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University of Toronto St. George
Rotman Commerce
John Oesch

RSM100 Notes Stuff To Review: -if velocity is constant, a rise in the price level means that money supply rose and the level of transactions stayed the same -labour unions formed from 1850-1900 -command economies fail because they do not generate enough innovation -Marxist Ideas: workers were alienated, workers will eventually own all capital, and the power of the state will eventually wither away -Developing economies grew because they opened up foreign trade and increased exports -GOLD serves 0 purpose in the monetary system -A low unemployment rate and low interest rates (and rising money SUPPLY) lead to inflation because of more spending -When interest rates decrease, investments increase and so do jobs! -Depreciation leads to more expensive imports and cheaper outputs for other countries -Cutting taxes and increasing govt spending leads to increased demand for outputs and economic growth -govt spending on education is an possible source for Total Factor Productivity -a larger physical capital stock is a possible source for Labour Productivity Growth -GDP Expenditure includes exports, changes in inventory, and residential investment, but NOT Wages and Salaries. -BABY BOOM (1946-1963) -decreasing income taxes and increasing spending will LEAST likely help the economy with Baby Boomers -When unemployment falls (not enough workers), wages rise and prices rise -Dependency Ratio measures the total population to the employed population -In the 1920s, the number of Canadians in urban areas was greater than rural areas -Wheat exports increased from 1940-1945 because of WWII and decreased production from Europe - Chapter 4 Entrepreneurship, Small Business, and New Venture Creation A small business -has fewer than 100 employees -most innovative -97.8% of employer businesses are small -provides more jobs in total -47% of all small and medium businesses are owned by women A medium business -has 100-500 employees www.notesolution.comA large business -500 or more employees Entrepreneurship : 1. Idea Generation, most of which come from insights from previous jobs or hobbies 2. Screening, weeding out bad ideas by seeing IF: - The idea adds value - The idea provides a competitive advtange that can be sustained - The idea is marketable and Financially Viable (by preparing sales forecasts, or predictions of how much of a product will be purchased) - The idea has low exit costs, in terms of time, money, and reputation. 3. Developing the Opportunity a. Entry strategies include: introducing a completely new productservice, product that will compete with existing things with a new twist, or start a franchise. b. Create a business plan that includes: i. Cover Page ii. Executive Summary (1-3 pages) iii. Table of Contents iv. Company Description v. ProductService Description vi. Marketing vii. Operating Plan viii. Management ix. Financial Plan x. Supporting DetailsAppendix 4. Accessing Resources a. Bootstrapping financing technique when owners make do with as few resources as possible and use other peoples resources as much as they can b. Debt Financing money that is borrowed and Equity Financing what the entrepreneur invests, and private investors (Angels) Forms of Business Ownership Sole Proprietorship Definition: a business owned and operated by one person Usually small-scale form of business organization Appeals to those who o prefer to be their own bosses o prefer to keep their financial affairs, business dealings and production processes confidential Required to have a municipal license or a provincial vendors permit
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