Intro to Business Final Review

If supply doesn't change, but demand goes up...the price will

Limited liability, stock, double taxation, and many owners is an example of a corporation.

Little choice in products, fixed prices, and fixed wages are problems with

A tax on all goods imported from another country is a tariff.

The 4 P's are Product, People, Publicity, Price

High labor and envrionmental restrictions are reasons for

An example of an opportunity cost would be

Cooperatatives are set up to save members money.

A service is a good that government cannot satify.

A business plan is a description of a business idea including financial forecasts and specifics presented to a bank.

The franchisor provides the franchisee with equipment, advertising, and reputation.

Which is an advantage of radio advertising?

An intangible item could be a

The process of creating, promoting and presenting a product to meet the wants and needs of consumers is called what?

Specialization is important because it allows countries to focus on their strengths.

Most business set strict guidelines for behavior called

Bulldozers, computers, machinery would all be considered Capital goods.

OSHA was developed to protect employees payroll.

What type of resource are bankers, farm workers, coal miners, or truck drivers?

When the value of a country's currency goes up compared to another, it has

Psychographics include a consumers preferences or buying habits.

A country wants a balance between

All of the following are a Multinational Company (MNC) except

What must busineses provide to consumers to satify their wants and needs?

Junk mail is a type of direct mail advertising.

High risk, limited expertise, flexible schedule, and receiving all profits are characteristics of a

A market economy is based capitalism and consumer choice.

The group of people a company wants to sell to is their

Unlimited liability is associated with

The means to produce goods and services is called