General Management Exam Review - NOCTI

studies the behavior of people and organizations in a particular market

Items purchased after comparing prices and features

What is the decline stage?

What is the introduction stage?

The chance an entrepreneur takes of losing money on a business that may not prove profitable

What are the four stages of a product life cycle?

items that the consumer either does not know about or knows about but does not initially want

Customers, employees, stockholders, suppliers,dealers, bankers, etc

studies the operation of a nation's economy as a whole

What is the maturity stage?

What is the growth stage?

study of how society chooses to employ resources, and distribute them

goods that are not mass-produced but rather assembled individually or in small quantities

allow private ownership, pass laws that enable contracts and ability to enforece in court. etc.

Macroeconomics micro economics

physical products purchased by companies to produce other products

Freedom to make their own decisions, more opportuinity, and possible wealth

Inexpensive products that are purchased regularly and require little time and effort

Entrepreneurship take risk and time and may lose benefits as to working for another company

money a business earns above the money that it spends for salaries and other expensses

goods (as food or clothing) intended for direct use or consumption

Allows workers to be more effective efficient and productive