Phasing
What is the name of the repetitive pattern that every business/industry/product faces in which it experience growth, a highpoint, decline, and a low point
Business Cycle
Contagion
Profit and individual entrepreneurial spirit are the motivators for this kind of economic system:
Free Enterprise (I'll accept market)
The rate at which a career is expected to grow in terms of job availability in the future is called:
Career/Job Outlook
What is 643 x 342 (Show your work, you have 30 seconds)
219,906
Which phase of the business cycle is associated with a decline in sales?
Contraction
Greater Fool Theory
There are lots of risks in a free enterprise system, there are no guarantees of success, so why do entrepreneurs take risks with their businesses/ideas/products?
Hope of profit
What is the difference between pay and benefits?
Pay is the money you are owed, benefits are anything extra (health insurance, stock options, company car, etc)
When is the appropriate time to hang up Christmas decorations?
After Thanksgiving
Which phase in the business cycle is associated with a business's highpoint in value where it has maximized itself?
Peak
What happens to the "Bubble" when there are no more "Greater Fools"?
It pops
If I have a lemonade stand and you have a lemonade stand, we are competitors. Let's say we both sell the same quality of lemonade for the same price. What are two ways we can compete with each other to encourage consumers to buy from our respective stands?
Lower prices and improve the product
Minimal government interference is associated with Free Enterprise and the Market Economy. The french word for this term of being "hand's off" or "letting it be" is: (Don't worry, i wont take off for pronunciation
Laissez Faire
When there is a fire drill, where do we go?
Front parking lot
Name for the point in the business cycle that follows contraction when the business is at its low point and is associated with low sales:
Trough
At what phase in the business/product cycle is a bubble right before the bubble "pops"?
Peak
Free enterprise focuses on the individual, community, or government ownership of property and resources?
Individuals
Maintaining customer trust in the face of emergency is important, especially in this case study we reviewed in which Johnson and Johnson recalled this drug when it was discovered their bottles were tampered with
Tylenol
In yesterday's exercise on market segmentation, what were the two products/services both groups used as their examples? You have to get both
Baking Sheets and Chess.com
Name of the phase in the early stages of the business cycle where the business experiences growth (Growth is not the answer):
Expansion
The concept of a commodity/asset increasing to a value that is unsustainably or unreasonably high is the condition most associated with this kind of disaster waiting to happen:
Economic Bubble
Free Enterprise most closely relates to which of the 3 types of economies we discussed earlier this year: Market, Traditional, or Command
Market
Vision statements are designed to show how a company will operate, these kinds of statements state the goal of a company:
Mission Statements
:)