Identifying Business Concepts

Identifying Business Concepts: Tutorials
Beginning a graduate program in business, without having a business major undergraduate degree, can be a challenge. The basics of many of the concepts of the business field are taught in the classes offered in undergraduate classes dealing with finance, economics, statistics, and accounting. Those who chose to acquire majors in those specific areas have an even greater understanding of the concepts described in the assessments of the tutorials. After taking several of the assessments, the need for improvement in each of those areas was evident. Understanding these key topics will require the investment of many study hours.
Statistics
Many of the topics of statistics were easy to understand and the concepts easy to grasp because of the similarities to other topics, such as research. As a Criminal Justice major, classes are dedicated to teaching students the methodology behind good research and the collection of data. Some emphasis is also directed at the process of understanding and properly using statistical data. As a result, when looking at the tutorial for Statistics, the topic found to be most difficult was Basic Probabilities. To better understand the concepts in this topic, the rest of the tutorial will be read, along with research, and studies of books describing the basic principles of the topic.
Accounting
Accounting focuses on the means of balancing the budget of an organization. In the tutorial, topics suck as balance sheets, income statements, economic measurement and statements of cash flow are discussed. Amongst the five topics, the most difficult was the statements of cash flow. The basic concepts of the topic were understood but problems with deciphering and remembering the different terms seemed to be the problem. To remedy this problem, more time will be spent studying, and memorizing the definitions of the terms used to describe cash flow within business operations.
Finance
The topic of finance in any organization describes the understanding of financial management, the organizational structure of the organization, and even the topic of corporate taxes. This tutorial covered financial management, investments, understanding interest rates, and many other vital topics to the financial well being of a business. Due to a lack of knowledge and education in finance, many of the topics in this tutorial were difficult. In chapter 2, financial markets and interest rates were discussed. Understanding these two topics was the most difficult because of the formulas used to determine the rates. To better understand this subject, practice using the formulas will yield the best result. When it comes to using formulas, most people learn better by simply practicing, and eventually grasping the concepts behind the relationships of the terms.
Economics
The subject of economics deals with market equilibrium, supply and demand, measures of national input and output, unemployment, inflations, market values, the Federal Reserve and other topics affecting the global economic climate. One of the topics found hard to understand was the production process. The best way to attempt a better grasp of this topic is to study the relationship between marginal products and the total product. Studying this relationship will increase the ability to understand labor-intensive and capital-intensive countries and the competition between firms when it comes to production theories.
Conclusion
The best way to increase knowledge and understanding of certain concepts is through studying and repetition of those concepts and practices. After taking the assessments, a reference and correlation to the amount of effort and time necessary to understand the basic concepts needed by any business major, and organization is clearly visible. Taking the time to read and understand the material can prove to be very beneficial in future classes, especially in the MBA program.

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