3.02-3.04 Review

• What are economic resources?

• What stage of the business cycle has high unemployment and poverty?

• What stage of the business cycle has gradual increase in fashion products?

• What stage of the business cycle has rising unemployment?

• What stage of the business cycle are consumers willing to buy more fashion products?

• What is non-price competition?

• What is a consumer?

• What is a customer?

• What is indirect competition?

• What is a entrepreneur?

• What is the driving force behind the free market system?

• What type of competition is a T-Shirt company under?

• What type of competition is the blue jean industry under?

• When demand decreases….price usually…

• When a product is high in demand…price usually…

• When supply is high price is usually….

• When the price of a product increases, demand will usually…

• What is a service?

• What is a good?

• What type of utility would be in affect with suit alteration?

• What type of utility is in play if a swimsuit was in a swim shop?

• What is time utility?

• What is possession utility?

• What is information utility?

• What are industrial services?

• What are consumer services?

• Kate Space is an example of what type of good?

• What is a department store?

• Concord Mills is an example of what?

• What is a franchise?

• Home shopping network and QVC are examples of what?

• What are boutiques?

• What stores are LOCALLY OWNED?

• What type of store can you find production overruns, end of season goods and irregulars?

• What are discount stores?

• Why are US apparel companies taking advantage of manufacturing outside of the US?

• Who is a part of NAFTA?

• Why is Japan a word exporting leader?

• South Korea, Taiwan, Hong Kong and Singapore are known for what?

• What is the Eurpopean Economic Community?

• What are the disadvantage of US protectionism?

• What is trade deficit?

• What are the most commonly counterfeited apparel items?

• What country exports fine home-crafted apparel but accepts no imports?

• What are exports?

• What is a quota?

• What is offshore production?

• What is the word I want you to remember for tariff?

• What are sweatshops?

• What is free trade?

• What is the opposite of free trade?