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Resources on fundamental business concepts

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careercapital25
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Resources on fundamental business concepts [#permalink] New post   10 Jul 2023, 05:40
Hi

Coming from a STEM background, I am not as well-versed in basic/standard business concepts that GMAT assumes are fair game. I am referring to topics such as the relationship between demand, supply, and price, for example. I have noticed this unfamiliarity when I am doing critical reasoning questions, in particular.

Are there any good sources/compilations of these concepts, which are considered pre-requisite knowledge?

Thank you.

MartyTargetTestPrep ScottTargetTestPrep
I am around half-way through the TTP course (recently reached the CR portion of the course) - are these concepts covered in the course, by any chance?

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MartyTargetTestPrep
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Re: Resources on fundamental business concepts [#permalink] New post   10 Jul 2023, 09:00
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Hi careercapital25.

Those concepts are not directly discussed in the TTP course, but they do appear in a number of practice questions in the course. So, by doing the practice questions you can get a fair amount of exposure to them.

Meanwhile, you can learn about the interactions between supply and demand and prices by doing a quick internet search on those topics. though they are pretty intuitive.

    When the supply of something increases, all else equal, the price decreases.

    When supplies of something become tighter, the price increases.

    When, the price of something decreases, demand for that thing increases.

    When good news about something comes out, demand for that thing increases.

You get the idea. What you'd expect to happen is generally what occurs.

Regarding revenue, here are the key concepts to understand.

    profit = revenue - costs

    revenue = total number of products or services sold x price

    profit margin = profit/revenue (in percent, ex. $40 profit/$100 revenue means a 40% profit margin.)
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careercapital25
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Re: Resources on fundamental business concepts [#permalink] New post   11 Jul 2023, 05:10
MartyTargetTestPrep wrote:
Hi careercapital25.

Those concepts are not directly discussed in the TTP course, but they do appear in a number of practice questions in the course. So, by doing the practice questions you can get a fair amount of exposure to them.

Meanwhile, you can learn about the interactions between supply and demand and prices by doing a quick internet search on those topics. though they are pretty intuitive.

    When the supply of something increases, all else equal, the price decreases.

    When supplies of something become tighter, the price increases.

    When, the price of something decreases, demand for that thing increases.

    When good news about something comes out, demand for that thing increases.

You get the idea. What you'd expect to happen is generally what occurs.

Regarding revenue, here are the key concepts to understand.

    profit = revenue - costs

    revenue = total number of products or services sold x price

    profit margin = profit/revenue (in percent, ex. $40 profit/$100 revenue means a 40% profit margin.)



Thanks Marty. Would you say that by completing the TTP course, one will have gotten exposure to all these concepts that the GMAT expects one to be across?
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Resources on fundamental business concepts [#permalink] New post   12 Jul 2023, 19:29
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careercapital25 wrote:
Coming from a STEM background, I am not as well-versed in basic/standard business concepts that GMAT assumes are fair game.

Hi careercapital25,

Keep in mind that GMAT questions don't require any specialised knowledge, and you most likely already know the concepts you are asking about.

If you're actually wondering how much "outside information" is okay to take into a CR question (and that's why you're looking for a list of such concepts), that's the wrong approach. Instead, try to accept that GMAT questions will occasionally require more outside information than they normally do, and focus on eliminating as many options as possible in such questions.
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Resources on fundamental business concepts [#permalink]
12 Jul 2023, 19:29
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