Accounting Model - ansAssets= Liabilities + Owner's Equity
Capital Resources - ansBuildings, tools, machines, and money that businesses use to
make products
Change in Quantity Demanded - ansONLY INFLUENCED BY THE PRICE OF THE
GOOD
Change in Quantity Supplied - ansONLY INFLUENCED BY THE PRICE OF THE
GOOD
Controlling Function - ansConcerns giving management feedback on the firm's progress
toward the goals set in planning. The amount and type of controls are usually decided
by the size and complexity of the organization
Demand Curve Shifters - ansnumber of buyers, income, prices of related goods, tastes,
expectations
Directing function - answhere planning, organizing, and controlling functions are brought
together to turn the plan into a reality, directing is the implementation of the other three
functions
Equilibrium - ansquantity supplied = quantity demanded
First Level of Kinsey Hierarchy - answhen people are struggling to find enough to eat,
they simply want to find enough affordable, safe and nutritious food
Form Utility - anscomes from processing the product into a form more desirable to
consumers
Four Utilities of Marketing - ansform, place, time, possession
Four Utilities of Marketing - ansPlanning, organizing, controlling, and directing
Goal of Consumer - ansto maximize utility
Goal of Producer - ansto maximize profits
Human Resources - anshuman labor
Kinsey's 3rd Level - ansWhen the first two levels of needs are assured, the next priority
becomes convenience the ease with which a type of food or a meal can be prepared,
consumed, and cleaned up
, Kinsey's 4th Level - ansWhen consumers are confident they can achieve the first three
levels of food needs, the next priority becomes finding foods that promote and protect
their health
Kinsey's 5th Level - ansThe next priority level is whether the food purchase helps one to
live well, this leads to the selection of items such as exquisite wines, exotic foods, and
so on
Kinsey's Hierarchy - ansNutritious, safe, affordable
Good taste and variety
Convenience
Promote Health
Live Well
Status/Social Causes
Kinsey's Top Level - ansAchieving social status and supporting causes are at the
highest level of the hierarchy. At this level, issues other than nutrition guide peole's food
choices
Causes vary from buying canned tuna fish only from firms that certify they have not
harmed dolphins to eating chicken that was raised humanely.
Law of Demand - ansPrice Increases, Quantity Demanded Decreases
Price Decreases, Quantity Demanded Increases
Law of Supply - ansPrice Increases, Quantity Supplied Increases
Price Decreases, Quantity Supplied Decreases
Natural Resources - ansnaturally occurring resources
Net Farm Income - ansRevenue - Expenses
Organizing Function - ansconverts plans into a reality, covers all the issues surrounding
how to set up a business, requires the developments of an organization scheme that
accomplishes the firm's purpose and objective efficiently
Place Utility - ansinvolves transporting the product to a location desired by consumers
Capital Resources - ansBuildings, tools, machines, and money that businesses use to
make products
Change in Quantity Demanded - ansONLY INFLUENCED BY THE PRICE OF THE
GOOD
Change in Quantity Supplied - ansONLY INFLUENCED BY THE PRICE OF THE
GOOD
Controlling Function - ansConcerns giving management feedback on the firm's progress
toward the goals set in planning. The amount and type of controls are usually decided
by the size and complexity of the organization
Demand Curve Shifters - ansnumber of buyers, income, prices of related goods, tastes,
expectations
Directing function - answhere planning, organizing, and controlling functions are brought
together to turn the plan into a reality, directing is the implementation of the other three
functions
Equilibrium - ansquantity supplied = quantity demanded
First Level of Kinsey Hierarchy - answhen people are struggling to find enough to eat,
they simply want to find enough affordable, safe and nutritious food
Form Utility - anscomes from processing the product into a form more desirable to
consumers
Four Utilities of Marketing - ansform, place, time, possession
Four Utilities of Marketing - ansPlanning, organizing, controlling, and directing
Goal of Consumer - ansto maximize utility
Goal of Producer - ansto maximize profits
Human Resources - anshuman labor
Kinsey's 3rd Level - ansWhen the first two levels of needs are assured, the next priority
becomes convenience the ease with which a type of food or a meal can be prepared,
consumed, and cleaned up
, Kinsey's 4th Level - ansWhen consumers are confident they can achieve the first three
levels of food needs, the next priority becomes finding foods that promote and protect
their health
Kinsey's 5th Level - ansThe next priority level is whether the food purchase helps one to
live well, this leads to the selection of items such as exquisite wines, exotic foods, and
so on
Kinsey's Hierarchy - ansNutritious, safe, affordable
Good taste and variety
Convenience
Promote Health
Live Well
Status/Social Causes
Kinsey's Top Level - ansAchieving social status and supporting causes are at the
highest level of the hierarchy. At this level, issues other than nutrition guide peole's food
choices
Causes vary from buying canned tuna fish only from firms that certify they have not
harmed dolphins to eating chicken that was raised humanely.
Law of Demand - ansPrice Increases, Quantity Demanded Decreases
Price Decreases, Quantity Demanded Increases
Law of Supply - ansPrice Increases, Quantity Supplied Increases
Price Decreases, Quantity Supplied Decreases
Natural Resources - ansnaturally occurring resources
Net Farm Income - ansRevenue - Expenses
Organizing Function - ansconverts plans into a reality, covers all the issues surrounding
how to set up a business, requires the developments of an organization scheme that
accomplishes the firm's purpose and objective efficiently
Place Utility - ansinvolves transporting the product to a location desired by consumers
