Economics 1
1. The idea that self-interested actions can lead to the greater good explains the concept of
The Invisible Hand
6. Who was the first ‘real’ economist
Adam Smith
11. In terms of retail sales promotions, what does the acronym “BOGO” stand for
Buy One Get One
16. What kind of business has physical products with a physical store
A Brick and Mortar Store
21. What percent of billionaires in the U.S. are self made
62%
2. Time, money, and labor are all examples of ____ resources
Scarce
7. The study of individual actors is
Microeconomics
12. Based on total sales in 2017, what was the number one retail store in the United States
Walmart
17. If a business considers where the consumers are and who they are before selecting a channel of distribution, the business is considering the __________ factor.
market
22. What is an enterprise that is the only supplier of a particular commodity
Monopoly
3. What are the four factors of production
Land, Labor, Capital, Entrepreneurship
8. Economics is the study of how you allocate ____ resources
Scarce
13. Which of these is the second part of the supply chain order
Wholesalers
18. What are the funds invested in a firm or enterprise for the purpose of furthering its business objectives
Capital Investment
23. What government agency protects consumers from unfair practices
Federal Trade Commission
4. Water, air, and energy fall under which factor of production
Land
9. This factor of production is something produced to produce other things (ex: tools)
Capital
14. The process through which each retailer decides what items to carry, how much to have on hand, where they should be displayed in the store to maximize sales, and how to maximize profits
Merchandise Management
19. What is defined as the amount of total public that the product encompasses
Market Penetration
24. What type of company must have only one class of stock, less than 100 shareholders, and be a liable entity.
S Corporation
5. The two types of goods that can be produced from the four factors of production are…
Capital and Consumption Goods
10. Which word is sometimes used interchangeably with "entrepreneurship" in the four factors of production
Technology
15. What is it called when stores offer merchandise not typically associated with said store.
Scrambled Merchandising
20. Which of the following is the most critical component of a business plan:
Executive summary
25. The cost of employing product inspectors is a(n)
Appraisal Cost