Business And Marketing KOSSA terms Review 1

Question 1

Economic services

Answer 1

Intangible like a haircut

Question 2

Economic resources

Answer 2

Needed to operate a business: land, labor, capital, entrepreneurship

Question 3

Economy

Answer 3

The way a nation makes economic choices about what, how, and for whom goods are produced

Question 4

Time utility

Answer 4

Having the product at a time/day convenient for the customer

Question 5

Place utility

Answer 5

Having a product where customers can but it

Question 6

Possession utility

Answer 6

Offering several ways to possess the product

Question 7

Information utility

Answer 7

Giving customer information about product

Question 8

Supply

Answer 8

Amount of goods producers are willing to make and sell

Question 9

Demand

Answer 9

Customers willingness and ability to buy products. Higher demand typically higher price

Question 10

Price

Answer 10

The value placed on a product by the customer

Question 11

Capitalism

Answer 11

Private ownership of businesses and marketplace competition

Question 12

Socialism

Answer 12

Increased government involvement. Government runs key industries and try to provide employment

Question 13

Communism

Answer 13

The government runs everything

Question 14

Market economy

Answer 14

Government lets the market answer what gets produced how and for whom

Question 15

Command economy

Answer 15

Government controls the factors of production

Question 16

Mixed economy

Answer 16

A mix of both market and command economy principles

Question 17

Inflation

Answer 17

Rising prices of products

Question 18

Unemployment rate

Answer 18

How many people are working/ unemployed

Question 19

Gross domestic product

Answer 19

How many products are being made in our country

Question 20

Regulator

Answer 20

Making laws to protect the safety, health, and wellness of individuals and protect freedoms

Question 21

Provider of services

Answer 21

Military, roads, bridges, police, education, libraries

Question 22

Supporter of businesses

Answer 22

Small business administration, establishing trade alliances, consumer of services

Question 23

Competitor

Answer 23

Government owns the US post office, Amtrak, and TVA

Question 24

Economic risks

Answer 24

Changes in business condition - competition, government regulations, inflation, recession

Question 25

Human risks

Answer 25

Theft, breakage, injury, incompetence

Question 26

Natural risks

Answer 26

Tornadoes, fires, hurricanes, lightening, floods

Question 27

Risk prevention and control

Answer 27

Employee training, safe working conditions, prevention of theft

Question 28

Transferring the risk

Answer 28

Having insurance, warranties from manufacturer

Question 29

Risk retention

Answer 29

Keeping small risks, uncontrollable risks

Question 30

Risk avoidance

Answer 30

Anticipate risks in advance- market research, don’t make bad investments/purchases for business

Question 31

Competition

Answer 31

Struggle between companies for customers

Question 32

Price competition

Answer 32

Focuses on the sale price of the product

Question 33

Economic goods

Answer 33

Something tangible like a car