NVCC BUS100 Midterm | 100% Correct Answers | Verified | Latest 2024 Version

Janet owns a modern 600 acre farm that grows corn and soybeans. Which factors of production will Janet need to employ to produce her crops? - natural resources, human resources, capital, and entrepreneurship. Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign that will appeal to the local population. Her report should take into account factors such as the the age, income and ethnic composition of the area's population. What type of data or information is this typically referred to? - demographics As life spans increase and birthrates decrease, the working population will decrease while the number of retirees will increase. One example of new business growth or trend reflecting this market might be a(n) _____. - increase in the number of assisted living facilities Super King Groceries competes with some of the larger chain stores in the area and offers services not provided by their competitors (i.e. car service, curb service, delivery service). Because Super King is not as large as some retailers, prices are moderately higher, but this does not seem to hurt the store's business. Which of the following reasons might best explain why Super King Groceries is able to stay in business? - Super King customers receive value not provided by the other stores Which of the following statements is most consistent with the marketing concept? - All aspects of a business organization should focus on the needs of the customer. Which of the following is the best example of capital as a factor of production? - Technology is the best example of capital as a factor of production. Capital includes machines, tools, buildings, and technology that business needs to produce goods and services - the synthetic resources that a business needs to produce goods or services. Entrepreneurs need economic freedom to thrive. Those freedoms include _____. - freedom of choice, freedom from excess regulation, and freedom from too much taxation.Which of the following best describes the purpose of businesses? - All of the above Which of the following statements characterizes the Production Era in the early 1900s? - There was an increase in specialized jobs that resulted in higher productivity and lower costs and prices. John Blue has started his own Internet business, B, offering online ordering of refurbished computer parts. His business has experienced a slower than usual start due to higher than expected costs for capital resources. Which of the following capital resources does John need for his Internet business? - computers, cables, Internet