INTRODUCTION TO BUSINESS & MARKETING
SEMESTER EXAM REVIEW
INTRODUCTION AND ORIENTATION

Besides learning how to make money, what is the goal of the Marketing Education
program
ECONOMICS

Define economics

Using the laws of supply and demand, be able to indicate whether the price of a
product or service or the amount of a product or service will go up or down in
different situations.
SUPPLY & DEMAND GRAPH
Widgets
D2
S1
S2
$4
$3
D1
$2
$1
.75
.50
.25
0
5
10
15
20
25
30
35
40
45
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55
60
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75
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85
90

Using the graph provided above, answer questions regarding supply & demand
graphing. For example, what is the equilibrium point for the various demand &
supply curves, how many products are in demand at various prices, how many
products will business’ provide at different prices, etc.

Identify the differences between Free Enterprise economies and Planned
Economies (ie Communism) in a matching exercise

Given an action of the part of the government, business, or consumer, indicate if it
will help or hurt the economy.
95
MARKETING

Define Marketing

Identify and describe the “Four P's" of marketing

Describe both aspects of the Marketing Concept

Be able to complete some marketing math problems using the RP$ = C$ + M$
formula.

Be able to identify the members of the primary channel of distribution

Be able to match promotional activities with each of the six tools used in promotion
INTRODUCTION TO BUSINESS CONCEPTS

Match the terms Production, Management, and Marketing with examples

Using a local business as a guide, explain how it adds Form, Place, Time,
Information, and Possession Utility

Identify three areas you feel in which you feel that business has a social
responsibility

Define:
Competition
International Trade
Tariffs

Market Share
Imports/Exports
Quotas
Monopoly
Balance of Trade
Indicate a common goal for the economy that the following tools will measure. For
example, one goal for our country is for our GNP to _____________________.
(Make sure you indicate what GNP measures):
Gross National Product (GNP)
Standard of Living
Consumer Price Index
Unemployment Figures

Match the following terms w/ an example of how our government can restrict
businesses:
Patent
Licensing

Copyright
Building Codes
Zoning
Describe the difference between Progressive, Proportional, & Regressive taxes