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10 Jul 2023, 05:40
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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?
bb GMATNinja
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?
bb GMATNinja
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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.
You get the idea. What you'd expect to happen is generally what occurs.
Regarding revenue, here are the key concepts to understand.
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.)
11 Jul 2023, 05:10
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MartyTargetTestPrep
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?
