LESSON FIVE. Finance, Marketing Distribution, and Labor. CHAPTER 10 Financing and Producing. CHAPTER 11 Marketing and Distribution

Transcription

1 ECON (ENT) COURSE LESSON FIVE Finance, Marketing Distribution, and Labor CHAPTER 10 Financing and Producing CHAPTER 11 Marketing and Distribution CHAPTER 12 The American Labor Force Lesson Four Competition and Markets 173

2 EXERCISES Matching (32 points) From the list below, select the term that matches each of the following statements. 1. economic pressure exerted by unions urging the public not to purchase products from a company 2. obtaining funds or money capital for business expansion 3. practice of setting prices close to those charged by other companies selling similar products 4. total income from sales output 5. changing resources into goods 6. combined labor of people and machines 7. workers employed in crafts, manufacturing, and nonfarm labor 8. all the activities needed to move goods and services from the producer to the consumer 9. association of workers organized to improve wages and working conditions 10. raising money for a business through borrowing 11. an additional wage increase given to match the rise in the general level of prices in an economy 12. union negotiation of employment conditions 13. conducting business over computer networks 14. workers employed in offices, sales, or professional positions 15. breaking down of a job into small tasks performed by different workers 16. state laws forbidding unions from forcing workers to join and pay union dues A. e-commerce B. mechanization C. revenues D. production E. labor union F. boycott G. debt financing H. price leadership I. marketing J. right-to-work laws K. division of labor L. collective bargaining M. blue-collar workers N. cost-of-living adjustment O. white-collar workers P. financing Lesson Five Finance, Marketing Distribution, and Labor 211

3 Multiple Choice (38 points) 1. When deciding whether to expand a business, you should A. sell bonds. B. make a cost-benefit analysis. C. ask friends for loans. D. sell stock. 2. A loan that is backed by collateral is called A. a line of credit. B. a secured loan. C. trade credit. D. an unsecured loan. 3. A loan that will be repaid in 1 to 10 years is A. intermediate-term financing. B. a grant. C. short-term financing. D. long-term financing. 4. A business would seek long-term financing to A. reinvest in the stock market. B. lease cars. C. build a new plant. D. make payroll. 5. Before obtaining capital, financial managers should consider market climate and A. interest rates. B. government regulations. C. production history. D. company reputation. 6. Economists estimate that percent of the price people pay for an item is the cost of marketing. A. 20 B. 50 C. 10 D Marketing aimed at creating demand, or convincing consumers that a product is a necessity, began in A. the 1920s. B. the 1950s. C. the early 1900s. D. the 1990s. 212 ECON (ENT) COURSE --Economics and the Free Enterprise System

4 8. A gas station on a busy corner is an example of A. place utility. B. time utility. C. form utility. D. ownership utility. 9. Selling a new product at a low price to try to attract customers away from an established product is called A. direct pricing. B. price leadership. C. penetration pricing. D. promotional pricing. 10. A business that buys large quantities of goods to resell to other businesses is called a/an A. er. B. wholesaler. C. distributor. D. retailer. 11. Sam s Club is an example of a/an A. wholesaler. B. club warehouse. C. direct marketer. D. Internet marketer. 12. Which of the following is an unskilled worker? A. architect B. physician C. delivery person D. bricklayer 13. The minimum wage law has the most impact for A. professionals. B. unskilled workers. C. skilled workers. D. white-collar workers. 14. Wages are determined by A. All choices are correct. B. type of job. C. location of job. D. skill. 15. This law allows the President to delay a strike if it threatens the nation s health and safety. A. Wagner Act B. Taft-Hartley Act C. Landrum-Griffin Act D. Norris Act Lesson Five Finance, Marketing Distribution, and Labor 213

5 16. Which of the following is a right-to-work state? A. New Mexico B. Colorado C. Texas D. California 17. Workers who replace striking workers are called by the strikers. A. losers B. whiners C. traitors D. scabs 18. When management prevents workers from returning to work, it is called a A. boycott. B. sick-out. C. lockout. D. strike. 19. Since the 1940s, union membership has A. stayed the same. B. increased. C. decreased. D. not been tracked. 20. Since the 1940s, there has been a decrease in which area of the United States? A. union membership. B. political party membership C. private school membership D. church membership 214 ECON (ENT) COURSE --Economics and the Free Enterprise System

6 Graphic Organizer (15 points) 1. Identify and summarize each of the five steps in a cost-benefit analysis using the textboxes below. Step 1: Step 2: Step 3: Step 4: Step 5: Lesson Five Finance, Marketing Distribution, and Labor 215

7 Essay (15 points) 1. Describe the type of job you think you would like to have someday. Include in your essay what skills and education will be necessary. Is the job blue-collar or white-collar, skilled or semiskilled? Also discuss how your future occupation may be affected by government regulation, unions, and global competition. To submit your written answer(s) to Moodle, use the appropriate textbox(es) provided. You may find it easier to complete this assignment by typing your answer to the question in a program such as MS Word first then copying and pasting your answer into the textbox in Moodle. To submit your writing(s) for grading, after you have pasted the text(s) of your completed assignment(s) into Moodle s textbox(es) and you are sure you are ready to submit it, click the button. The assignment will be sent to your instructor for grading. 216 ECON (ENT) COURSE --Economics and the Free Enterprise System