Chapter 2 Study Guide Flashcards
What is a Controllable Risk?
If a loss can be prevented or the like-hood of it’s occurrence reduced
Explain the profit of selling movie’s and television show’s to people to China
There are billion of people in China and that is a potential profit because many movies are not show in China
How are an individual ethics developed
Ethical behavior is based on solid principles which are high standards of rules and guidelines in both business and personal life
What is profit motive
Making decisions to use resources in ways that results in the greatest profit
How do fans influence the bad Behavior of athletes
They Make them feel they have more power because of their ego
The amount of satisfaction that people believe they receive from entertainment is
Economic utility
The greatest reason for being in business is
The profit motive
Bringing a new profession team to a major city is example of
Speculative risk
Microeconomics
Studies the relationships between individual consumers and producers
Blank is the possibility of Financial gain loss or personal injury
Risk
The study of economics of the entire society is referred to as
Macro economics
Forecasting involves
Predicting cost and revenue
Cost of sports and entertainment events include
High salaries faculties promotion for events
Ethical behavior involves
Acting in a mature responsible manner
Profit is
The amount of money remaining from revenues after all expenses are paid
