Business/Marketing Concepts: Unit 1-3

If there is no demand for a product, that product will still sell

Which of the following create products and services used by individuals and other businesses?

The W in a SWOT analysis stands for...

In what economic system are all resources owned and controlled by the government?

What two things does the relationship between supply and demand determine?

Capital resources are all of the following expect

This type of business is owned by members, serves their needs, and managed in their interest

Demand is determined based on consumers being ___________ to buy

Which of the following is considered a good?

When using a matrix organizational structure, work is arranged with the main business functions

This type of business is owned by one or more shareholders

What happens to price if supply is low, but demand is high?

Consumers set demand whereas producers establish price

In a market economy, resources are owned and controlled by the people and sold in the...

What happens if there is low demand but high supply?

All of the following are phases of the business cycle except

Raw materials supplied by nature are...

All resources are unlimited

A need is something that you can live without and adds comfort to life

This type of business is owned and ran by one person

A mission statement describes reason for exists and what it wants to achieve

This type of business is a written contract granting permission to operate a business to follow a set business plan

If there is high demand but low supply, price goes up

Which of the following is not considered a need?

Which two things are external aspects in a SWOT analysis?

The total dollar value of all final goods and services is called

Service business carry out activities that are consumed by its consumers