Economics
What is scarcity?
Resources are limited, but wants are unlimited.
What is labor?
Human effort and skills.
What are the 4 Ps of marketing?
Product, Price, Place, Promotion.
What is a hierarchical structure?
A structure with many layers of authority.
What is procurement?
Sourcing and purchasing materials a business needs.
What is opportunity cost?
The value of the next best alternative given up.
What are natural resources?
Materials from nature such as water, minerals, or oil.
What is promotion?
How customers learn about a product.
What is a flat organization?
A structure with few layers and wide spans of control.
What is Just-in-Time delivery?
Reducing waste and storage by receiving goods only as needed.
What is a trade-off?
Giving up one thing to gain something else.
What are capital resources?
Tools, buildings, machines, and equipment.
What is place?
Where a product is sold (retail stores, online, etc.).
What is a matrix structure?
A structure where employees report to multiple managers.
How do robotics help businesses?
By performing repetitive tasks accurately.
What is an example of a good?
A smartphone.
What is entrepreneurship?
Organizing resources and taking risks.
What are core product features?
What the product does for the customer.
What does a CEO do?
Sets company vision and strategy.
What is AI predictive maintenance?
Technology that predicts machine failures before they happen.
What is an example of a service?
Hair styling.
Which factor brings all others together?
Entrepreneurship.
What marketing strategy creates exclusivity?
Limited product supply at launch.
What does a CMO do?
Oversees company marketing strategy.
What is a digital twin?
A virtual model of a real-world system or process.
What does scarcity force individuals and businesses to do?
Make choices.
Which factor of production includes water, minerals, and land?
Natural resources.
What does the “Product” P of the marketing mix focus on?
Features and benefits that satisfy customer needs.
What is one advantage of a flat organizational structure?
Faster communication and decision-making.
What production strategy helps reduce inventory waste?
Just-in-Time (JIT) delivery.
What does production turn inputs into?
Goods and services.
What is the role of labor in production?
Human effort used to produce goods and services.
“Place” decisions determine what?
How and where the product is distributed to customers.
What is one drawback of a hierarchical structure?
Slow decision-making due to many layers.
How can AI help factories reduce downtime?
By predicting equipment failures.
Why do businesses analyze trade-offs?
Because choosing one option means giving something else up.
Give an example of a capital resource.
Tools, machinery, buildings, equipment, etc.
What does price communicate to customers?
The value of the product.
In a matrix structure, why might employees be confused?
They report to multiple managers.
What impact do robotics have on production?
Improve speed, accuracy, and consistency.
What is the basic economic problem all countries face?
Unlimited wants with limited resources.
What key action separates entrepreneurs from workers?
Taking risks to start or manage a business.
What does promotion aim to do?
Inform, persuade, or remind customers about a product.
Which executive oversees company finances?
The CFO.
What is the purpose of inventory management?
To keep stock levels efficient and minimize waste.
What happens to opportunity cost when more resources are used for one choice?
Opportunity cost increases because more is given up.
Why are capital resources important for production?
They increase efficiency and productivity.
What marketing tactic creates urgency and increases demand?
Limited-time or limited-quantity offers.
Why do companies create organizational charts?
To show reporting relationships and structure.
Why do companies use digital twins?
To simulate real systems and improve decision-making.