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Marketing standard 4

QuestionsAnswers
What is competition? Business relation in which parties compete to gain customers
Define business ethics? Guidelines or moral standards for good behavior
What impact does business cycle have on business activities The cycle may slow down production or it may grow the activities.
Buyers market Goods or shares are plentiful and buyers can keep prices down
Sellers market Goods or shares are scarce and prices are high
Why do businesses have insurance? To avoid being sued and to guarantee safety of objects and employees
Relationship of marketing to a company's customers Consumerism
Difference between buyers and sellers market One keeps the price high when items are scarce while the other keeps the prices down when items are plentiful
What are the phases of business cycle? Expansion, Recession, Tough, and Recovery
An idea or item you own the rights to that you invented? Patent
How many phases are in the business cycle? 4
What year was the better business bureau established? 1912
The greatest grow in consumerism took place when? 1960's-1980's
to be a part of the better business bureau you must agree to what? Follow the highest principles of business ethics
What is a monopoly? Exclusive control over a product or the means of producing it
What is business risk? the potential for lose or failure
How does demand effect supply? The more there is a demand for a product the less supply's there may be
The amount of goods producers are willing to make and sell? Supply
Consumer willing and ability to buy products Demand
The money earned from conducting business after all costs and expenses have been paid? Profit
Created by: FIB
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