MGMT*2150 Quiz 1 With Complete Questions And
Answers 100% Correct
What benefits does a business bring to society? - ANSWER offering valuable goods and
services, providing employment and improving quality of life
What negative impacts can a business have on society? - 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? - ANSWER economic, competitive,
global, social, technology
Economic factors - ANSWER economic slowdowns or upturns will impact revenue, hiring, etc.
Competitive factors - ANSWER high levels of competition force companies to focus on new
strategies, products, marketing and infrastructure
Global factors - ANSWER competition comes from other countries such as China whose
economy and manufacturing look very different than our own
technology factors - ANSWER change manufacturing, distribution and marketing strategies
, Social factors - ANSWER demographics of consumers and employees will influence business
operation protocols, what a business does and makes, employment opportunities, etc.
economy - ANSWER the way in which people deal with the creation and distribution of wealth
capitalism - ANSWER an economic system in which individuals own and operate the majority
of businesses that provide goods and services
free-market economy - 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 - ANSWER a term created by Adam Smith to describe how an individual's
personal gin benefits others and a country's economy
mixed economy - 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? - ANSWER mixed economy
command economy - 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
Answers 100% Correct
What benefits does a business bring to society? - ANSWER offering valuable goods and
services, providing employment and improving quality of life
What negative impacts can a business have on society? - 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? - ANSWER economic, competitive,
global, social, technology
Economic factors - ANSWER economic slowdowns or upturns will impact revenue, hiring, etc.
Competitive factors - ANSWER high levels of competition force companies to focus on new
strategies, products, marketing and infrastructure
Global factors - ANSWER competition comes from other countries such as China whose
economy and manufacturing look very different than our own
technology factors - ANSWER change manufacturing, distribution and marketing strategies
, Social factors - ANSWER demographics of consumers and employees will influence business
operation protocols, what a business does and makes, employment opportunities, etc.
economy - ANSWER the way in which people deal with the creation and distribution of wealth
capitalism - ANSWER an economic system in which individuals own and operate the majority
of businesses that provide goods and services
free-market economy - 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 - ANSWER a term created by Adam Smith to describe how an individual's
personal gin benefits others and a country's economy
mixed economy - 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? - ANSWER mixed economy
command economy - 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
