Introduction to Business Final Review

What does GDP stand for?

What is a disadvantage of partnerships?

Who is the owner in a corporation?

The parent company often advertises for all of these throughout the company.

What does unlimited liability mean to the owner of a business?

A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to

What is the process of separating members of a market into various groups based on their characteristics?

Which term refers to a group of customers who share common wants and needs?

_____ is all of the products a company makes or sells.

No government involvement in production of goods/services. Prices are determined by supply and demand in the market

Which is NOT a characterisitic of a corporation?

The four factors of production include ______________.

When a county's economy starts to contraction it will always go from a recession to a depression.

The business cycle is a fluctuation of ________ over time.

Considered the best type for raising large amounts of capital.

Which business function is responsible for setting the mission and vision of the company?

Which business function keeps track of revenue and expenses of the company?

Which is a merchandising business?

Which phase of the product life cycle is met with both increasing sales and increasing competition?

Which term is NOT an aspect of the 4 P's?

During what phase do unemployment rates rise?

What type of economy do most countries have (including the United States)?

Which is NOT one the three main forms of business organization?

When describing a market segments psychographics, an example may be:

Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product

Which is NOT included in the demographics of a population?

How/where a product will be distributed?

What type of economic system relies on cultural norms to determine what goods are produced and who they are for?

Which is not a form of business operation?

When demand for a product is affected by price, it is said to have _____________.

The principle that states people must decide which goods/services to use due to limited resources and unlimited wants is

What occurs when the quantity supplied is greater than the quantity demanded?

Which phase contains unsustainable growth?

The cell phone industry is an example of?