Exam 1: The Dynamics of Business and Economics

The market for corn in Mexico has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the

The focus of all marketing activity is to

Which is the BEST example of a business trying to balance the needs of various stakeholders?

A county encourages individuals to own and operate the majority of businesses, but its government passes laws to enforce fair business practices such as labor laws, antitrust legislation, and laws against deceptive advertising. This is an example of

Trevor owns a local farm stand. Although he sells fruit and vegetables, like the grocery store chains in the area, he has some power over the price he charges because he can offer consumers features they want. For instance, his fruit and vegetables are organic and locally grown. This is an example of

Jeff is an entrepreneur who decided to start an online bakery. Since all his business will be done online and he can bake in his home kitchen, he is saving building and other brick-and-mortar costs that allow him to pass these savings on to his customers. Reducing prices to customers is an element of

Amit hired an attorney to help him draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

Fabulous Fitness has a new exercise video that it hopes will increase its sales. It is offering coupons and a sweepstakes to get people to buy the video. These are examples of

Allie, the manager of a new pet grooming company, makes sure her grooming salon always has plenty of treats and toys for the animals as well as beverages and snacks for their owners to ensure a quality customer service experience. This is an example of the ________ element of management.

Define business ethics. Describe the role of ethics and social responsibility in business.

Describe the pre-industrial economic phase of the United States.

In Norway, most citizens are able to afford basic necessities and some degree of comfort. This means Norway has a(n)

The factors of production are the

Kristy is a member of a warehouse club. She likes shopping there because she can buy items like toilet paper and groceries in bulk to save money. This relates to which element of supply and demand?

Chi Ling lives in a country where income and social services are distributed equally among its citizens. However, the citizens must pay high taxes and the country often experiences high levels of unemployment. Chi Ling lives in a(n) ________ nation.

What is true regarding an oligopoly?

What is true of an open economy, like that of the United States?

Name at least 3 benefits of studying business.

Which of the following is NOT an accurate statement regarding nonprofit organizations?