Unit 1
These are known as the four main factors of production.
What are land labor capital and enterprise?
Managers who employ this leadership style delegate almost all decision-making authority and power to workers.
What is a laissez-faire leadership style?
This is calculated by summing up the sales of all producers in a particular market.
What is market size?
Inputs are transformed into outputs through this process.
What is the production process?
These are costs that vary with output.
What are variable costs?
Businesses in this sector are controlled by central or local government.
What is the public sector?
This philosopher is known for his theory of the hierarchy of human needs.
Who was Abraham Maslow?
These four crucial decisions that must be made for effective product promotion are part of the marketing mix.
What are product price, promotion, and place?
What are the 4 Ps?
This term is used to describe the normal time taken between ordering new stocks and their delivery.
What is lead time?
This term is defined as the amount by which the sales level exceeds the break-even level of output.
What is a margin of safety?
A customer, employee, or shareholder.
What is a stakeholder?
Increasing the flexibility of employees and the variety of work they do by switching from one job to another.
What is job rotation?
This economic principle describes the relationship between the quantity of goods or services available and the desire of buyers to purchase them.
What is supply and demand?
This type of capital refers to intangible assets that could include ownership rights and human capital.
What is intellectual capital?
This individual is also known as the best teacher in Broward County.
Who is Ms. Ferreira?
For a business that involves significant risk-taking, this legal structure would be the most suitable.
What is a limited company?
A dispute between employees may be best resolved by bringing it to this department.
What is Human Resources Management (HRM)?
This can be used to explain patterns in sales of existing products and market trends.
What is market research?
A company must decide between purchasing new computers or desks for its employees. It chooses to purchase desks. In this situation, the opportunity cost is __________.
What are computers?
Patents, trademarks, copyrights, and goodwill are all examples of this.
What is an intangible asset?
This measure of business size would not be ideal for a company in a niche market or sector.
What is market share?
For a company that needs to make swift decisions and limit discussion, this leadership style would be most effective.
What is autocratic leadership?
This form of advertising would be best for a startup targeting Gen-Zers.
What is social media advertising?
A fashion company makes 500 shirts every day. It has the capital necessary to produce up to 750 shirts every day. What is the company's capacity utilization?
What is 66.67%?
A company that is in need of quick cash may use this method of increasing cash inflow.