Macroeconomics
What is exchanged in the factor market?
What are inputs like labor and land?
What is a disadvantage of a sole proprietorship?
What is unlimited personal liability?
What management function involves setting objectives and strategies?
What is the main purpose of marketing?
What is to meet consumer wants and needs?
What is the primary goal of any business?
To earn and maximize profits
What typically happens when a price ceiling is set below market equilibrium?
What is a shortage?
Why might a business choose to act ethically, even if it costs more?
What is to build long-term brand loyalty and reputation?
What kind of manager oversees daily operations and staff?
What is front-line manager?
What are the 4 Ps of the marketing mix?
What are product, price, place, and promotion?
What are the 4 factors of production?
Land, labour, capital, entrepreneurship
What do households contribute to firms in the circular flow model?
What are labor and productive resources?
A business that pays fair wages despite lower profits is practicing what?
What is ethical business behavior?
What leadership style gives the most employee freedom?
What is free-rein leadership?
Which pricing strategy starts high then lowers over time?
What is price skimming?
What is a "poison pill" used to prevent?
A hostile takeover
What type of economy features state control over production and prices?
What is a command economy?
What is a reason a sole proprietor might form a partnership?
What is to access capital and expertise?
What does delegation do in an organization?
What is empower employees and improve efficiency?
Which type of segmentation includes values and lifestyles?
What is psychographics?
What does GDP include? (4 things)
Consumption, Government spending, investment, net exports
What happens when supply exceeds demand at a given price?
What is a surplus?
What ethical challenge might a company face when marketing in other countries?
What is cultural insensitivity in advertising?
According to Contingency Theory, effective management depends on what?
What is adapting to the specific situation?
During which product life cycle stage do sales peak but slow?
What is the maturity stage?
What is a price floor and what does it often cause?
What is a minimum legal price; it can cause a surplus?