Comm100

Question 1

What is a perfect competition?

Answer 1

Perfect competition occurs when there are many sellers, there is easy entry and exiting of firms, products are identical from one seller to another, and sellers are price takers.

Question 2

Monopolistic Competition

Answer 2

Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect, substitutes.

Question 3

Oligopoly

Answer 3

There are only a few sellers

Question 4

Monopoly

Answer 4

A monopoly is a structure in which a single supplier produces and sells a given product or service.

Question 5

What is frictional unemployment?

Answer 5

people being in the process of moving from one job to another.

Question 6

what is structural unemployment?

Answer 6

long-lasting unemployment that comes about due to shifts in an economy

Question 7

what is cyclical unemployment?

Answer 7

the number of people out of work as a result of a temporary setback in the economy, such as a recession or change in a business cycle.

Question 8

what are the factors of production?

Answer 8

land, labour, capital, entrepreneurship, knowledge

Question 9

when measuring demographics, who is counted?

Answer 9

age, race, ethnicity, gender, marital status, income, education, and employment

Question 10

difference between open vs closed market

Answer 10

An open market freely interacts with with other economies around the world, a closed market is the exact opposite.

Question 11

Why a consumer buys at all

Answer 11

The benefit of a product… What it does for THEM. Rather than what it does

Question 12

what is B2C

Answer 12

Brand to Consumer

Question 13

what is B2B

Answer 13

Brand to Brand

Question 14

What is segmentation

Answer 14

the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours

Question 15

What are the types of segmentation

Answer 15

Demographics, Psychographics, Geographic, Behavioral

Question 16

what are the types of targeting

Answer 16

price, niche, micro, differentiated

Question 17

why a customer buys YOUR product

Answer 17

clear, specific benefit
Wants it enough to act on it
others do not offer it

Question 18

What is utilitarianism

Answer 18

whether actions are morally right or wrong depends on their effects

Question 19

describe individual rights

Answer 19

Individual rights are freedoms that cannot be taken away by another person or the government

Question 20

describe virtue ethics

Answer 20

an approach that urges people to live a moral life by cultivating virtuous habits

Question 21

what are morals

Answer 21

what you believe to be right and wrong

Question 22

what are ethics

Answer 22

moral principles that govern a person’s behavior

Question 23

morals vs ethics

Answer 23

morals refer mainly to guiding principles, and ethics refer to specific rules and actions, or behaviors

Question 24

what is globalisation

Answer 24

a term used to describe how trade and technology have made the world into a more connected and interdependent place

Question 25

what is containerisation

Answer 25

a software deployment process that bundles an application’s code with all the files and libraries it needs to run on any infrastructure

Question 26

what is automation

Answer 26

the use of technology to perform tasks with where human input is minimized

Question 27

what is swot

Answer 27

Strength, Weakness, Opportunities, Threats

Question 28

what does a manager do

Answer 28

planning, organizing, leading, and controlling

Question 29

what does a leader do

Answer 29

the ability of an individual to influence, motivate, and enable others to contribute to the organization’s success

Question 30

does a manager or leader organize roles

Answer 30

manager

Question 31

how does a manager organize roles

Answer 31

divide tasks
group departments
assign

Question 32

characteristics of entrepreneur

Answer 32

self-directed, self-nurturing, energetic, learn quickly, risk taker

Question 33

mindset of entrepreneur

Answer 33

opportunity obsessed
focused on creating and capturing value
will seize opportunity

Question 34

business plan

Answer 34

marketing
operations
human resources
finance
management team

Question 35

what is scientific management

Answer 35

a method of improving efficiency in the workforce

Question 36

explain the hawthorne effect

Answer 36

people’s tendency to behave differently when they become aware that they are being observed

Question 37

explain theory x

Answer 37

people dislike work, have little ambition, and are unwilling to take responsibility

Question 38

explain theory y

Answer 38

happy to work on their own, self-motivated to complete tasks, view work as fulfilling, enjoy taking ownership

Question 39

how does a hiring process take place

Answer 39

job analysis
recruitment
selection

Question 40

why is evaluation important in jobs

Answer 40

it sets standards and expectations
you can evaluate their performance and provide feedback

Question 41

comparative vs absolute advantage

Answer 41

AA:The ability of an actor to produce more of a good or service than a competitor
CA: The ability of an actor to produce a good or service for a lower opportunity cost than a competitor.