Business Awareness Questions

Cottage industry is a manufacturing activity of people operated at home. The handcrafts which were sold in the society are examples of cottage industy products. It is a small scale industry in which the labor force is mostly family members or individuals.

DMAIC refers to define, measure, analyze, improve, control phases.

Effective sales management begins with determining sales goals. Effective sales management stems from a success-oriented sales force that accomplishes its mission economically and efficiently.

A price floor is the minimum price that can be charged. A binding price floor occurs when the government sets a required price on goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.

A binding price ceiling is one that is set below equilibrium price.

A market is said to be in equilibrium when market demand is equal to market Supply.

Inclusive unionism is practiced mostly by industrial unions. The practice of a labor union of including as members all workers employed in an industry is called as Inclusive unionism.