MGMT*2150 QUIZ 1 QUESTIONS WITH
VERIFIED ANSWERS
\Q\.What benefits does a business bring to society? - ANSWER-✔offering valuable goods and
services, providing employment and improving quality of life
\Q\.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.
\Q\.What are the 5 factors of the business environment? - ANSWER-✔economic, competitive,
global, social, technology
\Q\.Economic factors - ANSWER-✔economic slowdowns or upturns will impact revenue, hiring,
etc.
\Q\.Competitive factors - ANSWER-✔high levels of competition force companies to focus on
new strategies, products, marketing and infrastructure
\Q\.Global factors - ANSWER-✔competition comes from other countries such as China whose
economy and manufacturing look very different than our own
\Q\.technology factors - ANSWER-✔change manufacturing, distribution and marketing
strategies
\Q\.Social factors - ANSWER-✔demographics of consumers and employees will influence
business operation protocols, what a business does and makes, employment opportunities, etc.
, \Q\.economy - ANSWER-✔the way in which people deal with the creation and distribution of
wealth
\Q\.capitalism - ANSWER-✔an economic system in which individuals own and operate the
majority of businesses that provide goods and services
\Q\.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
\Q\.invisible hand - ANSWER-✔a term created by Adam Smith to describe how an individual's
personal gin benefits others and a country's economy
\Q\.mixed economy - ANSWER-✔an economic system where most land and businesses are
privately owned but with various levels of government involvement
\Q\.What type of economy is the Canadian economy? - ANSWER-✔mixed economy
\Q\.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
\Q\.What are two types of command economies? - ANSWER-✔socialism and communism
\Q\.socialism - ANSWER-✔an economic system where the key industries are owned and
operated by the government
VERIFIED ANSWERS
\Q\.What benefits does a business bring to society? - ANSWER-✔offering valuable goods and
services, providing employment and improving quality of life
\Q\.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.
\Q\.What are the 5 factors of the business environment? - ANSWER-✔economic, competitive,
global, social, technology
\Q\.Economic factors - ANSWER-✔economic slowdowns or upturns will impact revenue, hiring,
etc.
\Q\.Competitive factors - ANSWER-✔high levels of competition force companies to focus on
new strategies, products, marketing and infrastructure
\Q\.Global factors - ANSWER-✔competition comes from other countries such as China whose
economy and manufacturing look very different than our own
\Q\.technology factors - ANSWER-✔change manufacturing, distribution and marketing
strategies
\Q\.Social factors - ANSWER-✔demographics of consumers and employees will influence
business operation protocols, what a business does and makes, employment opportunities, etc.
, \Q\.economy - ANSWER-✔the way in which people deal with the creation and distribution of
wealth
\Q\.capitalism - ANSWER-✔an economic system in which individuals own and operate the
majority of businesses that provide goods and services
\Q\.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
\Q\.invisible hand - ANSWER-✔a term created by Adam Smith to describe how an individual's
personal gin benefits others and a country's economy
\Q\.mixed economy - ANSWER-✔an economic system where most land and businesses are
privately owned but with various levels of government involvement
\Q\.What type of economy is the Canadian economy? - ANSWER-✔mixed economy
\Q\.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
\Q\.What are two types of command economies? - ANSWER-✔socialism and communism
\Q\.socialism - ANSWER-✔an economic system where the key industries are owned and
operated by the government
