Business and Economics #2 Small Business Plan; Products #3 Ch. 4 Discussion Board Question 1 #4 Ch. 4 Discussion Board Question 2 #5 Ch.1 Discussion Board Question 1 #6 Small Business Plan; Competitive Analysis #7 Business Cash Flow Spreadsheets; Dollar Mark-Up for Products #8 ALEKS Compound Interest #9 Small Business Plan; Industry Information #10 Ch.1 Discussion Board Question 2 #11 Ch.10 Discussion Board Question 2 #12 Ch.3 Discussion Board Question 2 Core Competency The student will demonstrate a working understanding of economic principles and concepts fundamental to the operation and/or management of a business Last Update #1&2 August, 2013 #3&4 October 9, 2013 #5 August 29, 2013 #6 May 16, 2014 #7 May 12, 2014 #8 May 18, 2014 #9 September, 2013 #10 August 29, 2013 #11 March 14, 2014 #12 October 1, 2013 Rationale I am including these artifacts because they all have helped me gain knowledge, skills and improvement in the subject Economic Principles. All the artifacts listed discuss all the different economic principles in the business world. In chapter 1 discussion board question 1 and 2 it talks about how a super Wal-Mart would affect a small town with small mom and papa stores. Chapter 1 introduction to business is based on all the different economies in the world, supply and demand, economic resources and much more. Also on my small business plan, I touched on how to prevent my business from being affected if the economy was hit by an inflation or recession. Knowledge
I learned a lot in this subject, because of all the assessments I have done all this year. I learned the different business structures, competition between businesses, supply and demand, labor unions, interest rates, and goods and services. Competition is what I learned the most this year, it is a competitive world. I learned that if you have something different, useful, and affordable in your business, customers will want to switch to your business rather than other businesses. I also learned a lot about the different business structures, for my business I would start off small and easy, which is a sole proprietorship. A sole proprietorship is the easiest business structure, because there is only one owner and the owner decides where the money goes and comes. Rather than a partnership where the money gets split evenly between the partners and they have a very limited source of funds, so partnerships can successfully happen if both partners have the funds for it. Skills The skills I have developed throughout this subject is how to calculate different types of rates (compound and simple), knowing how to control your supply and demand, and creating spread sheets that automatically calculate the different interest rates in loans. For example if I were to buy a car of $10,000 with a down payment of $2,000 and an interest rate of 6%. I can create a spread sheet and insert a formula that will automatically calculate the amount of payments I need to pay and how much interest I am paying on the loan. I can also keep track of how much of supply is getting sold and what the demand is for that supply. Growth and Improvement Statement
I have improved on how to compete in competition with other businesses and how to keep up with competition. I have improved on having an opened mind to what I should offer in my business. For example if I didnt like a certain product, but my customers did, I would offer this product in my business anyway, because it is all about customer satisfaction. I have grown to know how to control my inventory to have an equilibrium price between my supply and demand.