Business Essentials Final Review

A CD player is an example of a product that fills a need.

Only final goods are counted when the GDP is measured.

Highly complex or technical products generally have higher prices than simple products.

Inflation can occur when the demand for goods and services is greater than supply.

Unity of command is the number of employees who are assigned to a particular work task.

New businesses often fail because of

There is no difference between policies and procedures.

The simplest form of a product is called the

Personal characteristics of successful entrepreneurs include

Economists predict future changes in the economy.

Many entrepreneurs own their first business when they are in their teens.

The basic economic problem is

The first step in the consumer decision making process is to

Most successful entrepreneurs have a low tolerance for ambiguity.

The form of ownership that is most common in the US is

A period of economic recovery

Capitalism is another name for the traditional economic system.

Product Costs + Operating Expenses + Profit =

The first step in the product planning process is to develop a full marketing strategy.

Service jobs are the lowest paying jobs in the US economy.

An increase in GDP per capita means that

A good example of an entrepreneur is

Inflation is

If freezing weather in Florida damages orange crops...

All business must complete some marketing activities even if that isn't their main focus.

Baby boomers have dominated the US labor market since the