| A | B |
|---|
| Pure competition | The idea of a group of stores selling the same types of products for similar prices |
| Risk prevention | Practices such as: screen the applicants,check prior employment and references,background checks, and training |
| pure competition | each business usually controls an approximately equal amount of the market share |
| OSHA | federal agency which sets the standards for workplace health and safety |
| Profit | Even if you are the only store |
| Price | ONE of several different aspects of marketing that businesses use to compete |
| construction | a store facing prolonged THIS might Close the store, paying only rent, until construction is over Move to a new location Reduce expenses as much as possible but stay open |
| maintenance contract | you should buy one of these if the cost of the contract is less than the cost of the average repairs |
| Price | economic law of supply and demand largely determines THIS for thr products that we buy |
| Long-term | Only stores that are successful in THIS can survive |
| Liability | Which type of insurance protects the business from the risk associated with a customer's injury |
| Demand | amount of goods customers want and are willing to buy is referred to as: |
| Less demand | When there is a sudden build up of inventory of a good, that means there is |
| Manufacturer warranties | these Typically include a specific time period and limitations and exclusions |
| MORE | You have a better chance of surviving if you have _______ customers in a city |
| Huge demand | There is room in the market for more firms if there is THIS but only a few businesses operating |
| Risks | The best approach for most businesses is to manage and minimize THESE |
| Natural risk | flood is an example of this |
| Increase | There will be a snowstorm in 2 days...what should you do with staff and purchases |
| passwords | not using these can increase your computer risk |
| projected demand | take previous months/year and add percentage of increase or decrease to determine this |
| Equilibrium | The point at which demand equals supply and excess firms will exit the market |
| Risk Management | The process of dealing with risks and minimizing financial loss for a business |
| Human risk | Theft from shoplifting customers, employee errors made while recording inventory, and computer hackers are all examples of which type of risk |
| NOT | If there are many stores open in an area that probably means that there is/IS NOT a lot of room for more businesses |
| Theft | The percentage of sales lost due to THIS is figured by merchandise loss divided by sales |
