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Factors Affecting Food Choices

In: Business and Management

Submitted By rhaine1404
Words 806
Pages 4
TRL 300
45 SHORT ANSWERS 1. Explain how demand and supply work? * Demand is the willingness and ability of buyers to purchase a product or service. Supply is the willingness and ability of producers to offer a good service for sale. 2. Identify and explain the 4 basic degrees of competition? * Perfect competition- Has many small sellers
The product is basically identical
Relatively easy to enter the industry
Individual firms have no control over price
The buyer will purchase from the lowest price source * Monopolistic competition-Has few to many sellers
The product is seen as unique by some buyers, but not necessarily all
A differentiated brand provides the firm with some control over pricing * Oligopoly-A few large suppliers dominate the market
High barriers to entry
The products are seen as similar; no supplier has an edge
Each supplier knows what the others are charging
Prices gravitate towards a common “market price” * Monopoly-one producer and source of supply unique product complete control over price no competitors 3. What are profits? Why are they important? * A profit is what remains after a business’s expenses have been subtracted from its revenues. * Rewards the owners of businesses for taking the risks involved in investing their time and money. 4. What’s the formula of businesses making money? * Revenue-Expenses=profit 5. What is outsourcing? Give 3 advantages. * paying suppliers & distributors to perform certain business processes .

6. Why is socio-cultural environment important for business firm? * The socio-cultural environment influences the customer preferences for goods and services, as well as the standards of business conduct that are seen as acceptable. 7. What is unemployment? * The level of joblessness among people actively seeking work in an…...

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