Podcast
Questions and Answers
What is the purpose of a going concern in business?
What is the purpose of a going concern in business?
- To engage in projects and hobbies without focusing on profits
- To have a singular definition of success to achieve profits efficiently
- To pursue profits in the short term and long term without a predetermined end date (correct)
- To organize resources with a specific end date for maximum profits
What is the main difference between absolute advantage and comparative advantage?
What is the main difference between absolute advantage and comparative advantage?
- Absolute advantage emphasizes efficiency in production, while comparative advantage prioritizes resource allocation.
- Absolute advantage involves producing products with more resources, while comparative advantage focuses on efficiency.
- Absolute advantage is about producing efficiently, while comparative advantage refers to producing one product more efficiently than others. (correct)
- Absolute advantage deals with fewer resources, while comparative advantage involves producing multiple products simultaneously.
What does sustainable competitive advantage refer to in business strategy?
What does sustainable competitive advantage refer to in business strategy?
- Relying on comparative advantage for long-term sustainability
- Creating short-term advantages that quickly fade away
- Focusing on absolute advantage to dominate the market
- Maintaining an advantage over competitors through unique strategies (correct)
Which term describes the mechanical element of business making production or service repeatable?
Which term describes the mechanical element of business making production or service repeatable?
What is the focus of social responsibility according to the Chicago School of Thought?
What is the focus of social responsibility according to the Chicago School of Thought?
What does the balance of payments refer to in the context of a country's economy?
What does the balance of payments refer to in the context of a country's economy?
What is the main characteristic of a mixed economy?
What is the main characteristic of a mixed economy?
What does 'pricing power' refer to in a business context?
What does 'pricing power' refer to in a business context?
Which term defines the concept where consumers base their purchases on low prices?
Which term defines the concept where consumers base their purchases on low prices?
What defines the cost of goods sold?
What defines the cost of goods sold?
What is the key factor in determining the price using cost-plus-pricing strategy?
What is the key factor in determining the price using cost-plus-pricing strategy?
Which term represents the difficulties faced by new ventures entering an industry?
Which term represents the difficulties faced by new ventures entering an industry?
Which of the following is NOT a factor that businesses adjust to ensure repeatable and scalable production processes?
Which of the following is NOT a factor that businesses adjust to ensure repeatable and scalable production processes?
In an elastic market, what happens to overall demand if prices are lowered?
In an elastic market, what happens to overall demand if prices are lowered?
Which of the following is NOT a type of market mentioned in the text?
Which of the following is NOT a type of market mentioned in the text?
What is the primary role of the Federal Reserve Board, according to the text?
What is the primary role of the Federal Reserve Board, according to the text?
In an inelastic market, what happens when one or more competitors begin to lower prices?
In an inelastic market, what happens when one or more competitors begin to lower prices?
What does the study of macroeconomics focus on, according to the text?
What does the study of macroeconomics focus on, according to the text?
Which of the following is NOT a typical element of a general elevator pitch?
Which of the following is NOT a typical element of a general elevator pitch?
What is the primary purpose of using repetition in an elevator pitch?
What is the primary purpose of using repetition in an elevator pitch?
Which of the following should be avoided when delivering an elevator pitch?
Which of the following should be avoided when delivering an elevator pitch?
What is the primary purpose of using contrast in an elevator pitch?
What is the primary purpose of using contrast in an elevator pitch?
Which of the following statements about storytelling in an elevator pitch is true?
Which of the following statements about storytelling in an elevator pitch is true?
What is the recommended approach when introducing yourself at the start of an elevator pitch?
What is the recommended approach when introducing yourself at the start of an elevator pitch?
What is the primary purpose of providing clarity on the attributes mentioned in the text?
What is the primary purpose of providing clarity on the attributes mentioned in the text?
What is the purpose of a tangible demonstration during a pitch?
What is the purpose of a tangible demonstration during a pitch?
What is the purpose of demonstrating authority during a pitch?
What is the purpose of demonstrating authority during a pitch?
What is the significance of demonstrating scarcity during a pitch?
What is the significance of demonstrating scarcity during a pitch?
What is the purpose of the 'Pixar Pitch' format mentioned in the text?
What is the purpose of the 'Pixar Pitch' format mentioned in the text?
Which of the following is NOT one of the reasons mentioned in the text for demonstrating scarcity?
Which of the following is NOT one of the reasons mentioned in the text for demonstrating scarcity?
