Comm100 Flashcards
What is a perfect competition?
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.
Monopolistic Competition
Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect, substitutes.
Oligopoly
There are only a few sellers
Monopoly
A monopoly is a structure in which a single supplier produces and sells a given product or service.
What is frictional unemployment?
people being in the process of moving from one job to another.
what is structural unemployment?
long-lasting unemployment that comes about due to shifts in an economy
what is cyclical unemployment?
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.
what are the factors of production?
land, labour, capital, entrepreneurship, knowledge
when measuring demographics, who is counted?
age, race, ethnicity, gender, marital status, income, education, and employment
difference between open vs closed market
An open market freely interacts with with other economies around the world, a closed market is the exact opposite.
Why a consumer buys at all
The benefit of a product… What it does for THEM. Rather than what it does
what is B2C
Brand to Consumer
what is B2B
Brand to Brand
What is segmentation
the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours
What are the types of segmentation
Demographics, Psychographics, Geographic, Behavioral
what are the types of targeting
price, niche, micro, differentiated
why a customer buys YOUR product
clear, specific benefit
Wants it enough to act on it
others do not offer it
What is utilitarianism
whether actions are morally right or wrong depends on their effects
describe individual rights
Individual rights are freedoms that cannot be taken away by another person or the government
describe virtue ethics
an approach that urges people to live a moral life by cultivating virtuous habits
what are morals
what you believe to be right and wrong
what are ethics
moral principles that govern a person’s behavior
morals vs ethics
morals refer mainly to guiding principles, and ethics refer to specific rules and actions, or behaviors
what is globalisation
a term used to describe how trade and technology have made the world into a more connected and interdependent place
what is containerisation
a software deployment process that bundles an application’s code with all the files and libraries it needs to run on any infrastructure
what is automation
the use of technology to perform tasks with where human input is minimized
what is swot
Strength, Weakness, Opportunities, Threats
what does a manager do
planning, organizing, leading, and controlling
what does a leader do
the ability of an individual to influence, motivate, and enable others to contribute to the organization’s success
does a manager or leader organize roles
manager
how does a manager organize roles
divide tasks
group departments
assign
characteristics of entrepreneur
self-directed, self-nurturing, energetic, learn quickly, risk taker
mindset of entrepreneur
opportunity obsessed
focused on creating and capturing value
will seize opportunity
business plan
marketing
operations
human resources
finance
management team
what is scientific management
a method of improving efficiency in the workforce
explain the hawthorne effect
people’s tendency to behave differently when they become aware that they are being observed
explain theory x
people dislike work, have little ambition, and are unwilling to take responsibility
explain theory y
happy to work on their own, self-motivated to complete tasks, view work as fulfilling, enjoy taking ownership
how does a hiring process take place
job analysis
recruitment
selection
why is evaluation important in jobs
it sets standards and expectations
you can evaluate their performance and provide feedback
comparative vs absolute advantage
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.
