A
B
C
D
E
100
This is a blueprint for action based on sales, costs, and productivity estimates.
What is a budget?
100
This is an asset that even profitable businesses can run short on.
What is cash?
100
According to Adam Smith, the purpose of produciton is to serve the ____.
What is the consumer?
100
The firm’s mission statement identifies:
What is the unmet customer need?
100
The movement along a demand curve is caused by ____.
What is a change in price?
200
Long-term asset purchases often are called this.
What are capital expenditures?
200
This is a measurement of inflows and outflows of a business.
What is a cash flow?
200
This is the cause for the change in demand for a holiday item such as a Thanksgiving turkey.
What is seasonal preference?
200
Strengths, Weaknesses, Opportunites and Threat
What is a SWOT analysis?
200
This movement along a demand curve from a higher point to a lower point on the same demand curve is caused by ____.
What is a change in quantity demanded?
300
The quantity of a good purchased is assocaiated with this basic economic principle and not merely consumer intentions to buy.
What is demand?
300
This is a legal right or claim to both used and protect an idea and/or invention.
What is a patent?
300
The change in a demand curve from one demand curve to a new demand is caused by _____.
What are demand shifters? (Know all of them!!!)
300
The operating budget begins with estimates from this ____ plan?
What is the marketing plan?
300
Market prices are determined by the interaction of these two factors ____.
What is supply and demand?
400
This mechanism is used to allocate scare resources.
What are free markets?
400
This analysis measures the business advantages and disadvantages both internally and externally.
What is a SWOT analysis?
400
The price responsiveness of a good is measured by this economic term.
What is elasticity?
400
This budget summarized expected sales, production, and profits.
What is an operating budget?
400
What is this known as?
What is an increase in demand?
500
This statement often contains certain goals and objectives of the business.
What is the mission statement?
500
This principle states that each additional unit of a good provides less added satisfaction than the previous one.
What is the law of diminishing marginal utility?
500
What is the name of these five forces?
1. The threat of new businesses entering your market
2. The threat of new products entering your market
3. The growing bargaining power of suppliers
4. The growing bargaining power of buyers
5. The level of rivalry among existing firms in the industry
What is Porter's Five Forces Model?
500
These expenses changes as operational output changes.
What are variable expenses?
500
A change in these factors can influence overall demand.
What is a change in tastes and preferences?