Identify the choice that best completes the statement or answers the question by filling in the circle on the
scantron that corresponds to the best answer.
1. The difference between production possibilities frontiers that are bowed out a
Describe two elements within the social part of PEST environment and explain how these
elements can impact a business industry (4 marks).
1 mark for correctly identifying a Social element plus 1 mark for explaining the impact on
BUSINESS 111 FALL 2012
MIDTERM REVIEW GUIDE
Midterm Date: SATURDAY, OCTOBER 20th, 2012
Midterm Time: 9:00 A.M. TO 11:30 A.M.
Writing Locations to be posted on course website.
Important Notice: Anyone who is not able to write the exam on the scheduled date
IMPLEMENTING A SOCIAL RESPONSIBILITY PROGRAM
Commitment of top executives
Planning by committee of managers
Implementation directed at top-level executives
Follow-up social audit at regular intervals
Based on David Foots
o In addition to collecting rental fees, owners of large scale buildings will receive a
variety of benefits from the government, including: tax returns, carbon credits etc.
o By enforcing building codes, go
CORPORATE SOCIAL RESPONSIBILITIY
Way in which a business tries to balance its commitments to organizational stakeholders.
How a business addressed ethical conduct at the organizational level
o collective code
BU111 Fall 2012
Individual Presentation Assignment
As discussed in your lab manual, communication and presentation skills are essential for
success in the workplace. The purpose of this assignment is to develop your
individual presentation skills.
Sony sells to government, buyer has more power
Buyers have more power when there are few buyers
> Companies forced to sell
Rivalry Among Existing Firms
Results in price competition and increased cost
Customs, values, attitudes and demographic characteristics
Influences customer preference
Influences worker attitudes and behaviour
Influences standards of business conduct
Ethics, social responsibility, st
Identifies key variables to be considered in strategic analysis
Who makes decisions
Managers are human > natural bias, desires, approaches
ECONOMIC FACTORS INVESTMENT INSTRUMENTS
TYPES OF INVESTMENTS: BONDS
Represents debt for issuing corporation or government
o Legal, binding agreement
o Fixed rate of return (often paid semi-annually)
o Fixed term princi
TO: Anthony OCallaghan
FROM: Ryan De Vega
Anthony OCallaghan is the owner of Studio Celtia, an independent art gallery located in the
crime ridden area of downtown London. Since the recent foreclosure of Covent Garden Market,
THE EFFECTS OF TAX
With no tax, equilibrium price is Pe and quantity is Qe
Government imposes a tax of $T
Tax generates revenue equal to $T x Q
Tax revenue is included in total surplus, because tax revenue can be used to pr
APPLICATION: INTERATIONAL TRADE
THE WORLD PRICE AND COMPARATIVE ADVANTAGE
Pw= the world price of a good, the price that prevails in world markets
PD= domestic price without trade
If PD < PW
Country has comparative advantage in the good
Test 1 Friday, Oct. 7 , 5 6.30 pm.
1. On the FRONT of your computer card use a dark lead pencil to PRINT the following
instructors name, section letter (next to class), time/day of your section
WLU ID number starting at far left column (FILL
CHAPTER 5: ELASTICITY AND ITS APPLICATIONS
Response of changes in one variable (buyers) to another variable (price).
Elasticity measures how much one variable responds to another variable
Elasticity: a numerical measure of the r
Chapter 4 The Market Forces of Supply and Demand
A market is a group of buyers and sellers of a particular good or service
A competitive market is one in which there are so many buyers and so many sellers that each has
Chapter 3: Interdependence and Gain from Trade
Countries choose to provide different goods and services, sometimes this is dependent on
People who provide you with goods and services do so because they are getting somet
CHAPTER 2: THINKING LIKE AN ECONOMIST
Economists play two roles:
Social scientists: try to explain the world
Policy advisors: try to improve it
In the first role economists employ the scientific method: the dispassionate develop
CHAPTER 1: TEN PRINCINCIPLES OF ECONOMICS
EFFICIENCY: The property of society getting the most it can from its scarce resources.
EQUITY: The property of distributing econ prosperity fairly amongst the members of society.
OPPORTUNITY COST: Whatever must be
THE COSTS OF PRODUCTION
TOTATL REVENUE, TOTATL COST, PROFIT
We assume that the firms first goal is to maximize profits.
Profit = Total revenue (output) Total cost (input)
COSTS AS OPPORTUNITY COSTS
One of the ten principles of economics