applied econ (2nd monthly)

• Scalability


  Businesses which have a potential to grow. It is the capability of a system, network or process to handle a growing amount to work.
• Big ideas


  Every business begins with an idea. Hobbies, interest, and business experiences often give people ideas for new business.
• System


  • Recognizing small and big parts contributes success and failures to the business.
• Sustainability


  A business must be powerful able to harness all economic conditions, in all market setting, providing positive and meaningful quality results to its customers.
• Growth


  All business needs internal growth. When you are a beginner in a business it is like a school wherein your employees are students that need your guidance, with your intention and determination that the business will grow.
• Vision


  What you want your business to be in the future, your very purpose in creating a business, vision plays a vital role as it is your guide in planning
• Purpose


  A business is the result of a big dream in mind of the person who dreams for it
• Autonomy


  A business is not part of the owner's life, but in fact, its own entity. A business is difficult to start, however, without the help of others.
• Profitability


  A business helps economic entity, managing economic reality, creating an economic certainty for the communities in which it thrives
• Standards


  A business creates standards against all businesses measured as either successful or not.
• Principles in creating business
• Tools in creating business

  • Buyers
  • Geographic Area
  • Trend
  • Product
  • Competitors
  • Government Regulations
• STRENGTHS


  Internal positive characteristics like traits, skills, knowledge, abilities within the organization. Things that are within your control.
• STRENGTHS


  • Physical assets like customers, equipment, technology, cash, and patents
  • Competitive advantages over competitors
• WEAKNESSES


  Negative factors that detract from your strengths. Things that you might need to improve on to be competitive.
• WEAKNESSES


  • Unskilled worker
  • Lack of managerial talents
• OPPORTUNITIES


  External factors in your business environment that are likely to contribute to your success. Positive impacts of various external environment on the profitability on which the company has no direct control over.
• OPPORTUNITIES


  • Reliable suppliers
  • Raw materials
  • Cheap power
• THREATS


  External factors that you have no control over. Negative and undesirable impacts of external factors that affects the profitability of the business.
• THREATS


  • Absence of supporting industries that will supply the materials
  • High cost of electricity
• SWOT is used for strategic planning
• SWOT is used to evaluate the situation in terms of capabilities
• When do we perform a SWOT Analysis?

  During strategic planning or Business budget session at the End of Fiscal Year but not limited to a yearly affair
• Who would perform a SWOT Analysis


  In most cases, leaders of an organization but not limited to. Any person who has an interest and trained can perform SWOT Analysis to come out a solution
• Any solution derived from SWOT Analysis will be more realistic and reliable because it involves data gathering
• Industry


  Group of productive enterprises or organizations
• 3 Main Classifications of Industries

  • Agriculture Sector
  • Industry Sector
  • Service Sectors
• Agriculture Sector


  • Encompasses crop and livestock production, aquaculture, fisheries and forestry for food and non-food products
• Farming


  Act or process of working the ground, planting seeds, and growing edible plants
• Forestry


  • Science and craft of creating, managing, planting, using, Conversing and repairing forerts and woodlands for associated resources for human and environmental benefits
• Fishing


  • Activity of trying to catch fish, often caught as wild life from the natural environment but may also be caught from stocked bodies of water such as ponds, canals, Park wetlands and reservoirs
• Aquaculture


  • Breeding, raising, and harvesting fish, shellfish and aquatic plants
• Hunting


  • Human practice of seeking, pursuing, capturing or killing wildlife or feral animals
• Industry Sector


  • Includes stocks of companies that mainly produce capital goods used in manufacturing, resource extraction and construction
• Mining


  • Process of extracting minerals from the earth such as coal, metals, oil shale, rock salt, potash, gemstones, limestone, clay, chalk, stone and gravel
• Manufacturing


  • Processing raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing
• Construction


  • Any project that involves coming up with a design for a structure at a certain location, and then putting all the different elements to build that structure
• Transport


  • A system for taking people or goods from one place to another, for example using buses or trains
• Telecommunications


  • The means of electronic transmission of information over distances, used to organize more or less remote computer systems into telecommunication networks
• Service Sectors


  • Portion of the economy that produces services rather than physical goods