Marketing & Management End of Pathway Study Guide

People in this category are looking for the highest prices because their motive is to make the most profit.

• Seller's Market

• Buyer's Market

• Government

• Market

People in this category are looking for the lowest prices because they want the best value for their money.

• Seller's Market

• Buyer's Market

• Government

• Market

As prices for a product increase,

• Supply Increases & Demand Decreases

• Supply Increases & Demand Increases

• Supply Decreases & Demand Increases

• Supply Decreases & Demand Decreases

As prices for a product decrease,

• Supply Increases & Demand Decreases

• Supply Increases & Demand Increases

• Supply Decreases & Demand Increases

• Supply Decreases & Demand Decreases

The price at which both buyers and sellers agree is known as ______.

• Scarcity

• Opportunity Cost

• Market Clearing Price or Equilibrium

• Derived Demand

When a company has a chance of losing money, this is an example of which of the following:

• Competition

• Risk

• Monopoly

• Productivity

Training employees on safety procedures is an example of which of the following ways to manage risk?

• Avoid

• Shift

• Retain

• Reduce

Buying insurance for a business in case of theft or fire is which of the following ways to manage risk?

• Avoid

• Shift

• Retain

• Reduce

Putting out “Wet Floor” signs is one way to handle risk and is known as which of the following?

• Avoid

• Shift

• Retain

• Reduce

When a company sets a price for a product, which of the following are considered?

• Consumer perception and supply & demand

• Cost of raw materials, supply & demand, competitor's price, consumer perception

• Supply & Demand and Competitor's Price

• Cost of raw materials and consumer perception