Red
Why did the chicken cross the road?
To get to the other side.
What did the triangle say to the circle?
You are pointless.
How do you get a farm girls attention?
You a-tractor!
What do you call a pig that does Karate?
Pork Chop!
Why did the scarecrow win an award?
Because he was outstanding in his field!
What is rule OF law?
Nobody is above the law.
What is a tarrif?
A tax on imports, designed to make domestic products more attractive.
What are external constraints?
Outside factors that affect a business.
What is creative destruction?
It's when a new product completely replaces an old one.
What is a foreign subsidiary?
A company that is operated in one country, but owned in another.
What is market competition?
What is market share?
Each companies "pieces of pie" in the market.
What are Political Factors?
Government activities, and political conditions that affect a business.
What is a social environment?
What is a techological change?
Change in technology...duh
What is competetive advantage?
When the difference between competitors products is important to the consumer.
What is organizational structure?
The way that a business is organized.
When a group is more concerned about reaching social consensus, instead of reaching the best descision.
Give an example of creative destruction.
The internet replaced the newspaper, iPhone replaced the flip-phone (ect...)
What is perfect vs INperfect competition?
Perfect: There is good competition
INperfect: When one company has a monopoly, since price is the only point of competition
Name one factor of micro economics?
- Supply and demand
- Prices for goods and services
What is the difference between micro & macroeconomics?
Macro - On a national level
Micro - Regional (focuses on supply and demand)
What is the legal environment for a business?
System of laws & regulations that a business must follow, as well as related enforcement agencies.
What is a strateigic alliance?
A business relationship between two or more companies.
What is the economy?
The flow of money.