business class test 1 Flashcards
What are the advantages of owning a franchise?
The best thing about the Franchise is that I could open 1 hotel or fast food chain and everyone else would copy the business model and the hotel layout
What is being interdependent
When two people or businesses depend on each other for advice and products to make the product or business more successful.
luxury goods and essential goods
luxury goods are non-essential, high-end products associated with luxury and status, while essential goods are basic necessities required for daily living and survival.
Lifecycle of a business: The 5 stages
The lifecycle of a business typically consists of five stages: startup, growth, maturity, decline, and exit, each characterized by distinct features, challenges, and opportunities.
The law of supply
The law of supply states that as the price of a good or service rises, the quantity supplied by producers also increases, and conversely, as the price falls, the quantity supplied decreases, assuming all other factors remain constant.
The law of demand
The law of demand states that, all other factors being equal, as the price of a good or service decreases, the quantity demanded by consumers increases, and conversely, as the price increases, the quantity demanded decreases.
Factors that affect the supply of a product
Factors that affect the supply of a product are conditions or variables that influence the quantity of the product that producers are willing and able to offer for sale in a given market, including changes in production costs, technological advancements, government regulations, and expectations about future prices.
Factors that affect demand for a product
Factors that affect the demand for a product are conditions or variables that influence the quantity of the product that consumers are willing and able to purchase at various prices in a given market, including changes in income levels, consumer preferences, prices of related goods, advertising and marketing efforts, and overall economic conditions.
Greatest rapper and worst
My love the only Playboi Carter with the worst one being Sexyy red.
what is a private and public corporation?
The primary difference between public and private companies is that public companies generate income by sharing stocks with the public, which allows the public to invest in the company. Private companies differ because they issue stock to existing stockholders or employers.
crown
A business owned by the government. The Canada Post would be an example of that
difference between a Franchisee and a Franchisor?
The franchisor licenses the use of the trade-mark and business model to the franchisee, usually in exchange for an upfront payment and ongoing royalty payments.
what is a non-profit organization?
a non-profit organization is a company or charity that doesn’t focus on profit but rather focuses on making an impact to help and contribute to society
What are the disadvantages of owning a franchise?
Limited creative opportunities, Financial information is shared with the franchisor, Start-up costs are extremely expensive, and If another franchise that offers the same service as your franchise is poor quality, it can have a direct impact on your business.
