Summative Exam Flashcards
Where does the supply and demand intersect?
Equilibrium price
Where does the desire of the consumer for a commodity reflect?
Demand
Strength, Weaknesses, Opportunities and Threats are what part of technique?
SWOT
Where does the exchange of goods and services across international borders of territories take place?
International Trade
What part of the business environment analysis technique uses opinion based on outside experts?
Expert Opinion
The unemployed spend less because of _____.
Lower personal income
KPIs means ________.
Key performance indicator
What types of businesses convert raw materials into finished goods?
Manufacturing
Businesses are reliant on ________.
Income
What is a product that is offered for sale at all possible prices in the market?
Supply
Under perfectly inelastic a percentage change in price creates no change in quantity demanded.
True
The price elasticity of supply measures the quantity of goods that buyers are willing to buy
True
Under the Law of Supply, when price goes up, supply goes UP.
True
When income goes up, consumers buy MORE.
True
Elasticity is the responsiveness of demand/supply to a change in its determinants.
True