CH 1: Introduction to Business Management Flashcards
Demonstrate an understanding of the role of business in society and the position of business management in the world.
1
Q
What is the Economic principle?
A
Ensure highest possible satisfaction of needs with limited resources available.
2
Q
What is consumerism?
A
Social force protecting consumers against unsafe products & malpractice – exert moral & economic pressure on business
3
Q
What are the levels of Maslow’s Hierarchy?
A
- Physiological needs (hunger, thirst)
- Security needs (protection)
- Social needs (love, recognition)
- Esteem needs
- Self-realisation needs
4
Q
Name the factors of production.
A
- Natural resources
- Human resources
- Captial
- Entrepreneurship
5
Q
What are the four main economic systems?
A
- Free market economy (capitalism)
- Command economy (communism)
- Socialism
- Mixed economy
