Economics/Global Business
The point where supply and demand meet on the supply and demand graph is...
Equilibrium
List the 4 Ps of Marketing
Product, Place, Price, Promotion
Choosing the morally correct decision based on perceived rights and wrongs is called _____
Ethics
Doing the right thing because of the reward that comes out of that action is called _____ motivation.
Extrinsic
The chart that organizes an Entrepreneurial idea into categories like problem, solution, key metrics, etc., is called a
BMC (Business Model Canvas)
List the four factors of production:
Land, Labor, Capital, Entrepreneurial Ideas
Using social media, fliers, billboards, and posters is an example of _____ marketing.
Content
When one side of an agreement violates a contract, that is called a ___ _ ___
Breach of contract
The pyramid that places basic needs as the foundation for growth and acceptance is called:
Maslow's Hierarchy of Needs
The four segments of effective management are:
Planning, Organizing, Leading, and Controlling
Strict government intervention and ownership in all four factors of production is what kind of economy?
Command
What are the five components of a customer's target market?
Demographic, Geographic, Psychographic, Benefit, Volume
Compliance-based ethics are created with:
rules and regulations that punish or reward behavior.
The theory that states that employees will put an equal amount of effort into their work if they get something of value in return is called:
Expectancy Theory
These aspects of planning take into account the external factors of running a business.
When one country makes a product BETTER than another country, they are said to have a(n):
Competitive Advantage
Pizza Hut's campaign where they replaced potholes on the road was considered a successful use of a ____ marketing strategy
Guerilla
When harm is caused because of a party's inability to follow rules or act with caution is called:
Negligence
Updated hiring practices that placed emphasis on hiring underrepresented groups to create equal opportunity in employment is called ___ ___
Affirmative action
A statement that explains why your product or service is better or different than another.
Unique Value Proposition
When a company partners with another company for a short-term project, this is called a ____ ____ in business expansion.
Joint Venture
Creating a customer profile through data collection, sales history, and accounts is called ___ ___ ___
CRM (Customer Relationship Management)
When a third-party is brought in to make a decision in a disagreement, that third-party is called a(n):
Arbitrator
The study that states people will act differently when they know they are being observed is ____ ____
Hawthorne Studies
A statement that shows where a company wants to go in the future is called a ____ ____
Vision Statement