Do you agree or disagree with the following statements?

• "If goods were sold only for cash, prices would be lower and everyone would be better off." I disagree with this because if people only used cash to buy their items then a lot less people would buy items right away. 
• "If I can't pay for something, it means I can't afford it, so I won't buy it." I agree with this because if people stopped using credit cards then there would be less people who are paying back ridiculous interest rates on their credit cards. 
• "I buy on credit whenever I can because credit increases sales and is good for businesses." I disagree with this because although it may increase your credit rating you have to pay back the original price plus 20% of interest. 
• "You should use credit sometimes: it helps you establish a credit rating, which may be useful in case of an emergency." I agree with this because it does establish a credit rating and it will be useful for times when you actually do need the credit card.

Motivation Opening Activity

Teachers motivate me to work harder by allowing us to work at our own pace and they treat everyone who is in their class equally, If teachers didn't motivate me to work harder then they would not be doing their job. My parents motivates me to work harder by offering me rewards depending on if i can achieve their targeted goals and if i cannot achieve there goals then they won't reward me for coming close. Friends motivate me to work harder because if i don't help them then i would not be a good friend to them. I can use this in my work to help me to challenge myself into achieving a good mark in this class.

Product in decline stage

A product in the decline stage of it's life cycle is the cassette tape. The reason people are not buying cassettes is because of CD's being out now people see this as better because they can use the CD to plug into a place like a computer and be able to burn their music onto their music player. A cassette doesn't allow people to put it into a computer and put that music on your music player. Recommendations for the cassette is that they should bring out a way so that people can transfer their music from their cassette to their computer.

PYP opening activity

I liked that they allowed people to make there own pages of the yearbook and put whatever they felt like putting on it. I wish they would have more options for the user to be creative with their pages (ex. more backgrounds.) This product would appeal to people who are creative and like to use a unique way to remember their high school experiences. We could market them within the school by putting creative posters up, advertising it within our student business if we can (talent show group) and by word of mouth.

Different types of ad's

Types of Ad's
TV ad's
Infomercial
Radio Ad's
Online Ad's
Press Ad's
Billboard Ad's

I like the ad of Nike's which has a hurdler jumping over a billboard with the "You're faster then you think" slogan. I like this ad because it is very creative and they show an professional actually jumping over the hurdle. My least favourite ad is the McDonald's one where they show that they have free wifi at all there locations and they show a McDonald's box on the table. I chose this as my least favorite ad because it really has nothing to do with there company and what they are trying to sell.

 

                                              

Guerrilla Marketing

Guerrilla Marketing is a way that you can advertise products by doing something that is not expected (ex. Nike's ad for there new running shoes and by putting it on the tire of the vehicle it is saying you should walk/run not ride a car. ) The example that I felt was the best was the Volkswagen ad where they show the people who are in the fast lane zooming down the slide where as those who don't go down the slide are slowly walking down the stairs. By that ad I would be able to guess that if you drive a Volkswagen you are getting an efficient vehicle which goes fast.

Consumer Behaviour Analysis Opening Activity

I think they are right about generation Y, because most of the people in this generation are using technology more then ever now and it will become a more technology based society in the future and if companies want to be successful in the future they will have to change the way they advertise themselves like instead of radio and TV i think more companies will become more internet friendly and for those who fail to do this they will not be successful.

Customer Service Opening Activity

This story teaches you that if you are good with your customers then they will be more willing to recommend you or your business to other people, if you don't treat them well then they will not come back and will get there friends to stay away as well. This story teaches you if you are willing to do things differently and better then everyone else and the customers like it then your business will be more successful then if you do things the same and be just like everyone else.

Is it possible for a business to be solvent but not profitable?

Yes, it is possible for a business to be solvent but not profitable because the profits that the business makes can be used to pay off any debt obligations when they are due. Those businesses are smart because if they don't take the time to pay those debts off then they will increase and be more and more each month. And eventually they will just be paying off the minimum amount. If they do that then they can be profitable but they will have more liabilities to pay off the next month. But if they pay those debts off before they get out of hand then they will be profitable the next month when they don't have that debt to pay back. 

Business Fundamentals Vocabulary Slideshow

If you don't treat your employees right as an employer then everyone is going to leave and your business is going to close.

A for profit business would be like a house cleaning service where the one person who is doing the cleaning of the house is making the profit. ex. Complete cleaning services

A not for profit business would be like the United Way of Calgary which does fundraisers to get money to help change social conditions and try to create better lives for people who don't have much.

A non-profit business would be like the Bill and Melinda Gates foundation which was made to enhance the healthcare and to reduce extreme poverty worldwide, and in America to expand educational opportunities and to access information technology.

For the 3rd slide you need to have someone who is good at watching the stock market or your stocks will crash and you will not have anyone to blame but yourself.

For the 4th slide, for a business to be successful you need to have more revenue then expenses and it's always better to have a profitable business then a non-profitable business that's causing you to lose money.

For the 5th slide the positive ethical, moral and legal considerations when it comes to using alternative ways of energy instead of oil good but it will cause alot of problems for those provinces like Alberta who depend heavily on their oil industry.

The negative ethical moral and legal considerations when it comes to using alternative ways of energy instead of oil is crazy because there would be alot of job cuts and those people won't be able to live up to the same standards of living as they had before. Alot of those people would also sue the province/country in the hopes they could get there jobs back.

For the 6th slide it shows Bernie Madoff being interrogated about how he came up with the ideas for his Ponzi scheme and his response is from the social security system.

A game that stimulates an economic system by trading in virtual goods is Tycoon Online.

Balance Sheet Opening Activity

Cash- Cash on hand, Undeposited Checks received from customers.
Petty Cash- small disbursements for little things.
Supplies- Cost of supplies on hand at the time the balance sheet was made. 
Inventory- Merchandise that is awaiting to be sold. 
Accounts Receivable- Combined amount of debit balance in the accounts receivable account and the credit balance for doubtful accounts.The difference between the balances in these two accounts is the amount of the accounts receivable that is likely to turn to cash.


Assets- The value of the items that a business has at the time of the balance sheet being made. 
Liabilities- The value of the stuff that the business owes at the time of the balance sheet being made. 
Owner's Equity- The value of everything after all liabilities have been calculated 
(Liabilities - Assets = Owner's Equity)


The earnings after all the liabilities have been subtracted from the assets is $229,000 it shows that they have made money instead of losing it meaning that there business is successful, there are a few things that are alarming in the liabilities section of the balance sheet though like the $35,900 in the Accounts Payable section. 

Balance Sheet Quiz