Name:
Date:
RE: Individual Readiness Assessment
Instructions
This is a take home Individual Readiness Assessment (IRA). Provide robust (expansive, comprehensive) definitions and explanations for all of the following terms and/or concepts. Provide an example to illustrate the concept. Provide ways in which you might measure the concept. (NOTE: All of the following concepts were taught in your prior business and economics courses. Please the APA parenthetical style to cite your sources within the body of each of your definitions and explanations( This IRA is due on or before February 8, 2012. The ease or difficulty in completing this assignment should correspond with your retention from previous business courses. You should retain a working copy of this IRA. A word file of the IRA is on the web site.
The following is an example.
Monetary policy: The Federal Reserve’s Open Market Committee determines (increases or decreases) the amount of money (e.g. M1 and M2) in circulation necessary to maintain the desired growth rate of the US domestic economy. The Federal Reserve uses buying and selling government bonds, the reserve requirement and the prime interest rate as the three principal mechanisms for controlling the amount of money in circulation and the growth rate of the domestic economy. The Federal Reserve increases money in circulation to boost economic growth and decreases the money in circulation to slow economic growth. The Federal Reserve is independent of Congress and the President appoints the Chair for the Federal Reserve. Ben Bernanke is the current Chair of the Federal Reserve. The Federal Reserve began to implement a policy labeled ‘quantitative easing’ to stimulate the economy in the fall 2010. The Federal Reserve’s quantitative easing has the potential to add approximately $800 billion dollars to the money in circulation in 2011.
Manager’s four primary roles (Andrews, 1970)
Plan:
Lead:
Organize:
Control:
Stakeholders:
Business relationship:
Macro-environment:
Components of the macro-environment:
GDP = C + I + G + NX:
Fiscal policy:
Federal Reserve’s domestic economy’s growth rate targets:
U.S. Cabinet:
Department of Commerce:
The commerce clause in the US constitution:
North American Industry Classification System (NAICS):
Consumer confidence measures:
Federal Code of Regulation:
Federal administrative law:
Trade Lobbyists:
Protectionism (re: international trade):
Tariffs:
Trade:
General Agreement on Trade and Tariffs (GATT):
Most favored nation status:
Free trade zones (including examples):
Comparable advantage:
International Monetary Fund:
World Trade Organization:
World Bank:
Population demographics:
Psychographics:
Ethno-graphics:
Industry:
Industry size:
Market share:
Market segment:
Market growth rate:
Market scope:
Geographic competitive scope:
Product competitive scope:
Industry driving forces:
CR4 concentration ratio:
CR3 concentration ratio:
Herfindahl Index:
Industry life cycle:
Industry structure:
Business cycle:
Industry entry barriers:
Industry exit barriers:
Value chain:
Vertical integration:
Horizontal integration:
Forward integration:
Backward integration:
Partial vertical integration:
Distribution channels:
Logistics:
Operations:
Economies of scale:
Supply and demand curves:
Equilibrium point:
Learning curve (as it relates to business):
Industry capacity:
Industry trade association:
Capital:
Sources of capital:
Uses of capital:
Product differentiation:
Production process:
Product demand growth rate:
Six sigma:
Quality assurance:
Quality control:
Customer switching costs:
Buyer size:
Buyer knowledge level:
Discretionary purchases:
Commodities:
Industry entrance:
Industry exit:
Brand preferences:
Customer loyalty:
Marketing mix:
Substitutes:
Profit:
Price:
Fixed costs:
Variable costs:
Marginal costs:
Opportunity costs:
Break even analysis:
Break even formula:
Fixed asset utilization:
Labor productivity:
Product line breadth:
Product line depth:
Time to market:
Rhetorical argument:
Rhetorical analysis:
Persuasive argument: