at Duale Hochschule Baden-Württemberg

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What is a business?

A business is any organization that uses resources to meet the needs of customers by pro dividing a
product or service they demand

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Basic economic assumption

needs are unlimited,

have limited resources

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What are "needs"?

Needs: perceived lack

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What kind of resources do exist?

Free resources

Economic resources

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What are free resources? What characteristics do they have?

- Available in nature; forever abundant
- don’t require Human Resources to produce
- have no money value or price
=> gifts of nature (sunlight, air, water,...)

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What are economic resources? What characteristics do they have?

- demand is higher than supply
- require Human Resources for production
- have a money value or price
=> not gifts of nature

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What kind of goods do exist?

Consumer goods,

Consumer services,

capital goods

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What are consumer goods?

- physical and tangible goods sold to the general public

distinction between:
- durable consumer goods (cars)
- Non-durable goods (food)

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What are consumer services?

- non-tangible products that are sold to the general public
- exp.: assurances

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What are capital goods?

- physical goods that are used by industry to aid in the production of other goods or services

- exp.: investments

- Whether something is considered as a capital or consumer good is often a question of viewpoint (salami)

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Three different ways to deal with scarcity?

Minimum principle (input orientated)

Maximum principle (profit orientated)

General extremum principle

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Describe the minimum principle?

Minimum principle (input view)

Achieving set targets with the minimum allocation of resources

The market share should be increased by 10% with the minimum of the ﬁnancial expense of the Marketing department

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Hudetzka - BWL at Duale Hochschule Baden-Württemberg

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