Chapter 13 Quiz

• By understanding your ______________, you can better adapt to the new things they bring to your industry and keep up demand for your business.​

• customers

• investors

• buyers

• competition

Businesses that sell a similar product or service are your ____________

• indirect competitors

• direct competitors

• main product

• secondary product

Businesses that sell a different product or service, but that still fill the same customer need or want, are your ________

• direct competitors

• indirect competitors

• secondary product

• main product

_________ is the percentage of a target market population that is buying a particular product or service from your business.

• Market share

• Valuation

• Moderation

• Balance statement

The formula for market share is:

• Total Sales * Total Market Size = Market Share Percentage​

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• Total Sales + Total Market Size = Market Share Percentage​

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• Total Sales - Total Market Size = Market Share Percentage​

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• Total Sales ÷ Total Market Size = Market Share Percentage​

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• The ________ economy is the flow of goods and services around the world.​

• global

• national

• command

• market

• __________ is a business activity in which goods and services leave a country to be sold to foreign consumers.​

• Importing

• Exporting

• Reporting

• Deporting

• ___________________ is a business activity in which goods and services enter a country from foreign suppliers.​

• • Importing

• Exporting

• Reporting

• Deporting

A _____________ is a governmental restriction on international trade.

• tarriff

• quota

• trade barrier

• exchange rate

• Fair trade is a policy encouraged by private organizations to ensure that small producers in developing nations earn sufficient profit on their exported goods to improve their working, environmental, and social conditions.​

• True

• False