Exam 1: Business Now: Change Is the Only Constant

Speed-to-market is the rate at which a company's competitors copy its product innovations.

Melvin and Neil run a pawnshop in their neighborhood. They offer loans to individuals in exchange for personal items of higher or equal value, which are used as collateral. If an individual is unable to repay the loan, Melvin and Neil then sell these items at higher rates. In this scenario, Melvin and Neil's pawnshop is an example of a _____.

In the context of factors of production, which of the following is most likely to result in a decrease in entrepreneurial activities?

In the context of the history of American business, the industrial revolution era encouraged workers to take individual ownership and personal pride in the production process.

In the context of the history of American business, during the entrepreneurship era, _____.

Touca Ness, a fantasy movie franchise, was initially created for children in the early 1960s. However, as the franchise started to gain a cult following, the content of the franchise began to include mature themes to maintain popularity among its existing consumers. Identify the dimension of the social environment that this scenario exemplifies.

Torino Mex, a men's fashion boutique, is renowned for creating designer clothes for Latino Americans. However, it introduced a new line of designer clothing that especially caters to young Hispanic Americans to widen its customer base. Which of the following dimensions of the social environment is highlighted in this scenario?

In the context of a business environment, computers, telecommunications, and other digital tools are considered to be part of the _____.

Pride of Peers is a bakery chain that specializes in preparing homemade confectionaries. The company donates most of its earnings to rehabilitation centers for war victims and keeps just enough to buy raw materials. The primary goal of the company is to contribute to the rehabilitation of war victims. In this scenario, Pride of Peers would most likely be classified as a _____.

In the context of factors of production, which of the following is an entrepreneurial "must"?

Onyi Muro, a boutique restaurant, has dining tables with interactive screens on them. The customers can place their orders, watch their food being prepared, and provide feedback to the chefs using these screens. In this context, which dimension of the business environment is affected the most?

Rayman Automobiles, an automobile manufacturing company, was founded in 1912. The company primarily focused on creating greater efficiencies by refining its processes and creating specialized jobs. This allowed the company to increase its output and lower the prices of its products. As a result, automobiles became an affordable commodity. In the context of the history of American business, Rayman Automobiles was most likely founded during the _____.

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

Gormath Inc., a shoe manufacturing company, employs 750 workers to create handcrafted shoes. In the context of factors of production, the employees of Gormath Inc. can be classified as _____.

In the context of the competitive environment of business, the rate at which a new product moves from conception to commercialization is referred to as _____.