BUS 200 Lecture Notes - Lecture 1: Disruptive Innovation, Business Cycle, Fiscal Policy
24 Aug 2016
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Basic Vocabulary - Day 1
Ch1
Revenue - synonymous with sales. money earned from selling goods and services
Proļ¬t - revenue minus costs; money earned
pi symbol (greek letter pi) - shorthand for proļ¬t [speciļ¬c to this class]
competitive advantage - (competitive strength) what you bring to the table. what you emphasize
in your ļ¬rm that leads to a strength. i.e. Nike is brilliant at marketing
A ļ¬rm can produce a good or a service
Barrier to entry - Can somebody else do what you do easily? if they can, there is no barrier to
entry.
Disruptive technology - a tech that changes things in the market. i.e. the internet
R&D - Research and development
Ch. 2
GDP - Gross Domestic Product - the sum value of all the goods and services produced in an
economy over a period of time.
Fiscal policy - the policy enacted by the president/congress. Government spending. Involving
both govt. spending and taxation.
The business cycle - ups and downs in the economy. Economy is constantly ļ¬uctuating and is
never stagnant.
If revenue is greater than expense, there is a budget surplus. If expense is greater than
revenue, there is a budget deļ¬cit.
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Revenue - synonymous with sales. money earned from selling goods and services. A rm can produce a good or a service. Barrier to entry - can somebody else do what you do easily? if they can, there is no barrier to entry. Disruptive technology - a tech that changes things in the market. i. e. the internet. Gdp - gross domestic product - the sum value of all the goods and services produced in an economy over a period of time. Fiscal policy - the policy enacted by the president/congress. The business cycle - ups and downs in the economy. Economy is constantly uctuating and is never stagnant. If revenue is greater than expense, there is a budget surplus.
