Final Review

Mismatch of unlimited wants and needs with limited economic resources

A comparative advantage occurs when

What is the average income for small business owners?

The first step in the decision making process is to

Language, religion, values, customs, and social relationships all represent a country's

It is every citizen's responsibility to vote, pay taxes, and obey the law

Which of the following represents absolute advantage?

Which of the following is not one of the 4 Ps

The value of a currency in one country compared with the value in another is

Which type of business ownership is the most common?

Which of the 4 Ps is any form of communication used to inform, persuade, or remind?

All of the following are ways to increase profit EXCEPT:

Marketing is used to

Which pricing strategy sets a low price in order to gain market share?

Scarcity is having too many resources to satisfy every need.

What is the # 1 US import?

Profit is equal to a company's sales revenues

Items bought from other countries

The 4 Ps are also known as the promotional mix

A manufacturer is a business that does things for you instead of making products

Which type of research method gathers information using a carefully planned set of questions?

An entrepreneur is someone who takes risk in starting a business to earn a profit

If a country imports more than it exports, its a trade surplus

Which is NOT one of the 7 marketing functions?

The US currently has a balanced budget

A hairdresser is an example of B2C service

What does B2C stand for?

Demand for a product increases, but supply stays the same, what usually happens to the price?

The United States is the #1 importer in the world

A tax that a government places on certain imported products