General Business Semester True and False

The more goods and services produced, the healthier the economy is

A person who buys goods and services is a consumer

There is no point in reading newspaper help wanted ads unless you already have a career goal

The final step in the decision making process is to select the choice from among the others

The consumer-decision making process is different for final consumers than business consumers

because of international trade all nations use the same banking system

Without foreign trade items bought would cost less, because of no need for shipping

Today it is difficult to define economies in terms of national borders

A nation with a trade surplus is said to have a favorable trade position

The best way 2 tell an employer u are leaving is 2 write a short, polite letter of resignation

Although all nations differ in resources they have, they all have the same needs

Goods are services are purchased by businesses as well as by individuals

Services can be stored for later consumption

Money for capital projects come from mainly: Stocks, Bonds, and personal savings

The first step in developing a marketing strategy is to create a marketing mix

Personalized promotion is most effective and least expensive form of marketing communication.

choosing target markets & studying their needs and decision-making processes can help promotion

One componet of gdp is the calue of a country's exports plus the value of the imports

References should be included at the end of a resume

Career experts suggest not including a career objective on a resume.

businesses gain efficiency by producing large amounts of products at once

During periods of deflation prices drop so demand increases greatly

Filling out a job application is your first job task

a joint venture - agreement among 2+ countries to remove duties and trade barriers on products

Studies carried out to gather info towards a problem is called primary marketing research

a country can have an absolute advantage in only one area

Cooperative education combines school with work related experience

People over the age of 21 who are not full-time are considered unemployed

It is best to postpone career planning until after you have begun full time work

An ability to produce more goods & services in less time makes possible 2 reduce the # of hours

Communism refers to private ownership of resources by individuals rather than by govt.

If you write a song, you can protect with a copyright.

Things that are required in order to live are known as wants

Service industries are expected to have the greatest career potential in the US

A public utility company is owned by the govt.

Government is the single largest employer in the US economy

There are 26 true and 24 false questions

Economic growth refers to a steady increase in the production of goods and services

Census information can help a business decide where its customers live

Government plays a role in all economic systems

It is illegal for businesses to screen applicants for skills and abilities

When a country has a favorable balance of payments, its currency value is constant or rising

A challenge facing businesses today is managing a workforce made of diverse cultures

Not all marketing is directed at consumers

Generally, A lack of competition will result in lower prices for goods and services

a country can have a trade surplus with one country and a trade deficit with another

Mike is 14. He is not considered part of the labor force

A company does all business in Ohio. Both the state of Ohio and the govt. regulate the company.

All economic resources have a limited supply

Buildings equipment, and supplies are examples of natural resources

Marketing often costs 50 percent or more of the selling price of a product or service