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Applied Economics > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

Working with or extraction of raw materials/natural resources

A

Primary

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2
Q

Making or converting raw materials into usable products through processing and manufacturing.

A

Secondary

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3
Q

Service industries or providing essential services and support to allow other levels of industry to function

A

Tertiary

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4
Q

Dramatic growth of this new sector. Working with creation and transfer of information (ICT, media sharing) including research and development. As well as knowledge based services like consultation.

A

Quaternary

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5
Q

control the industrial and government decision-making processes includes industry executives and management and bureaucrats and elected officials in government

A

Quinary

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6
Q

is a detailed classification of industries prevailing in the country according to the kind of productive activities undertaken by establishments.

A

Philippine Standard Industrial Classification (PSIC).

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7
Q

An agribusiness tends to be large scale operations and deals with farming, processing and manufacturing, packaging and distributing agricultural products.

A

Agribusiness

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8
Q

Swine raising is raising and breeding of domestic pigs as livestock.

A

Hog/pig raising

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9
Q

Raising of domesticated birds such as chickens, ducks, turkeys and geese to produce meat or eggs for food

A

Poultry farming

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10
Q

Raising of cattlefor milk, beef, and hides.

A

Cattle raising

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11
Q

Planting rice for rice production

A

Rice farming

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12
Q

Raising goats for milk and meat

A

Goat raising

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13
Q

Planting corn for consumption

A

Corn farming

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14
Q

Raising fish in a pen such as catfish, oyster, prawns, pangasius, bangus or tilapia is fun and exciting business, each species needs different environment to grow either fresh or salt water.

A

Fish pens

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15
Q

Planting veggies is an agribusiness specially learn how to plant off – season varieties.

A

Vegetable farming

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16
Q

The process of converting raw materials, components, or parts into finished goods that meet a customer’s expectations or specifications.

A

Manufacturing

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17
Q

bread making is easy and simple business that can be done at home

A

Commercial Bread Making

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18
Q

business that produce different soap products.

A

Soap Manufacturing business

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19
Q

Business that sell drinking water package in a plastic bottles or container.

A

Drinking Water Business

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20
Q

make or create furniture such as lockers, bookshelves, showcases, chairs, tables, etc

A

Furniture Making

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21
Q

Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit and usually it’s done directly to its final consumer

A

Retail and Services

22
Q

The term “_______” is also applied where a service provider services the small orders of a large number of individuals

A

retailer

23
Q

Contemporary art galleries, Bookstores, Handicrafts, Musical instruments, Gift shops, and supplies for them.

A

Arts

24
Q

clothing, other fabrics, footwear, cosmetics, medicines and stationery. Goods that are consumed after one use or have limited period (typically under three years) in which you may use them.

A

Soft goods or consumables

25
Q

these are automobiles, appliances, electronics, furniture, sporting goods, lumber, etc., and parts for them. Goods that do not quickly wear out and provide utility over time.

A

Hard goods or durable goods

26
Q

typically require cold storage facilities.

A

Food product

27
Q

A product that is sold to the global market is an __________

A

Export

28
Q

a product that is bought from the global market is an ___________

A

Import

29
Q

is the exchange of capital, goods, and services across international borders or territories, significant share of gross domestic product (GDP).

A

International Trade

30
Q

enables small business owners to identify the threats and opportunities facing their businesses, and to focus their resources on developing unique capabilities that could lead to a competitive advantage.

A

Industry analysis

31
Q

is a tool that facilitates a company’s understanding of its position relative to other companies that produce similar products or services.

A

Industry Analysis

32
Q

According to Robert Grant, author of “________________” an environmental analysis surveys the business landscapes to determine how external variables will affect its decision making.

A

Contemporary Strategy Analysis

33
Q

According to who and author of “Contemporary Strategy Analysis” that says an environmental analysis surveys the business landscapes to determine how external variables will affect its decision making?

A

Robert Grant

34
Q

identify and evaluate as to how these environmental changes will affect our business so that appropriate counter strategies can be made well in time.

A

Evaluation and Assessment

35
Q

an essential element in environment analysis. is concerned with estimation of direction and intensity of changes in environment factors.

A

Forecasting

36
Q

needed to manage the timely availability of required information by _________ . Many organizations have management information system for systematic gathering, processing, storing and providing information.

A

Searching and Scanning

37
Q

means to understand the various environment factors which affect the business and to identify published or unpublished sources of information which affect business. Eg. newspapers, magazines and journals

A

Monitoring-

38
Q

most widely known industry analysis is

A

Porter’s 5 Forces or Competitive Forces Model

39
Q

introduced by ___________ in his 1980 book “Competitive Strategy: Techniques for Analyzing Industries and Competitors.”

A

Michael Porter

40
Q

4Ps full

A

rice, product, promotion and place

41
Q

A business must be scalable for it to be successful.

A

Scalability

42
Q

A business is no more effective than the idea upon which it is built. Business creates its own plan to expand its economic growth.

A

Big Ideas

43
Q

A business is a system in which all parts contribute to the success or failure of the whole.

A

System

44
Q

A business must be dynamic- able to thrive through all economic conditions, in all markets, providing meaningful highly differentiated results to all of its customers.

A

Sustainability

45
Q

Without continued growth, operations will stagnate. This can result in lowered standards of quality for products or services, decreased customer service, and poor employee morale.

A

Growth

46
Q

A business creates a standard against which all businesses are measured as either successful, or not.

A

Standards

47
Q

A business is an economic entity, driving an economic reality, creating an economic certainty for the communities in which it thrives.

A

Profitability

48
Q

A business is not part of the owner’s life, but is, in fact, its own entity.

A

Autonomy

49
Q

A business must manifest the higher purpose upon which it was seeded, the vision it was meant to exemplify, the mission it was intended to fulfil.

A

Vision

50
Q

A business is the fruit of a Higher Aim in the mind of the person who conceived it.

A

Purpose

Applied Economics (2 decks)

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