Economics
The best measurement of a country's economy
What is gross domestic product (GDP)?
A nation's transportation, communication, and utility systems
What is infrastructure?
The largest employer
What is the government?
The percentage of small businesses in the U.S.
What is 99.9%?
The blend of four marketing elements
What is the marketing mix?
Intangible activities that are consumed at the same time they are produced
What are services?
When a country's imports exceeds its exports
What is a trade deficit?
This gives a direction for the business to help design an effective organization
What is a mission statement?
The process of starting, organizing, managing, and assuming the responsibilities for a business
What is entrepreneurship?
The final business in an indirect channel of distribution
What is a retailer?
The three economic questions each country must answer to address the basic economic problem
What to produce? How to produce? Which needs and wants to satisfy?
Government actions that create trade barriers
What are quotas? What are tariffs? What are embargoes?
Government action meant to promote competition and fairness
What are antitrust laws?
When one person is responsible for all of the management functions
What is a sole proprietorship?
This marketing function involves determining the best ways for customers to locate, acquire, and use the products/services
What is distribution?
A general rise in the level of prices
What is inflation?
Examples of this include copyrights, trademarks, patents, and brand names
What is intellectual property?
This type of business is more popular today and growing because of technology
What is a service business?
This management function is responsible for hiring, training, and managing employees
What is staffing?
These types of buying motives are guided by facts and logic
What are rational buying motives?
In this type of economic system, consumers and businesses make decisions based on their own self-interest.
What is a market economy?
This is the value of a currency in one country compared with the value in another
What is the exchange rate?
The U.S. economic system
What is mixed? What is capitalism? What is free enterprise or private enterprise?
These sources help to finance a small business
What are personal savings, bank loans, or SBA assistance?
This is the first step in developing a marketing strategy
What is defining the problem?