# on 21-Jan-2017 (Sat)

#### Flashcard 1429349731596

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#sister-miriam-joseph #trivium
Question
Logic is the art of [...]
thinking

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Logic is the art of thinking

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#### Flashcard 1432284433676

Tags
#13-dic-2016 #internacional #mural
Question
La política de "una sola China" hace referencia a las relaciones [...], y es vista como un interés fundamental y principio imprescindible por Beijing.
chino-taiwanesas

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La política de "una sola China" hace referencia a las relaciones chino-taiwanesas, y es vista como un interés fundamental y principio imprescindible por Beijing. Durante las últimas cuatro décadas, sin importar la ideología de las sucesivas administraciones, Estados

#### Original toplevel document

¿Qué es una sola China?
La política de "una sola China" hace referencia a las relaciones chino-taiwanesas, y es vista como un interés fundamental y principio imprescindible por Beijing. Durante las últimas cuatro décadas, sin importar la ideología de las sucesivas administraciones, Estados Unidos respetó ese principio. Sin embargo, el ahora Presidente electo, Donald Trump, amenazó con dejar de aceptarlo, lo cual podría afectar gravemente la relación entre China y Estados Unidos. Es el reconocimiento de que existe un único país en el mundo llamado China, y su representante es el Gobierno de Beijing. Estados Unidos y el resto de los países que lo acep

#### Flashcard 1432289938700

Tags
#blue-apron #business-model #citychef #operational-model
Question
Blue Apron built its model on the idea of [...].
reducing food waste

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Bulk purchasing, portioned delivery . Blue Apron built its model on the idea of reducing food waste. At each fulfilment center, workers on assembly lines pack boxes with poultry, meat, vegetables and condiments to be delivered anywhere from 1-7 days later. Purchasing in bulk allows th

#### Original toplevel document

Blue Apron: Fixing the Food Delivery Supply Chain – Technology and Operations Management

#### Flashcard 1442692599052

Tags
#blue-apron #citychef
Question
CSA model

Subscribers commit to purchasing a "share" of a farmer's seasonal crop, with the produce then distributed throughout the year.

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Blue Apron is another reinvention of the CSA model — in which subscribers commit to purchasing a "share" of a farmer's seasonal crop, with the produce then distributed throughout the year.

#### Original toplevel document

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Blue Apron is another reinvention of the CSA model — in which subscribers commit to purchasing a "share" of a farmer's seasonal crop, with the produce then distributed throughout the year. Instead, Blue Apron provides a lifestyle upgrade, granting subscribers access to well-balanced meals without the stress of meal planning. It's the joy of cooking distilled to its essenc

#### Flashcard 1447268322572

Tags
#sister-miriam-joseph #trivium
Question
Since only individuals exist, our [...] is directly concerned with them.
experience

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Since only individuals exist, our experience is directly concerned with them.

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#### Flashcard 1447306071308

Tags
#sister-miriam-joseph #trivium
Question
The women of the ninet eenth century constitute an aggregate of individuals belonging to the same species, but they are only a part of the species, namely, [...]
those who existed at a particular time.

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The women of the ninet eenth century constitute an aggregate of individuals belonging to the same species, but they are only a part of the species, namely, those who existed at a particular time.

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#### Flashcard 1447360859404

Tags
#sister-miriam-joseph #trivium
Question
Only human beings have the power of intellectual abstraction; therefore, only human beings can form a general or universal [...].
concept

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Only human beings have the power of intellectual abstraction; therefore, only human beings can form a general or universal concept. Irrational animals have the external and internal senses, which are sometimes keener than those of humans. But because they lack the rational powers (intellect, intellectual memory, an

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#### Flashcard 1447477513484

Tags
#language-and-reality #sister-miriam-joseph #trivium
Question
[...] important definitions emerge from a consideration of language and reality.
Seven

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Seven important definitions emerge from a consideration of language and reality.

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#### Flashcard 1447520767244

Tags
#7-important-definitions #language-and-reality #sister-miriam-joseph #trivium
Question
The intellect can know individual objects only indirectly in the phantasms because [...], with one exception, the intellect itself.
individuals are material

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The intellect can know individual objects only indirectly in the phantasms because individuals are material, with one exception, the int ellect itself; because it is a spiritual individual, the intellect can know itself directly and reflexively. (See Saint Thomas Aquinas, Summa Theologica, Pa

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#### Flashcard 1447546719500

Tags
#sister-miriam-joseph #trivium
Question
A composit e concept may be called a [...].
construct

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, like human being, but is a composite, like lawyer or athlete, including in its definition certain accidents which determine not natural species but classes that differ only accidentally. A composit e concept may be called a <span>construct. Lawyer and athlete are constructs, for their definition adds to the simple concept human being certain accidents such as knowledge of law or physical agility, w

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#### Flashcard 1448329743628

Tags
#sister-miriam-joseph #trivium
Question
How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in [...]
the study of psychology.

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How does one derive ideas from reality and how does one classify them? Generating a universal idea or concept involves several steps, a process more fully treated in the study of psychology.

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#### Flashcard 1448424377612

Tags
#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question
Ccosts are incurred before revenue generation takes place as the firm [...], in order to produce a product that will be offered for sale to consumers.
purchases the factors of production

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Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases the factors of production, in order to produce a product that will be offered for sale to consumers.

#### Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
ationships among the revenue variables presented in Exhibit 7. Exhibit 8. Total Revenue, Average Revenue, and Marginal Revenue for Exhibit 7 Data <span>3.1.2. Factors of Production Revenue generation occurs when output is sold in the market. However, costs are incurred before revenue generation takes place as the firm purchases resources, or what are commonly known as the factors of production, in order to produce a product or service that will be offered for sale to consumers. Factors of production, the inputs to the production of goods and services, include: land, as in the site location of the business; labor, which consists of the inputs of skilled and unskilled workers as well as the inputs of firms’ managers; capital, which in this context refers to physical capital—such tangible goods as equipment, tools, and buildings. Capital goods are distinguished as inputs to production that are themselves produced goods; and materials, which in this context refers to any goods the business buys as inputs to its production process.1 For example, a business that produces solid wood office desks needs to acquire lumber and hardware accessories as raw materials and hire workers to construct and assemble the desks using power tools and equipment. The factors of production are the inputs to the firm’s process of producing and selling a product or service where the goal of the firm is to maximize profit by satisfying the demand of consumers. The types and quantities of resources or factors used in production, their respective prices, and how efficiently they are employed in the production process determine the cost component of the profit equation. Clearly, in order to produce output, the firm needs to employ factors of production. While firms may use many different types of labor, capital, raw materials, and land, an analyst may find it more convenient to limit attention to a more simplified process in which only the two factors, capital and labor, are employed. The relationship between the flow of output and the two factors of production is called the production function , and it is represented generally as: Equation (5)  Q = f (K, L) where Q is the quantity of output, K is capital, and L is labor. The inputs are subject to the constraint that K ≥ 0 and L ≥ 0. A more general production function is stated as: Equation (6)  Q = f (x 1 , x 2 , … x n ) where x i represents the quantity of the ith input subject to x i ≥ 0 for n number of different inputs. Exhibit 9illustrates the shape of a typical input–output relationship using labor (L) as the only variable input (all other input factors are held constant). The production function has three distinct regions where both the direction of change and the rate of change in total product (TP or Q, quantity of output) vary as production changes. Regions 1 and 2 have positive changes in TP as labor is added, but the change turns negative in Region 3. Moreover, in Region 1 (L 0 – L 1 ), TP is increasing at an increasing rate, typically because specialization allows laborers to become increasingly productive. In Region 2, however, (L 1 – L 2 ), TP is increasing at a decreasing rate because capital is fixed, and labor experiences diminishing marginal returns. The firm would want to avoid Region 3 if at all possible because total product or quantity would be declining rather than increasing with additional input: There is so little capital per unit of labor that additional laborers would possibly “get in each other’s way”. Point A is where TP is maximized. Exhibit 9. A Firm’s Production Function EXAMPLE 3 Factors of Production A group of business investor

#### Flashcard 1448441941260

Tags
#categories-of-being #sister-miriam-joseph #trivium
Question
These metaphysical categories have their exact counterpart in the ten categories or [...], which classify our concepts, our knowledge of being
praedicamenta 15 of logic

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These metaphysical categories have their exact counterpart in the ten categories or praedicamenta 15 of logic, which classify our concepts, our knowledge of being

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#### Flashcard 1448466058508

Tags
#sister-miriam-joseph #trivium
Question
In legal texts and scientific treatises [...] ought to be avoided.
synonyms

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In legal texts and scientific treatises synonyms, which usually vary in shades of meaning, ought to be avoided, and the same word should be employed throughout to convey the same meaning; or if it is used with a different meaning, tha

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#### Flashcard 1448611548428

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
Liabilities = Assets - [...]
Stockholders' Equity

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Liabilities = Assets - Stockholders' Equity

#### Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and

#### Flashcard 1448628325644

Tags
#analyst-notes #cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question

Liabilities represent the [...] provided to the company by the creditors.

source of financing

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13; Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the <span>source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source

#### Original toplevel document

Subject 2. Major Financial Statements
ing operations is deemed not to be persistent, then recurring (pre-tax) income from continuing operations should be adjusted. The net income figure is used to prepare the statement of retained earnings. <span>Balance Sheet A balance sheet provides a "snapshot" of a company's financial condition. Think of the balance sheet as a photo of the business at a specific point in time. It reports major classes and amounts of assets, liabilities, stockholders' equity, and their interrelationships as of a specific date. Assets = Liabilities + Stockholders' Equity Assets are the economic resources controlled by the company. Liabilities are the financial obligations that the company must fulfill in the future. Liabilities are typically fulfilled by payment of cash. They represent the source of financing provided to the company by the creditors. Equity ownership is the owner's investments and the total earnings retained from the commencement of the company. Equity represents the source of financing provided to the company by the owners. Cash Flow Statement The primary purpose of the cash flow statement is to provide information about a company's cash receipts and

#### Flashcard 1448682065164

Tags
#3-1-profit-maximization #cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
Question

Overall, the functions of profit are as follows:

• Rewards [...]for risk taking when pursuing business ventures to satisfy consumer demand.

entrepreneurs

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sfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs <span>innovation and the development of new technology. Stimulates business investment and economic growth.<span><body><html>

#### Original toplevel document

3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
Total variable cost divided by quantity; (TVC ÷ Q) Average total cost (ATC) Total cost divided by quantity; (TC ÷ Q) or (AFC + AVC) Marginal cost (MC) Change in total cost divided by change in quantity; (∆TC ÷ ∆Q) <span>3.1. Profit Maximization In free markets—and even in regulated market economies—profit maximization tends to promote economic welfare and a higher standard of living, and creates wealth for investors. Profit motivates businesses to use resources efficiently and to concentrate on activities in which they have a competitive advantage. Most economists believe that profit maximization promotes allocational efficiency—that resources flow into their highest valued uses. Overall, the functions of profit are as follows: Rewards entrepreneurs for risk taking when pursuing business ventures to satisfy consumer demand. Allocates resources to their most-efficient use; input factors flow from sectors with economic losses to sectors with economic profit, where profit reflects goods most desired by society. Spurs innovation and the development of new technology. Stimulates business investment and economic growth. There are three approaches to calculate the point of profit maximization. First, given that profit is the difference between total revenue and total costs, maximum profit occurs at the output level where this difference is the greatest. Second, maximum profit can also be calculated by comparing revenue and cost for each individual unit of output that is produced and sold. A business increases profit through greater sales as long as per-unit revenue exceeds per-unit cost on the next unit of output sold. Profit maximization takes place at the point where the last individual output unit breaks even. Beyond this point, total profit decreases because the per-unit cost is higher than the per-unit revenue from successive output units. A third approach compares the revenue generated by each resource unit with the cost of that unit. Profit contribution occurs when the revenue from an input unit exceeds its cost. The point of profit maximization is reached when resource units no longer contribute to profit. All three approaches yield the same profit-maximizing quantity of output. (These approaches will be explained in greater detail later.) Because profit is the difference between revenue and cost, an understanding of profit maximization requires that we examine both of those components. Revenue comes from the demand for the firm’s products, and cost comes from the acquisition and utilization of the firm’s inputs in the production of those products. 3.1.1. Total, Average, and Marginal Revenue This section briefly examines demand and revenue in preparation for addressing cost. Unless the firm is a pu

#### Flashcard 1451161947404

Tags
#strategym
Question
To device a plan to charm her you will need to [...] and [...]
speak her language

understand her perspective

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#### Flashcard 1451169549580

Tags
#conversation-tactics #how-to-take-a-complement
Question
Conversation tactics are like [...].
the background music in a television scene

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

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Conversation tactics are like the background music in a television scene. When they’re there, you don’t notice that everything is flowing smoothly. But when they’re gone, you notice (sometimes immediately)

#### Annotation 1451340729612

 #cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Qmin, where the economic loss is calculated as (TCM – TRN) on the vertical axis.

#### Flashcard 1451343613196

Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question
In the case where TC exceeds TR the firm will want to minimize the economic loss (as long as [...]),
TR > TVC

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In the case where TC exceeds TR the firm will want to minimize the economic loss (as long as TR > TVC), which is defined as the smallest difference between TC and TR. This occurs at Q min , where the economic loss is calculated as (TC M – TR N ) on the vertical axis.</bod

#### Flashcard 1451345972492

Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question
In the case where TC exceeds TR the firm will want to minimize the economic loss which is defined as the [...].
smallest difference between TC and TR

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In the case where TC exceeds TR the firm will want to minimize the economic loss (as long as TR > TVC), which is defined as the smallest difference between TC and TR. This occurs at Q min , where the economic loss is calculated as (TC M – TR N ) on the vertical axis.

#### Flashcard 1451349642508

Tags
#cfa #cfa-level-1 #economics #has-images #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question
In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Qmin, where the economic loss is calculated as ([...]) on the vertical axis.
TCMTRN

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In the case where TC exceeds TR the firm will want to minimize the economic loss. This occurs at Q min , where the economic loss is calculated as (TC M – TR N ) on the vertical axis.

Article 1451351215372

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Breakeven Analysis and Profit Maximization When the Firm Faces a Negatively Sloped Demand under Imperfect Competition The following revenue and cost information for a future period is presented in Exhibit 20 for WR International, a newly formed corporation that engages in the manufacturing of low-cost, pre-fabricated dwelling units for urban housing markets in emerging economies. (Note that quantity increments are in blocks of 10 for a 250 change in price.) The firm has few competitors in a market setting of imperfect competition. How many units must WR International sell to initially break even? Where is the region of profitability? At what point will the firm maximize profit? At what points are there economic losses? Exhibit 20 Quantity (Q) Price (P) Total Revenue (TR) Total Costs (TC) a Profit 0 10,000 0 100,000 (100,000) 10 9,750 97,500 170,000 (72,500) 20 9,500 190,000 240,000 (50,000) 30 9,250 277,500 300,000 (22,500) 40 9,000 360,000 360,000 0 50 8,75

Article 1451352526092

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from economic losses. When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

#### Flashcard 1451354885388

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal [...]

the amount of fixed cost.

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The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero producti

#### Flashcard 1451358031116

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

The firm must cover [...] before [...] cost.

variable cost

fixed

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The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed

#### Flashcard 1451360390412

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

If total [...] exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production.

variable cost

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firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total <span>variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating busi

#### Flashcard 1451362749708

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

By terminating business operations through market exit, investors escape the erosion in their equity capital from [...].

economic losses

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, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from <span>economic losses. When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial sol

#### Flashcard 1451365109004

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

When total revenue is enough to cover total [...] but not all of total [...] the firm can survive in the short run but will be unable to maintain financial solvency in the long run.

variable cost

fixed cost,

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ssociated with fixed cost at zero production. By terminating business operations through market exit, investors escape the erosion in their equity capital from economic losses. When total revenue is enough to cover total <span>variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 Revenu

#### Annotation 1451367468300

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Revenue–Cost RelationshipShort-Run DecisionLong-Term Decision
TRTCStay in marketStay in market
TR > TVC but TR < TFC + TVCStay in marketExit market
TR < TVCShut down production to zeroExit market

Open it
When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 <span>Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market <span><body><html>

#### Flashcard 1451370614028

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Revenue–Cost RelationshipShort-Run DecisionLong-Term Decision
TRTC[...][...]
Stay in market

Stay in market

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Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

#### Original toplevel document

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When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 <span>Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market <span><body><html>

#### Flashcard 1451372973324

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Revenue–Cost RelationshipShort-Run DecisionLong-Term Decision
TR > TVC but TR < TFC + TVC[...][...]
Stay in market

Exit market

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Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

#### Original toplevel document

Open it
When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 <span>Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market <span><body><html>

#### Flashcard 1451375332620

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Revenue–Cost RelationshipShort-Run DecisionLong-Term Decision
TR < TVC[...][...]
Shut down production to zero

Exit market

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#### Parent (intermediate) annotation

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Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market

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When total revenue is enough to cover total variable cost but not all of total fixed cost, the firm can survive in the short run but will be unable to maintain financial solvency in the long run. Exhibit 21 <span>Revenue–Cost Relationship Short-Run Decision Long-Term Decision TR ≥ TC Stay in market Stay in market TR > TVC but TR < TFC + TVC Stay in market Exit market TR < TVC Shut down production to zero Exit market <span><body><html>

Article 1451377954060

Shutdown Analysis
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of $2 million and total costs of$2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of$1.5 million. The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now$1.3 million, which creates a net loss of $1.2 million. What decision should the firm make regarding operations in this case? Solution to 1: In the short run, the firm is able to cover all of its total variable cost but only half of its$1 million in total fixed cost. If the business ceases

#### Flashcard 1451379264780

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

A business has revenue of $2 million Total costs of$2.5 million, which are:

Total fixed cost of $1 million Total variable cost of$1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). 1. What decision should the firm make regarding operations over the short term? Answer In the short run, the firm is able to cover all of its total variable cost but only half of its$1 million in total fixed cost.

If the business ceases to operate, its loss is $1 million, the amount of total fixed cost, whereas the net loss by operating is minimized at$500,000.

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Shutdown Analysis
For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of $2 million and total costs of$2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of$1.5 million. The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now$1.3 million, wh

#### Flashcard 1451381624076

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

For the most recent financial reporting period, a business has revenue of $2 million and total costs of$2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of$1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. 1. What decision should the firm make regarding operations over the long term? Answer If the revenue shortfall is expected to persist over time, the firm should cease operations, liquidate assets, and pay debts to the extent possible. Any residual for shareholders would decrease the longer the firm is allowed to operate unprofitably. status measured difficulty not learned 37% [default] 0 Shutdown Analysis For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of$2 million and total costs of $2.5 million, which are or can be broken down into total fixed cost of$1 million and total variable cost of $1.5 million. The net loss on the firm’s income statement is reported as$500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now $1.3 million, which creates a net loss of$1.2 million. What decision should the firm make regarding operati

#### Flashcard 1451385556236

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question

A business has revenue of $2 million and total costs of$2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of$1.5 million.

The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). 1. Assume the same business scenario except that revenue is now$1.3 million, which creates a net loss of $1.2 million. What decision should the firm make regarding operations in this case? Answer The firm would minimize loss at$1 million of total fixed cost by shutting down compared with continuing to do business where the loss is $1.2 million. Shareholders will save$200,000 in equity value by pursuing this option. Unquestionably, the business will have a rather short life expectancy if this loss situation were to continue.

status measured difficulty not learned 37% [default] 0
Shutdown Analysis
For the most recent financial reporting period, a business domiciled in Ecuador (which recognizes the US dollar as an official currency) has revenue of $2 million and total costs of$2.5 million, which are or can be broken down into total fixed cost of $1 million and total variable cost of$1.5 million. The net loss on the firm’s income statement is reported as $500,000 (ignoring tax implications). In prior periods, the firm had reported profits on its operations. What decision should the firm make regarding operations over the short term? What decision should the firm make regarding operations over the long term? Assume the same business scenario except that revenue is now$1.3 million, which creates a net loss of $1.2 million. What decision should the firm make regarding operations in this case? Solution to 1: In the short run, the firm is able to cover all of its total variable cost but only half of its$1 million in total fixed cost. I

Article 1451389226252

#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

#### Flashcard 1451390536972

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting [...] and [...] points in their financial research.
breakeven

shutdown

status measured difficulty not learned 37% [default] 0
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When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longe

#### Annotation 1451392896268

 #cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

Open it
When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

#### Flashcard 1451393944844

Tags
#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit
Question
Identifying the [...] where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.
unit sales levels

status measured difficulty not learned 37% [default] 0

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Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment de

#### Original toplevel document

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When evaluating profitability, particularly of start-up firms and businesses using turnaround strategies, analysts should consider highlighting breakeven and shutdown points in their financial research. Identifying the unit sales levels where the firm enters or leaves the production range for profitability and where the firm can no longer function as a viable business entity provides invaluable insight to investment decisions.

#### Flashcard 1451395779852

Tags
#sister-miriam-joseph #trivium
Question
[...] are necessary books for the uneducated and good books for the learned, too.
Images

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Images are necessary books for the uneducated and good books for the learned, too.

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#### Flashcard 1451397614860

Tags
#cfa-level-1 #fra-introduction #reading-22-financial-statement-analysis-intro #study-session-7
Question
The financial position can be measured by comparing ( [...] ) in relation to ( [...] ).
assets (the resources controlled by the company)

liabilities and equity (the claims against those resources)

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The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ).

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Analysts are also interested in the current financial position of a company. The financial position can be measured by comparing the resources controlled by the company ( assets ) in relation to the claims against those resources ( liabilities and equity ). An example of a resource is cash. In Example 1, if no other transactions occur, the company should have €230,000 more in cash at 31 December 2009 than at the start of the period. The ca

#### Flashcard 1451399974156

Tags
#sister-miriam-joseph #trivium
Question
[...] provides the materials, and the human intellect conceives and constructs works of civilization which harness nature and increase its value and its services to the human race.
Nature

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Nature provides the materials, and the human intellect conceives and constructs works of civilization which harness nature and increase its value and its services to the human race

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#### Flashcard 1451401547020

Tags
#italian #tre-porcellini
Question
C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, [...] lì mandò per il mondo a cercar fortuna.

quindi

Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all of them, so she sent them out into the world to seek their fortune.

status measured difficulty not learned 37% [default] 0

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C’era una volta una scrofa con tre porcellini. Li amava moltissimo, ma non c’era abbastanza cibo per tutti, quindi lì mandò per il mondo a cercar fortuna. Once upon a time there was a mama pig who had three little pigs. She loved them very much, but there was not enough food for all

#### Flashcard 1451415178508

Tags
#cfa-level-1 #factors-that-determine-market-structures #microeconomics #porter-5-forces #reading-16-the-firm-and-market-structures #section-2-analysis-of-mkt-structures #study-session-4
Question
PORTER’S FIVE FORCES

• [...]

• Power of suppliers;
• Power of buyers (customers);
• Threat of substitutes;

• [...]

Threat of entry;

Rivalry among existing competitors.

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usiness School professor Michael E. Porter. His book, Competitive Strategy, presented a systematic analysis of the practice of market strategy. Porter (2008) identified the five forces as: Threat of entry; <span>Power of suppliers; Power of buyers (customers); Threat of substitutes; and Rivalry among existing competitors. It is easy to note the p

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2. ANALYSIS OF MARKET STRUCTURES

#### Annotation 1451504307468

 Compliment the compliment. First of all, when someone pays you a compliment, believe in it. Believe that it is genuine and that the person is rather not attempting to undermine you, undercut you with sarcasm, or simply be malicious. Don't doubt the sincerity of the compliment. Leave that unnecessary analysis at home because it will affect your ability to receive a compliment in a genuine and healthy way. Looking at everything positive coming your way with suspicious, slanted eyes is a mindset that will pervade your outlook without even realizing it. In other words, you’ll be a Negative Nancy (or Depressing Dan) and like attracts like. So assuming that you have internalized the possibility of positivity coming into your life, how do you graciously accept the compliment? You compliment it!

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Question
First of all, when someone pays you a compliment, [...]
believe in it.

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First of all, when someone pays you a compliment, believe in it. Believe that it is genuine and that the person is rather not attempting to undermine you, undercut you with sarcasm, or simply be malicious. Don't doubt the sincerity of the

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#### Flashcard 1451508763916

Question

How do you graciously accept the compliment? [...]
You compliment it!

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ing it. In other words, you’ll be a Negative Nancy (or Depressing Dan) and like attracts like. So assuming that you have internalized the possibility of positivity coming into your life, how do you graciously accept the compliment? <span>You compliment it!<span><body><html>

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#### Annotation 1451511123212

 Victoria, your comparisons are the best part of my week, hands down. Patrick, your haircut makes you look like a United Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some sweet shoes. Jimbo, observation is your middle name! Patrick, you have the body of a modern Adonis. Victoria, your comparisons are the best part of my week, hands down.

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#### Annotation 1451514793228

 Pareces modelo de calvin kein. My goodness, you are one flattering son of a sun!

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Patrick, your haircut makes you look like a United Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some swee

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Question
Pareces modelo de calvin kein. [...]
Que halagador! tu comentario me hizo el dia

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Pareces modelo de calvin kein. My goodness, you are one flattering son of a sun!

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#### Annotation 1451518987532

 Wey, eso que hiciste estuvo bien perro cabrón, tu eres una persona muy respetable y eso que hice fue en tu honor

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Patrick, your haircut makes you look like a United Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some sweet shoes. Jimbo, observation is your middle name! Patrick, you have the body of a modern Adonis. Victoria, your comparisons ar

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Question
Wey, eso que hiciste estuvo bien perro

[...]
Eres una persona muy respetable y eso que hice fue en tu honor

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Wey, eso que hiciste estuvo bien perro cabrón, tu eres una persona muy respetable y eso que hice fue en tu honor

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#### Annotation 1451523968268

 #conversation-tactics #how-to-take-a-complement Que bonitos zapatos Observación es tu segundo nombre

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ited Colors of Benetton model. My goodness, you are one flattering son of a sun! Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! <span>Patrick, those are some sweet shoes. Jimbo, observation is your middle name! Patrick, you have the body of a modern Adonis. Victoria, your comparisons are the best part of my week, hands down.<span><body><html>

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#### Flashcard 1451525803276

Tags
#conversation-tactics #how-to-take-a-complement
Question
Que bonitos zapatos
[...]
Observación es tu segundo nombre

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Que bonitos zapatos Observación es tu segundo nombre

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#### Annotation 1451527376140

 Te pareces a X Tus comparaciones son la mejor parte de mi dia

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13; Patrick, the way you shot that gun was nothing short of amazing. Kerry, you are one hilarious guy and that bulls-eye was for you! Patrick, those are some sweet shoes. Jimbo, observation is your middle name! <span>Patrick, you have the body of a modern Adonis. Victoria, your comparisons are the best part of my week, hands down.<span><body><html>

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Question
Te pareces a X
[...]
Tus comparaciones son la mejor parte de mi dia

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Te pareces a X Tus comparaciones son la mejor parte de mi dia

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#### Annotation 1451530784012

 #conversation-tactics Complimenting the compliment allows you to avoid all of the negative implications and assumptions that people would make about how you receive a compliment.

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Tags
#conversation-tactics
Question
Complimenting the compliment allows you to avoid all of the [...] that people would make about how you receive a compliment.
negative implications and assumptions

status measured difficulty not learned 37% [default] 0

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Complimenting the compliment allows you to avoid all of the negative implications and assumptions that people would make about how you receive a compliment.

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#### Annotation 1451534191884

 #conversation-tactics When receiving a compliment you cant be either too arrogant nor deny it because it is a bit frustrating for the complimenter and makes you seem like I’m fishing for attention.

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Tags
#conversation-tactics
Question
When receiving a compliment you cant be either too [...] nor [...]
arrogant

deny it

Because it is a bit frustrating for the complimenter and makes you seem like I’m fishing for attention.

status measured difficulty not learned 37% [default] 0

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When receiving a compliment you can`t be either too arrogant nor deny it because it is a bit frustrating for the complimenter and makes you seem like I’m fishing for attention.

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 #conversation-tactics Instead of ambiguity and potential awkwardness and negativity, you created a mutual positive situation. This triggers positive reciprocal action.

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#### Annotation 1451541269772

 #conversation-tactics In other words, you share the spotlight and turn a simple compliment into a win-win situation!

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Tags
#conversation-tactics
Question
If you [...] and turn a simple compliment into a win-win situation!
share the spotlight

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In other words, you share the spotlight and turn a simple compliment into a win-win situation!

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#### Annotation 1451544677644

 #conversation-tactics In any conversation, there is a high point. There might be multiple low points, but by default, one part is the best and highest.

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Tags
#conversation-tactics
Question
In any conversation, there is a [...].
high point

There might be multiple low points, but by default, one part is the best and highest.

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In any conversation, there is a high point. There might be multiple low points, but by default, one part is the best and highest.

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#### Annotation 1451574037772

 #conversation-tactics If you want to master the art of conversation, you have to use this oscillating factor to your advantage and utilize the high points you create to bounce the conversation back up

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#### Annotation 1451575610636

 #conversation-tactics How do you know that something is the high point of a conversation without hindsight? That’s the wrong question to ask.

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#### Annotation 1451586882828

 High points examples #conversation-tactics #high-points High point examples: You can share a big laugh. You can both get emotional and cry. You share a strong perspective on an issue that no one else does. You witness something either horrifying or hilarious together. You finish each other’s sentences. You create an inside joke with them. You both struggle to not laugh when you observe something.

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 #back-to-high-point #conversation-tactics For example, you talked about your favorite kind of dog earlier in the conversation. There was a high point about comparing yourself to a wiener dog because, well, it’s hilarious. Now your current topic of conversation is style and different types of jackets. How do you callback to the wiener dog high point from earlier by referring to it in the context of jackets? Yeah, unfortunately, I can’t wear that type of jacket because I’m mostly similar to the wiener dog, remember?

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y because of the smell. You are going to callback to it. What do I mean by this? It’s simple, and it’s also a tactic used by just about every standup comedian. You are just going to refer to it in the context of your current topic. <span>For example, you talked about your favorite kind of dog earlier in the conversation. There was a high point about comparing yourself to a wiener dog because, well, it’s hilarious. Now your current topic of conversation is style and different types of jackets. How do you callback to the wiener dog high point from earlier by referring to it in the context of jackets? Yeah, unfortunately, I can’t wear that type of jacket because I’m mostly similar to the wiener dog, remember? Just combine the two elements and capitalize on the high point you had from earlier. How does this work to your favor? Well, when you refer to that point later in the convers

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#### Annotation 1451602087180

 #back-to-high-point #conversation-tactics when you refer to that point later in the conversation, it sends a message that you paid attention.

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h, unfortunately, I can’t wear that type of jacket because I’m mostly similar to the wiener dog, remember? Just combine the two elements and capitalize on the high point you had from earlier. How does this work to your favor? Well, <span>when you refer to that point later in the conversation, it sends a message that you paid attention. You will come off as an extremely attentive, observant, and even clever person. You’re borrowing the emotions invested and summoning them at a point in the conversation that

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#### Annotation 1451607067916

 #conversation-tactics Prior high point: a shared hatred of limited parking. Current topic of conversation: the weather. Callback: Yeah, the rain will definitely be welcome when we can’t find parking spots within ten blocks of our apartment.

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#### Annotation 1451608640780

 #conversation-tactics In the same way an orchestra conductor can hit the same high musical point but through different arrangements and different approaches, you should keep referring to this conversation high point.

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 #conversation-tactics When you keep referring to that high point but with different reference points and different approaches, you are reawakening the emotional urgency the person you're talking to has in your conversation. If you do this well enough, the overall energy level of your conversation can remain relatively constant.

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#### Annotation 1451614145804

 #conversation-tactics In the mind of the person you're talking to, the conversation never teeters out. This leads them to perceive you as a very clever, interesting, and intelligent person to talk to. You end up making a very favorable impression to them. In reality, what you just did was identify a high point, and you kept recycling that high point in your conversation.

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 #conversation-tactics If you interrupt constantly and don’t let people get on track with what they want to say, they will eventually start to hate you because you come off as selfish and self-absorbed

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 #conversation-tactics interrupting artfully is a concept that you have to be careful with.

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 #conversation-tactics When you talk to someone, there are several levels of communication happening simultaneously. People can feel just fine consciously, yet have a negative feeling subconsciously

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 #conversation-tactics Interrupt to show you are really excited about what they are saying.

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 #conversation-tactics interrupt to complete that person’s sentence, and interrupt to show that you are emotionally present with them.

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 #conversation-tactics I was just in Greece and loved it when… [interruption] No way! That is so exciting and Greece is my favorite place in the whole world!

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 #conversation-tactics And then I tried parking there and the meter maid… [interruption] Was terrible and ticketed you anyway despite the sign, right?! She’s the worst

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 #conversation-tactics What do all the examples of interrumption share? They all denote a level of excitement for what the other person is talking about.

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 #conversation-tactics You are also interrupting because you feel as strongly about the subject as they do. You have the same level of emotional urgency, and that is key. Instead of challenging them, you are agreeing heavily, and who doesn’t like to be agreed with?

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#### Annotation 1451640360204

 #conversation-tactics The more they feel you are in the same emotional place as them, the more they will like you

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 #conversation-tactics It’s not difficult to actually predict what people are saying so that you can interrupt to agree, or finish their sentences. You can usually tell when they are getting worked up, and when people get worked up, they make big proclamations. They even use hyperbole.

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 #conversation-tactics If you know they feel strongly about something, interject there!

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 #conversation-tactics Of course, interrupting can backfire on you if you guess the wrong way.

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 #conversation-tactics There’s an easy solution forbackfiring in interruption. You simply interrupt them but don’t finish your sentence. For example: I know! It’s so… And then you allow them to finish the statement with amazing! or horrible! so you can see which direction they are going.

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 #conversation-tactics Let's face it, modern life can occasionally be alienating and isolating

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 #conversation-tactics At some level, most people feel that few people truly get who they are. Whether or not this is true, it’s a mindset that motivates us every day.

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 #conversation-tactics When you speak in unison with somebody, this creates emotional unison. You both get emotionally engaged and these "aha" moments can't help but draw you closer to each other.

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 #conversation-tactics #interrupting These are all things that precede bonding inside jokes from shared experiences, which leads to the impression of "you and me against the world". We’re not just talking about friendship here. We're talking about a deep and profound level of loyalty.

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 #conversation-tactics if you can finish each other’s sentences, you can create the feeling of familiarity and closeness.

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 #conversation-tactics The singular key to a successful conversation is comfort.

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 #conversation-tactics if the other person isn’t feeling comfortable and safe, any hope you have for a genuine connection flies out the window.

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 #conversation-tactics What is one of the best and easiest ways you can make someone feel comfortable? Speak their language. Use their terms. Take yourself into their verbal comfort zone and let them feel like they’re on home turf.

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 #conversation-tactics Speaking their language might involve some or all of the following: their accent, their tone of voice, facial expressions, body language, and gestures

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 #conversation-tactics We all grew up in vastly different contexts and that context informs both their perspective and their verbal comfort zone. If you want to become a truly effective conversationalist, you need to quickly figure out what this context is

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 #conversation-tactics To create comfort, you have to speak their language. But this doesn’t mean that you emulate all of their mannerisms and attempt to become a clone of them.

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 #conversation-tactics The first step is to observe the vocabulary and vernacular someone uses.

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 #conversation-tactics To use someone’s vocabulary can make a huge difference in how they perceive you.

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 #conversation-tactics With just a tiny bit of background research, you can discover people’s contexts and comfort zones before you even talk to them.

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 #conversation-tactics But don’t go overboard

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 #conversation-tactics Speaking someone’s language allows you to penetrate their comfort zone faster than most other techniques.