Economics & Businesses
Give an example of a for-profit and a not-for-profit business.
Answers may vary.
Seeing a commercial on TV for a company would be an example of which component of the Promotional Mix?
Advertising
As price increases, supply does what?
Increases
Free Space
Congrats! I could not think of another question.
Name the three types of resources we covered.
Natural, Human, and Capital
Which economic system prioritizes survival and getting basic needs?
Traditional
What are the two different types of promotion?
Institutional and Product
How should a company change the price of a product if they want to increase demand?
Decrease Price
Name three inputs that go into making the output of a plastic water bottle.
Time, Labor, Plastic, Water, Machinery, Electricity, etc.
Sam works at a mattress store. Sam is an example of ___________ resource.
Human
Public school is an example of a ___________ to ____________ transaction.
Government to Consumer.
Name the five components of the promotional mix.
Advertising, Publicity, Public Relations, Sales Promotions, and Personal Selling
Name one downside of having a surplus.
Wasted money purchasing stock, have to get rid of product, possibly have to discount goods, etc.
The equation for productivity is...
Productivity=Outputs/Inputs
Give three example of an expense that a business has:
Costs of goods, employee wages, rent, maintenance costs, new capital resources, etc.
What is the name for the terms that represents the gap between the unlimited wants of a person and the limited resources available to them?
Scarcity
What is the difference between institutional and product promotion?
Institutional: Promotes the brand's positive image as a whole.
Product: Promotes a specific product or service from the brand.
What is the equilibrium point?
Where supply and demand perfectly meet. The ideal amount of stock to provide to make the most profit without surplus or scarcity.
Name three ways to increase productivity.
Motivation, Quality of Life, Research and Development, Specialization of Labor, Training and Education, Improved Resources etc.
What is the profit equation?
Profit=Gross Income-Expenses-Cost of Goods
(Answers accepted will vary)
What is the main difference between multi-level marketing and a pyramid scheme?
Pyramid schemes prioritize recruiting new members and dumping stock on them.
Why is it important to have a strong central campaign theme when planning an advertising campaign?
So that all of your advertisements, though they may vary, clearly work together and promote a clear, specific message for your brand.
What is the name of the job of people whose main job is to prevent surpluses and shortages?
Buyers
The output of goods and services produced by labor and property within a nation is called:
Gross Domestic Product (GDP)
Name two limitations of one of the resources.
Human: Willingness and ability to work, lack of skill or education, location
Natural: Boundaries, difficult to obtain, resource management, weather conditions
Capital: Availability of tools needs, affordability of tools needed, development of technology