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ABWL (Subject) / ABWL (Lesson)

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• Gross domestic product - Expansion - Boom - Recession - Depression
• Countertrade a form in international trading of goods and services against goods and services
• Barriers of trade - natural barriers - tariff barriers - non tariffs barriers
• penetration pricing a strategy of selling new products at low prices in the hope to archieving a large sales volume
• Marketing Mix - product strategy - pricing strategy - distribution strategy - promotion strategy - not for profit marketing 
• knowledge the combined talent and skills of the workforce 
• advantages of corporations ( 5 Pts ) - limited liability - ease of transfering ownership - unlimited business life - tax deduction - ability to attract financing 
• loss leader a product priced below cost as part of a leader pricing strategy 
• pricing strategy setting a price based on the demand for a cost of a good or services 
• communism an economic system characterzed by goverment ownership of vitually all resources, goverment control of all markets, and ecomonics decision making by central government planing
• Advertisement
• unsought products products that either are unknown to the potentional buyer or are known but the buyer doenst actively seek them
• leader pricing the strategy of pricing products below the normal mark up or even below cost to attract customer to a store where they wouldnt otherwise shop
• advantage of sole propiertorship ( 6 Prts ) - ease and inexpansive in formation - profits goes all to the owner - completly control of the business - freedom from gouverment reguation - no special taxation - easy of dissolution
• Management the process of guiding the development, maintanceses and allocations of resources to attain organisational goals
• Capitalism an ecenomic system based on competition in the marketplace and private ownership of the factors of production
• Socialism an ecenomic systen wich the basic industrie are owned either buy gouverment it seld or by the privat sector under strong goverment control
• marketing concept Identify customers need and them produce the goods or service that will satesfy them, while making a profit fo the organisation. - customers value - customers satisfaction - building a realationship
• liquidity the speed with wich an asset can be converted to cash 
• current liabilities short term claims that are due within a year of the date of the balance sheet
• long term liabilities claims that come due more than one year after date of the balance sheet
• advantages of franchises ( 4 Pts ) - increase of ability for franchisor to expand - recognized name, product and operating concept - managment training and assistance - financinal assistet
• Disadvantages of a sole proprietorship ( 7 Pts ) - unlimited liability - difficult raising capital  - limited managment skills - hard to find qualified employees
• Disadvantages of a sole proprietorship ( 7 Pts ) - unlimited liability - difficult raising capital  - limited managment skills - hard to find qualified employees - personal time commitment - unstable business life - losses are the owners responsibility 
• not for profit organization an organisation that exists to achieve some goal other than the usual business goal of profits
• absolute advantage country can produce at a lower cost then any other country or when it is the only country who can provide the product 
• protectionism the policy of protecting home industries from outside competiton by establishing artificial barriers such as tarffis or quotas.
• natural barriers be physicial or cultured example: Raising beef in Argentina is easier then in sibiria becuase of the heat 
• non tariff barrier ( 2 Pts ) - import quote = a limited quote of certain goods that can be imported - embargo = a complitly ban from export and import of a product 
• merger the combination of two or more firms to form one new company
• competitive advantage the concept that every country specialize in the product that they can produce most easy and cheap and trade those to those countries that can produce other goods more easy and cheaply
• Advertisement
• sole propriertorship a business that is established, owned, operated and often financed by one person
• enterpreneurship people who combine the inputs of natural resources, labor and capital to produce goods and services with the intention of making a profit or accomplishing an not for a profit goal.
• export & imports - goods and services produced in one country and soled to other countries - goods and services that are bought from other countries
• microeconomics the subarea of economics that focused on individuals parts of the economic, housholds and firms
• fixed assets long term assets used by a firm for more than a year such as land, buildings and machinery
• accounting the process of collecting, recording, clasifying, summarizing, reporting and analyzing financinal acitvities.
• business an organisation that strives for a profit by providing goods an services desired by its customers.

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