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Business and Marketing Semester Exam 1 Flashcards | StudBud
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Business and Marketing Semester Exam 1
Business and Marketing Semester Exam 1
18 terms
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StudBud Administration
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310 plays
Review of semester one concepts related to the principles of Business and Marketing.
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
What determines if an economic product is an industrial product or a consumer product?
the origin of the product
who buys and uses the product
who produces the product
the price of the product
2
People who make or provide goods and services are...
producers
consumers
retailers
developers
3
Deciding whether to lie to a friend or not is...
a moral issue
breaking friend code
lying
an ethical issue
4
A characteristic of human wants is that they are...
consistent
unchanging
unlimited
limited
5
The idea that changes in price will affect changes in the amounts demanded or supplied...
economy
adjustments
supply & demand
elasticity
6
For something to be called an economic good, it must be...
Transferable
Scarce
Tangible
Useful
7
Items used by producers, which includes equipment, supplies, & raw materials, are examples of..
industrial goods & services
economic goods & services
non industrial goods & services
non economic goods & services
8
Higher the price, the greater the quantity supplied because producers are able to earn more $$
the law of demand
the law of supply
9
Your typical product markup is 20%. Your cost per product is $10. What's the selling price?
$10
$20
$12
$14
10
Social responsibility is...
a duty to contribute to the well-being of society
treating everyone in society fairly
keeping companies in business
being smart on social media
11
Buying a new car is considered...
a desire
an economic want
a wish
a non-economic want
12
How much would a market research survey cost? 500 people surveyed, $2/question, 10 questions
$10,000
$1,000
$20,000
$5,000
13
Being truthful when you communicate falls under what Ethical Principle?
Fairness
Respect
Transparency
Rule of Law
14
When the quantity demanded is greater than quantity supplied (prices are usually higher)...
healthy economy
buyer's market
competition
seller's market
15
The idea that consumers will buy more products at a lower price, and less at a higher price is:
the law of demand
the law of supply
16
Your ability to purchase goods or services is based on...
labor costs
competition
balance in your bank account (not the answer but true...)
buying power
17
Intangible activities performed by other people for a certain amount of money are:
Goods
Services
18
Taking responsibility for your own actions or decisions falls under what Ethical Principle?
Responsibility
Accountability
Trust
Viability
