What is the definition of advertising

Making people aware a product exists

Tests the viability of the business, the owner’s ability & commitment

A shift in the supply curve to the left means:

quantity producers offer at every price will be less.

What is an economic system

Production resource and allocation of goods within a society

how much of a good or service is available to buy

What is a business plan?

a document setting out a business's future objectives.

What are the Factors of Production?

Land, Labour, Capital and Enterprise

the number of people who want or need something

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Answers

1
What is the definition of advertising
Making people aware a product exists
Getting a celebrity to promote a product
Telling a friend about a game you played
Talking to people in the street
2
Where supply and demand curves meet is known as:
equilibrium
equal
connection
coincide
3
what is a determinant of supply
Govt. intervention
Taste/Preference
Price of related good
Expectations
4
Who determines supply?
Buyers
Sellers
5
What advertising technique is being used?
Promotions
Pathos
Facts and Figures
Sex Appeal
6
A disadvantage of advertising is.....................
Impersonal
Wide coverage
Control of message being promoted
Can be used to build brand loyalty
7
Who is going to see your business plan?
your competitors
your suppliers
your bank
your customers
8
What is one determinant of demand
Technology
# of buyers
# of sellers
Input Price
9
What shifts aggregate demand to the right?
Rise in consumption
fall in price
decrease in government spending
Fall in net trade
10
A business plan
Identifies the best time for the business to open
Helps an owner to decide if the business is going to be popular
Identifies the best way to be successful
Tests the viability of the business, the owner’s ability & commitment
11
A negative of TV advertising is....
It reaches a large audience
It is expensive
It is effective
12
When the supply of a good is low, and the demand is high, what usually happens to the price of the good?
It goes down.
It goes up.
It depends on the item.
It doesn't change.
13
A shift in the supply curve to the left means:
none of the above
quantity producers offer at every price stays the same.
quantity producers offer at every price will be less.
quantity producers offer at every price will be high.
14
What are needs????
Something your kids want.
Things that you want in your life.
Things required to live.
The almighty Shaggy
15
a plan to achieve the marketing objectives using a given level of resources
Marketing target
Marketing plan
Marketing Strategy
16
Who determines demand?
Sellers
Buyers
17
Which of these is NOT in a business plan
competitors
key people
profit and loss account
market research
18
What is an economic system
Production resource and allocation of goods within a society
Businesses face uncertainty as a result of competition
Workers strive for quantity over quality
Large bureaucracy required, consuming resources
19
A business plan is used by?
the entrepreneur
potential investors
top management
all of the above
20
a business plan is written
every month
before a business starts
when a business gets into trouble
every year
21
Magazine advertising is good to present products to ______ target markets.
Medium
All of the above
Small
Large
22
How many factors of production are there?
6
10
3
4
23
What is supply?
something that people make or grow
how much of a good or service is available to buy
work that people do for other people
how much of a good or service people want to buy
24
do you need to plan a business
False
True
25
A competitive analysis should be included in which component of the business plan?
Market Analysis
Executive Summary
Appendices
Financial Summary
26
Which of these are not the 4 factors of production?
Labor
Captial
Employees
Land
27
Which of the following is the most critical component of a business plan:
Executive summary
Company description
Market analysis
Financial plan
28
A good business plan should include information on the following elements?
Competitors success rate, Target Market
Number of employers,The Business Idea
Location, Aims and Objectives
Disadvantages, The Marketing Mix
29
Which of the following questions does the company description section of a business plan answer
Where is the business located?
What is your business’s marketing plan?
What will you charge for your products?
What is the general outlook for your industry?
30
A mixed economy is a mix of which 2 economic systems?
Command and free-enterprise
Market and socialist
Market and command
Traditional and command
31
What is a business plan?
a document setting out a business's future objectives.
To Promote goods or service
money you need to start a business.
an essay.
32
What are the Factors of Production?
Goods and Services
Capital, Land, Labour and Jobs
Land, Labour, Capital and Enterprise
Work, Land, Labour and Inflation
33
An economic system that combines elements of all the other basic systems.
Mixed
Traditional
Market
Command
34
Demand is
a name of a coin used in the Caribbean
the amount of something that is available
another name for a service
the number of people who want or need something
35
When the supply is low the demand is...
Low
High
Don't Know
The Same
36
All are economic systems except ........
Banking System
Command Economy
Mixed Economy
Free Market Economy

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