Test 1
The 4 P's of the marketing mix are:
Product, Place, Price, Promotion
An economic system where buyers and sellers are free to make decisions about their resources
Market Economy
When supply and demand are met and there is no shortage or surplus of products.
Equilibrium price
(True or False) Due to unethical behavior, some government regulation is required. Such as FDA, ADA, EPA, and more.
True
This phase of the economic cycle occurs when the economy is booming, productivity is near its highest levels.
Prosperity
The process of creating, promoting, and presenting a product to meet the wants and needs of consumers.
Marketing
Of the four factors of production, which of these responds most to the changing wants and needs of society....
The amount of goods and services that are available for people to buy
Supply
When suppliers or business produce more than are demanded by consumers.
Surplus
(True or False) Trade barriers increase the prices of goods and services.
True
The lack of resources needed to satisfy all wants or needs is...
Scarcity
This phase of the economic cycle occurs when the economy is slowing down after an economic peak. Unemployment begins to rise. There may be moderate deflation or lower demand for goods and services during this phase.
Recession
Economic indicator calculated using CPI.
Inflation
This business ownership model has double taxation.
Corporation
This business ownership model has unlimited liability
Sole Proprietorship
____ involves determining the wants and needs of customers and providing them more efficiently and effectively than the competition
Marketing Concept
The amount of goods and services that people desire to buy
Demand
This part of the business plan examines likely risks and prepares to respond. Plan B, C, D...
Contingency Plan
When one country has a trade deficit with another country,
it's imports are greater than it's exports
If a person has liability insurance, what damage would they be covered for?
Repairing damage to other cars if he got into an accident that was his fault
This part of the business plan discusses the development of the product, identifies the target market, pricing, distribution, promotion, and more.
Marketing Plan
When faced with a scenario where personal and professional ideals disagree.
Conflict of Interest
The steps in the decision making process are:
Identify the situation, Identify options, weigh pros and cons of each option, make a decision, evaluate and reflect
Basic question(s) that define a country's economic system
What should we produce? How should we produce it? Who should share in what is being produced?
Four factors of production are:
Natural, Labor, Capital, Entrepreneurial