PBMF Final Exam Review Questions with Complete Solutions Domestic business - Correct Answers ✅Business w/in a countrys own borders Sole proprietorship - Correct Answers ✅Business owned by only 1 person; greatest risk GDP - Correct Answers ✅Gross domestic producy Scarcity - Correct Answers ✅Not having enough resources to satisfy every need and want Applied research - Correct Answers ✅Marketing research that studies existing products to develop design improvements Controlled economy - Correct Answers ✅Economic system where the government answers the economic questions Markup - Correct Answers ✅Amount added to the cost of product to determine the selling price Inelastic demand - Correct Answers ✅Means that lowered prices will decrease total sales (directly related to each other- when one goes down the other does too) 1 / 2
PBMF Final Exam Review Questions with Complete Solutions Intermediary - Correct Answers ✅Business that acts as a go between in moving goods from producers to consumers Wholesaler - Correct Answers ✅Type of business that buys goods in large amounts and resells them to other businesses in smaller lots; middle men Interstate commerce - Correct Answers ✅Business involving companies in more than one state Tariff - Correct Answers ✅Tax placed on imported products that makes them more expensive than domestic products Exchange rate - Correct Answers ✅Price at which the currency of one country can buy the Currensy of another country Unity of command - Correct Answers ✅Clear reporting relationship for all staff in the business Informal structure - Correct Answers ✅Used when a business does not need a big marketing network (small businesses)
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