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Adv Mktg
Unit 2 - Economics/International Mktg Review
| Question | Answer |
|---|---|
| Risk | A possibility that a loss can occur as the result of a decision or activity. |
| Risk Management | providing security and safety for products, personnel, and customers as well as reducing the risk associated with marketing decisions and activities |
| Speculative Risk | A risk that presents the chance to gain as well as the chance to lose. Note: Speculative risks are generally uninsurable. |
| Pure Risk | A risk that presents the chance of loss but no opportunity for gain. |
| Natural Risk | A risk that is caused by the unpredictability of nature, such as weather |
| Controllable Risk | A risk that can be reduced or even avoided by actions you take. |
| Uncontrollable Risk | If your actions do not affect the outcome of a risk |
| Economic Risk | A risk that is caused by the uncertainty of market forces, economic trends, and politics. |
| Insurable Risk | A risk that is faced by a large number of people, is pure rather than speculative, and the amount of the loss can be predicted. |
| Uninsurable Risk | A risk for which it is not possible to predict if a loss will occur or the amount of the loss. |
| Human Risk | A risk that arises because of the potential actions of individuals, groups, or organizations. |
| Opportunity | The possibility for success. |
| Factors of Production | land, labor, capital, and entrepreneurship |
| GDP | Total dollar value of goods and services produced by a country, including goods and services produced aboard for US citizens and companies. |
| Inflation | Refers to rising prices. |
| Liability | The legal responsibility for loss or damage |
| Depression | period of prolonged recession |
| Expansion | a time when the economy is flourishing also referred to as a period of prosperity |
| Infrastructure | roads, ports, sanitation facilities, and utilities, especially telecommunications |
| Market Economy | where there is no government involvement |
| Capitalism | the political and economic philosophy characterized by marketplace competition and private ownership of businesses |
| Exchange | the term used to describe every time something is sold in the marketplace |
| What does GDP stand for? | Gross Domestic Product |
| The government exerts the greatest influence over economic decisions in which kind of economy? | Command Economy |
| If a business decides to hire a third party to dispose of hazardous material rather than disposing of the material itself | Transferring Risk |
| What is necessary in order for a risk to be insurable? | the amount of the potential loss must be predictable, it must be a pure risk, it must be faced by a large number of people |
| An example of risk associated with the product element of the marketing mix | a restaurant undercooks the food it prepares |
| Characteristics of a private enterprise economy | resources of production are owned and controlled by individual producers, individual consumers make decisions about what will be purchased to satisfy needs, and government involvement in the economy is relatively limited |
| Employee training in safety and security should include | how to recognize problems, how to prevent accidents and injuries, company policies. |
| Because of globalization, consumers and businesses now have access to | the very best products from many different countries. |
| All economic systems require answers to basic questions. They are: | what to produce, how to produce it, and who gets what is produced. |
Created by:
mclaibor
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