorly the population lives regarding meeting
their basic needs.
The national debt is the debt that the federal government owes the creditor.
Monetary policy gets managed by the bank and considers interest rates and money supply
circulation, while fiscal policy gets determined by government legislation that considers
taxation and government expenditure.
The market structure gets defined by differ...


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