MGMT 2150 Quiz 1 with verified
answers rated A+ 2025/2026
What benefits does a business bring to society? - correct answer ✔✔offering valuable goods
and services, providing employment and improving quality of life
What negative impacts can a business have on society? - correct answer ✔✔health and safety
risks in the work environment, environmental damage, social disruption through traffic
damaging small businesses etc.
What are the 5 factors of the business environment? - correct answer ✔✔economic,
competitive, global, social, technology
Economic factors - correct answer ✔✔economic slowdowns or upturns will impact revenue,
hiring, etc.
Competitive factors - correct answer ✔✔high levels of competition force companies to focus on
new strategies, products, marketing and infrastructure
Global factors - correct answer ✔✔competition comes from other countries such as China
whose economy and manufacturing look very different than our own
technology factors - correct answer ✔✔change manufacturing, distribution and marketing
strategies
Social factors - correct answer ✔✔demographics of consumers and employees will influence
business operation protocols, what a business does and makes, employment opportunities, etc.
, economy - correct answer ✔✔the way in which people deal with the creation and distribution
of wealth
capitalism - correct answer ✔✔an economic system in which individuals own and operate the
majority of businesses that provide goods and services
free-market economy - correct answer ✔✔an economic system in which businesses and
individuals decide what to produce and buy, and the market determines prices and quantities
sold
invisible hand - correct answer ✔✔a term created by Adam Smith to describe how an
individual's personal gin benefits others and a country's economy
mixed economy - correct answer ✔✔an economic system where most land and businesses are
privately owned but with various levels of government involvement
What type of economy is the Canadian economy? - correct answer ✔✔mixed economy
command economy - correct answer ✔✔an economic system where the government decides
what goods and services will be produced, how they will be produced, for whom they will be
available and who owns and controls the major factors of production
What are two types of command economies? - correct answer ✔✔socialism and communism
socialism - correct answer ✔✔an economic system where the key industries are owned and
operated by the government
communism - correct answer ✔✔an economic system where all property and profits are owned
by the government, which decides what goods and services will be produced
answers rated A+ 2025/2026
What benefits does a business bring to society? - correct answer ✔✔offering valuable goods
and services, providing employment and improving quality of life
What negative impacts can a business have on society? - correct answer ✔✔health and safety
risks in the work environment, environmental damage, social disruption through traffic
damaging small businesses etc.
What are the 5 factors of the business environment? - correct answer ✔✔economic,
competitive, global, social, technology
Economic factors - correct answer ✔✔economic slowdowns or upturns will impact revenue,
hiring, etc.
Competitive factors - correct answer ✔✔high levels of competition force companies to focus on
new strategies, products, marketing and infrastructure
Global factors - correct answer ✔✔competition comes from other countries such as China
whose economy and manufacturing look very different than our own
technology factors - correct answer ✔✔change manufacturing, distribution and marketing
strategies
Social factors - correct answer ✔✔demographics of consumers and employees will influence
business operation protocols, what a business does and makes, employment opportunities, etc.
, economy - correct answer ✔✔the way in which people deal with the creation and distribution
of wealth
capitalism - correct answer ✔✔an economic system in which individuals own and operate the
majority of businesses that provide goods and services
free-market economy - correct answer ✔✔an economic system in which businesses and
individuals decide what to produce and buy, and the market determines prices and quantities
sold
invisible hand - correct answer ✔✔a term created by Adam Smith to describe how an
individual's personal gin benefits others and a country's economy
mixed economy - correct answer ✔✔an economic system where most land and businesses are
privately owned but with various levels of government involvement
What type of economy is the Canadian economy? - correct answer ✔✔mixed economy
command economy - correct answer ✔✔an economic system where the government decides
what goods and services will be produced, how they will be produced, for whom they will be
available and who owns and controls the major factors of production
What are two types of command economies? - correct answer ✔✔socialism and communism
socialism - correct answer ✔✔an economic system where the key industries are owned and
operated by the government
communism - correct answer ✔✔an economic system where all property and profits are owned
by the government, which decides what goods and services will be produced
