Economics
These are the four factors of production: Land, Labor, Capital, and ___?
Entrepreneurship
This protects original creative works like designs or logos.
What is a copyright?
This is the process of buying the right products at the right time to meet demand
What is merchandise planning?
This is the 4Ps of Marketing: Product, Price, Place, and ___.
What is Promotion?
This is a plan for how to spend and save your money.
What is a budget?
This term describes the relationship between a country's imports and exports.
Balance of trade
These types of workplaces are known for poor conditions, low wages, and often child labor
What are sweatshops?
Two problems this process helps prevent are overstock and ___.
What is understock?
A target market is the specific group of people a company tries to reach. Name one thing that defines a target market
Age, gender, income, interests, etc.
When comparing prices to find the best deal, you're doing what?
What is comparison shopping?
This is the value of one country's currency in relation to another
What is an exchange rate?)
This law sets rules for minimum wage, child labor, and working hours.
What is the FLSA?
One challenge in planning is predicting this
What is customer demand?
This marketing strategy uses social media influencers to promote products.
What is influencer marketing?
This type of expense stays the same every month, like rent or a car payment.
What is a fixed expense?
A tax placed on imported goods to protect domestic industries.
What is a tariff?
This agency ensures truthful advertising and accurate product labeling.
What is the FTC?
The three steps of merchandise planning are Planning, Buying, and ___.
What is Selling?
A slogan is used to do what for a brand?
Make it memorable or recognizable
This is when you buy something suddenly without planning.
What is impulse buying?
A limit on how much of a product can be imported
What is a quota
This term describes when companies act ethically and give back to society.
What is Corporate Social Responsibility?
This step includes analyzing sales, trends, and customer behavior to forecast demand.
What is Planning?
The process of creating a brand image in consumers’ minds.
What is positioning?
Reading reviews and researching a product before buying is an example of what?
What is being an informed consumer?