Introduction to Business Final Review

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

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

The business cycle is a fluctuation of ________ over time.

Which is NOT included in the demographics of a population?

Who is the owner in a corporation?

Which phase contains unsustainable growth?

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

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

The cell phone industry is an example of?

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

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

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?

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

The four factors of production include ______________.

Which is a merchandising business?

What does GDP stand for?

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?

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

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

Which is NOT a characterisitic of a corporation?

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

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

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

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

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

Considered the best type for raising large amounts of capital.

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

Which is not a form of business operation?

How/where a product will be distributed?

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

What is a disadvantage of partnerships?

During what phase do unemployment rates rise?