Macro
What is the difference between exports and imports called?
Net exports
A management practice that allows a producer to sow a crop without any primary tillage.
No-till
Property that is pledged as security for a loan is called ____________.
Collateral
The slope of a perfectly elastic demand curve is ________.
0
A firm decides to offer a new product at a low introductory price to capture market share and then raise the price over time. What type of pricing strategy are they using?
Penetration
An economic condition where an economy is facing relatively high rates of inflation, little or no growth, and high unemployment
Stagnation
In 1980, Michael Porter developed this model providing an excellent framework for analyzing industry competition.
Porters Five Forces Model
What U.S. agribusiness is the largest producer of ready-to-cook chicken?
Tyson Foods
When average product is falling, marginal product is ________ ?
falling
Supplies of commodities left over from one marketing season to the next are called?
Inventories
_____________ law says that for each percentage point by which the unemployment rate is above the natural rate, real GHP is 3 percent below potential GNP.
Okuns
This is defined as the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans.
Strategic management
A capital budgeting method which computes the length of time required for the accumulated returns to equal the original investment?
Payback period
Define Ceteris paribus.
"Other things being equal" assumption
or
Assuming that factors other than those being considered are constant.
define inflation
A general increase in the price level
The unemployment resulting from wage rigidity and job rationing is called _________.
Frictional
A formal, written plan detailing how the firm will use its resources, what amount of sales are expected, and so on, during some future period is called?
Budget
The payment or receipt of a series of equal cash flows per period for a specified amount of time is called?
Annuity
How do we refer to the area above the supply curve and below price?
Producer surplus
A group tactic whereby a number of consumers refuse to purchase a product in an attempt to influence the price or to influence other market conditions.
Boycott
The act of buying an item in one market and selling it at a higher price in another market in order to profit from the price differential in two markets is called ____________.
Arbitrage
A type of partnership where anything that one partner does affects all of the partners, because each partner is personally responsible for all obligations of the partnership.
General partnership
What process is used to determine the future value of an investment or loan, in which interest is charged on the accumulated interest as well as the original capital?
Compounding
What represents the different combinations of two products that a business can efficiently produce with its existing resources?
Production possibilities frontier
What are the four phases of the product life cycle?
introduction, growth, maturity, and decline