SOM 122 Exam 1
One economic factor under discussion by the team is access to quality labor. Why is this a key factor affecting the decision on an expansion location for Sig Construction?
Access to quality labor helps keep productivity up and costs lower.
How do the forces of supply and demand affect the sale of ticket prices?
As demand for tickets increases and supply of tickets decreases, the price of tickets increases. this is due to their inverse relationship if the demand goes up then they start suppling less and that increases its cost
Technological
Borders Booksellers struggled for years and eventually declared bankruptcy as customers increasingly turned to downloading books from the internet rather than buying hard copies
Jack's Wheels- When John Wako ski was a teenager, he worked at his uncle's famous artisan pottery shop on weekends
Capitalism-an economic system in which private individuals or businesses own capital goods. Business Ownership-Business ownership refers to the legal and financial control over a business entity1. It encompasses the rights and responsibilities of individuals or entities who own and operate a business or company12. Business owners control the operational and financial aspects of a business2. They play a strategic role, defining the vision and roadmap3.
Market Influence- -Jack Sampson works in a highly competitive industry he has to make sure he knows the trends of his market so he always offers good value and retains his competitive advantage
Capitalism-an economic system in which private individuals or businesses own capital goods. Competition- in business refers to the rivalry among companies selling similar products or targeting the same audience
Gas Prices Skyrocket-Each time there is a risk that the oil supply will decrease, or the supply does in fact decrease gasoline prices skyrocket
Capitalism-an economic system in which private individuals or businesses own capital goods. Price-What the customer pays for a product or service
Abundant Selection-Every summer Janet webbed goes to the mall to buy new shorts but gets so overwhelmed by all the different styles she just wears the ones she already has
Capitalism-an economic system in which private individuals or businesses own capital goods. Product Availability-status of a product indicating whether it is in stock and ready for purchase or use
Charity Donation-Selena Frank chose to give all the money earned beyond the cost of running her footwear company to charity
Capitalism-an economic system in which private individuals or businesses own capital goods. profits-describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question.
State Bread Co.-When Suzanna Kogan was a teenager, she worked at the state-owned bread factory where everyone in her family worked
Communism-is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism Business Ownership-Business ownership refers to the legal and financial control over a business entity1. It encompasses the rights and responsibilities of individuals or entities who own and operate a business or company12. Business owners control the operational and financial aspects of a business2. They play a strategic role, defining the vision and roadmap3.
Constant Sales-Because they always knew how much they were going to make and sell each month the bread factory managers didn't worry about what other bread companies were doing
Communism-is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism Competition-Competition in business refers to the rivalry among companies selling similar products or targeting the same audience
Expensive gas-Relative to peoples income the price for gasoline is quite high so those who own cars are very conscientious about using them
Communism-is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism Price-What the customer pays for a product or service
Limited Choice-Because the choice is so limited and she has to buy the same sweaters that everyone else has Penny puts a lot of time into matching things together to be funky
Communism-is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism Product Availability-status of a product indicating whether it is in stock and ready for purchase or use
Government Collected-All of the money earned beyond the cost of running the shoe manufacturing business goes to the government
Communism-is a political and economic ideology that positions itself in opposition to liberal democracy and capitalism profits-describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question.
Vet+ is in which part of Paw-Da-Cure's business environment?
Competitive - VetPlus appears to be a trade-off that patients, especially younger ones, are willing to make for the benefits they feel they get a growing number of our customer base enjoys the "one-stop shop" convenience of it. Food, toys, daycare, grooming, and vets, all under one roof."
Dana mentions that her research showed that Michigan has experienced the longest period of "slow but sustained job growth." Why would that be considered an economic benefit for Sig Construction?
Consistent, steady job growth that is predictable allows organizations to plan and allocate productive resources accordingly
Dana starts the team's discussion about possible company expansion by talking about the economic downturns in their current Harrisburg location. How are economics involved in business decisions like the one Sig Construction is considering?
Economics can forecast future growth or pitfalls for a company, but it is important to use decision-making in order to apply economics to business decisions.
Kenya was recognized by the World Economic Forum and the the World Bank because of their investment in what area?
Educational outcomes
To reduce its energy consumption, a grocery store has installed motion sensors on its refrigerated and freezer cases. These sensors will turn on LED lighting when a shopper approaches and shut them off during times of inactivity.
Environmental component- This example is saving energy by installing motion censored lights
The views of an individual associated with this layer can shape that person's experiences of conflict, collaboration, and compromise as well as their ability to work effectively with others from diverse backgrounds.
Era layer
This layer of the diversity wheel represents an individual's beliefs, values, and attitudes, including their political and religious views and their approach to problem-solving and decision making.
Era layer
Social
Eve Stern is an entrepreneur who started a business to serve the growing number of older Americans. Snap for Seniors lists housing providers and matches the elderly's needs with facilities.
The factors in this layer can influence an individual's access to resources and opportunities and their ability to participate fully in society
External layer
This layer of the diversity wheel represents an individual's social and economic status.
External layer
Bank of America-purchased office spaces in India for its online customer service representatives
Foreign Subsidiaries-a company that operates overseas, owned by a larger company that is based in another country - also known as a parent firm or holding firm
KFC- opens store in Hong Kong
Franchising and Foreign Licensing- Basically, franchising means that you're allowing another person to duplicate your business in another location, and licensing is when you allow someone else to sell your products. With both licensing and franchising, you will receive a fee from the person duplicating your business or selling your product.
US Cellular Flextronics of Singapore makes a cell phone for US Cellular
Global Outsourcing-hiring individuals or companies from another country to perform business functions in an effort to improve operations and meet future business goals.
A company is evaluating its executive compensation to make sure it is in line with industry standards and that there are no gender or racial pay gaps. The company is also evaluating the diversity of the members of its board of directors.
Governance component-the system of rules, practices, and processes by which a company is directed and controlled. Establishing and implementing these practices involves balancing the interests. company's many stakeholders, including: Employees Shareholders Senior management Customers Suppliers Lenders Local, state, and federal governments Community members and groups. This example was looking to make the board of directors more diverse and make sure there are no gender or racial pay gaps satisfying the interests
How does "diversification" apply to the workforce, as mentioned by Dana?
Having a diversified workforce of employees with appropriate skill sets for each position contributes to job performance
Lorel- sells its beauty products to men in China
Importing and Exporting-company that facilitates trades of goods and commodities between domestic and foreign companies.
Global
In China, Walmart has nearly doubled in size and "Made in China" stickers are visible all over Walmart stores in the United States
Scalpers often artificially decrease supply by releasing tickets in waves, making it impossible for consumers to know how many tickets remain. This causes the equilibrium price to
Increase- due to these four reasons Perceived Scarcity: By releasing tickets in waves, scalpers create a perception of limited availability. Consumers may feel pressured to buy tickets quickly, fearing they will miss out, which can lead to increased demand at any given time. Bidding Wars: As consumers see fewer tickets available, they may be willing to pay more to secure a ticket. This competitive environment can drive prices up, especially if buyers are uncertain about when or if more tickets will be released. Market Manipulation: By controlling the timing and quantity of ticket releases, scalpers manipulate the market dynamics, leading to higher prices that do not reflect the true demand-supply balance. Consumer Uncertainty: The inability to know how many tickets are left creates anxiety among buyers, leading them to pay higher prices just to ensure they get a ticket before they run out.
This layer acknowledges that each individual is unique and has a complex combination of traits that shape how they interact with others and experience the world.
Innermost layer
This layer of the diversity wheel represents an individual's unique personality traits and characteristics.
Innermost layer
Characteristics associated with this layer can shape an individual's experiences of discrimination, prejudice, marginalization, and access to opportunities and resources.
Internal layer
This layer of the diversity wheel represents an individual's visible characteristics, including race, ethnicity, gender, sexual orientation, age, and physical ability.
Internal layer
The religious leader Norman Vincent Peale created three guiding principles that many people can use to determine ethical behavior. These guidelines are: is my proposed action legal, is it balanced, and how will it make me feel about myself? In the case of Justin's reaction to the use of red dye, which one of the three principles is he not having an issue with?
Is my proposed action legal? He knows its legal but the farm is said not to be using it so it makes him feel gross and it is unethical to lie about being fully natural
Cambell's Soup Company and Nakano Vinegar form Campell Nakano
Joint Venture-business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.
What are the Five Factors of Production?
Land: This includes all natural resources that are used to produce goods and services. It encompasses not only physical land but also resources like minerals, forests, water, and agricultural land. Labor: Labor refers to the human effort, skills, and abilities that are used in the production process. This includes both physical and mental work performed by individuals. Capital: Capital consists of the tools, machinery, buildings, and technology used in the production of goods and services. It is the man-made resources that assist in the manufacturing process. Entrepreneurship: This factor involves the ability and willingness of individuals to take risks to create new businesses or innovations. Entrepreneurs organize the other factors of production and bear the risks associated with their ventures. Technology: Sometimes considered a separate factor, technology refers to the methods and processes used to produce goods and services. It includes innovations that improve efficiency and productivity in production.
Soda Industry/ Athletic Shoe Industry-The market has many sellers who sell similar products, but the sellers have found ways to distinguish among their products, or buyers perceive the products as being different
Monopolistic Competition- when many companies offer competing products or services that are similar, but not perfect substitutes
ACME Light and Power/Cable Television Industry-In smaller markets, one company is the sole provider of cable television service to their local municipalities
Monopoly-a market structure with a single seller or producer that assumes a dominant position in an industry or a sector.
Automotive Industry/Airline Industry-Markets usually consists of three or four sellers who dominate more than half the market and who try to differentiate their products through marketing
Oligopoly-marketstructure in which a small number of firms control the market
Characteristics associated with this layer can shape an individual's experiences of power, influence, and recognition and their ability to contribute fully to the organization's goals.
Organizational layer
This layer of the diversity wheel represents an individual's identity within their organization, including their job title, work style, and position in the hierarchy.
Organizational layer
Because the cost of labor is low, many countries have ____ manufacturing and call center functions to India.
Outsourced- Outsourcing is the practice of hiring a party outside a company to perform services or create goods. In some cases, these were traditionally performed in-house by the company's own employees and staff.
Beef Industry/Agricultural Commodities- There are many different growers of these products, which prevent any one of them from setting the price of the products
Perfect Competition-an idealized market condition where many sellers compete to offer the best prices,
One tool companies like Gluten Free Bars can use to think about their day-to-day practical and moral matters is Carroll's Global Corporate Social Responsibility Pyramid. This pyramid consists of four responsibilities: economic, legal, ethical, and
Philanthropic- going beyond this question the correct order of the pyramid is 1. Economic Responsibilities- Be profitable. 2. Legal Responsibilities- Obey the law 3. Ethical Responsibilities- Be ethical obligation to do what is right and fair 4. Philanthropic Responsibilities- Be a good corporate citizen contribute to the community and improve the quality of life
Disney films were discussed as one way in which children learn about what?
Political economy-is an interdisciplinary field that studies the relationship between politics and economics, focusing on how political institutions, processes, and behaviors influence economic policies and outcomes. It examines how economic systems are shaped by political forces and how economic conditions, in turn, affect political structures and power dynamics.
Odalis is the new ethics officer for Berhane, Inc. The CEO heard about corporate responsibility, and he wants to start running the company using the Carroll's pyramid as a guide. He asks Odalis to describe the pyramid. What is Odalis's best response?
Profit is the first responsibility, followed by legal, ethical, and philanthropy.
Ronnette works in accounting for her employer and notices that the CFO has been writing checks directly to herself using company expense funds. She is confident in reporting this issue because she knows that the ________ will ________.
Sarbanes-Oxley Act (is a U.S. federal law enacted in 2002 in response to corporate accounting scandals, such as those involving Enron and WorldCom. The primary aim of the Act is to enhance the accuracy and reliability of corporate disclosures and to protect investors from fraudulent financial reporting.); protect whistleblowers
Which of the following scenarios involving scalpers is likely to result in prices for consumers that are lower than the initial price listed by the legitimate retailer?
Scalpers purchase tickets that are undesirable to consumers, forcing the scalpers to auction the tickets at a price lower than the original price offered by the retailer.
Which of the following best describes the negative impact of ticket scalping?
Scalping decreases the availability of tickets through traditional channels, causing ticket price to increase. This is because Reduced Availability: Scalpers often buy up large quantities of tickets quickly, which means fewer tickets are left for regular consumers who attempt to purchase them through official channels. This creates a scarcity. Price Inflation: With fewer tickets available through traditional means, demand remains high. Scalpers can then sell the tickets at significantly marked-up prices, taking advantage of this scarcity. This leads to inflated ticket prices, making events less accessible for average fans. Accessibility Issues: As prices rise, many fans may find themselves priced out of attending events they are interested in. This undermines the principle of fair access to entertainment. Market Distortion: The presence of scalpers distorts the market for tickets, shifting it away from a fair resale value based on demand and supply to a system where profit-driven motives dominate.
A large, multinational corporation is reviewing its human resource policies. The corporation wants to ensure that it does more than just comply with antidiscrimination laws; it wants to build a company culture that is inclusive and equitable to all genders. In addition, the company is pursuing equal pay policies across all its divisions.
Social component-business designed to achieve specific social objectives as its primary purpose. Social enterprises strive to maximize profits while also maximizing positive impacts on society and the environment. The profits generated are primarily used to fund social programs. The business is seeking to create an inclusive environment
Explain the concept of Supply and demand with examples?
Supply Definition: Supply refers to the quantity of a good or service that producers are willing and able to sell at different prices. Example: Consider a farmer growing apples. If the price of apples is high, the farmer may decide to produce more apples because the potential for profit is greater. if the price falls, the farmer might reduce production since it becomes less profitable. Demand Definition: Demand refers to the quantity of a good or service that consumers are willing and able to purchase at different prices. Example: Imagine a popular smartphone model. If the price of the smartphone decreases, more consumers are likely to buy it, increasing the quantity demanded. However, if the price increases, fewer consumers may choose to purchase it, leading to a decrease in demand. Interaction of Supply and Demand Equilibrium: This is the point where the quantity supplied equals the quantity demanded. At this price, there is no surplus or shortage in the market. Example: If the equilibrium price of apples is $1 per pound, at this price, the quantity of apples that farmers are willing to sell matches the quantity that consumers want to buy. If the price rises to $1.50, the quantity supplied might exceed the quantity demanded, leading to a surplus. Conversely, if the price drops to $0.50, there may be a shortage as more consumers want apples than are available. Shifts in Supply and Demand Supply Shift: If a new technology makes apple production more efficient, the supply curve shifts to the right, meaning more apples can be produced at each price, lowering prices and increasing quantity sold. Demand Shift: If health studies reveal that apples are particularly beneficial for health, consumer demand may increase, shifting the demand curve to the right. This can lead to higher prices and increased quantities sold.
Political/Regulatory/Legal
Tom Jeffries owns Jefferies Roofing company. In his proposals, Tom describes materials to be used and a price. When the customer signs the bid, it becomes an enforceable contract.
Competitive
When the BlackBerry phone system quit working, it affected 70 million customers. Those customers turned to other cell phones which offered the reliable service business customers demand, at a lower price
After a strong hurricane lashed the Caribbean last year, many impacted countries were forced to borrow money for repairs. Which organization would most likely be responsible for lending the money in this example?
World Bank-is an international financial institution that provides financial and technical assistance to developing countries for development projects aimed at reducing poverty and promoting sustainable economic growth. It plays a significant role in global economic development and is crucial for businesses operating in or with developing nations.
Which of the following best represents a training that would need to occur in order to help someone doing business in India overcome cultural barriers?
a training on nonverbal communication and religion this is because...Nonverbal Communication: In India, nonverbal cues such as gestures, facial expressions, and body language play a significant role in communication. For instance, understanding the significance of a nod, a handshake, or maintaining eye contact can help build rapport and avoid misunderstandings. Religious Diversity: India is home to multiple religions, including Hinduism, Islam, Christianity, Sikhism, and others. Each religion has its own customs, beliefs, and practices. Awareness of these differences is essential for respectful interactions and can help in establishing trust with business partners and clients. Building Relationships: Both nonverbal cues and religious considerations influence how relationships are formed and maintained in Indian business culture. Taking the time to learn about these aspects can lead to more successful negotiations and collaborations. Avoiding Offense: Misinterpretations in nonverbal communication or ignorance of religious practices can easily lead to unintentional offense, potentially jeopardizing business relationships. Training can help mitigate these risks.
China has developed numerous efficiencies for producing consumer electronics like phones and laptops. China can best be described as having
an absolute advantage.- there are no other countries listed
How can Janette most effectively evaluate her organization's business environment?
by having an open mind and evaluating all possible services she can offer
According to the video, as a central tenet of democracy, transparency means that
citizens can keep tabs on their government
The strength of India's manufacturing sector gives it a(n) ______ in comparison with other countries
comparative advantage
Mariann works for the Bureau of Labor Statistics. She is currently tasked with gathering prices on various goods and services. Once she is finished, she will be weighting and averaging the figures. Mariann is most likely calculating the
consumer price index... Gross Domestic Product- GDP is the total wmonetary value of all goods and services produced within a country's borders over a specific time period (usually annually or quarterly)=A key indicates a country's economic health. Higher GDP generally indicates a growing economy, declining GDP can signal economic troubles. Businesses use GDP data to assess market potential and make investment decisions. Consumer Price Index -CPI measures the average change over time in the prices paid by urban consumers for a basket of goods and services. It reflects inflation and the cost of living.=Used to adjust salaries, pensions, and contracts for inflation. rising CPI indicates increasing inflation. Businesses monitor CPI to adjust pricing strategies and forecast demand. Producer Price Index-PPI measures the average change over time in the selling prices received by domestic producers for their output. It tracks price changes from the perspective of the seller=PPI is an early indicator of inflation, as changes in producer prices can influence consumer prices.Businesses use PPI to anticipate cost changes and manage pricing strategies.A rising PPI may signal that businesses will pass on costs to consumers.
Best Buy has demonstrated its position on social issues regarding the environment by offering sustainable products to customers and eliminating waste. A company's stated position on a social topic represents its
corporate policy-general policies applicable across the organization. They are formulated by the top-level management and define the company's fundamental beliefs, values, or philosophy. Examples include the company's code of ethics, equal opportunity policy, or sustainability policy.
The abuse of public authority for private gain is how Transparency International defines
corruption-is dishonest behavior by those in positions of power
What name is given to the social and economic inequality caused by the lack of access to or skills in digital technologies?
digital divide-in a business context refers to the gap between individuals, businesses, and communities that have access to modern information and communication technology (ICT) and those that do not. This divide can manifest in various forms, such as differences in internet connectivity, access to digital tools and resources, and proficiency in using technology.
Recently Best Buy replaced its Geek Squad automobiles with hybrid vehicles that have lower emissions and reduce the company's carbon footprint. These new cars provide a clear picture to the consumer of Best Buy's goal to be more sustainable. What term refers to the set of criteria that investors and stakeholders use to evaluate a company's performance on sustainability issues?
environmental, social, and governance (ESG)- refers to a set of standards used to measure an organization's environmental and social impact. It's typically used in the context of investing, although it also applies to customers, suppliers, employees and the general public
Tim Dunn, the Head of Environmental Sustainability at Best Buy states that the company is making all of these efforts to become more sustainable because "it's the right thing to do." Which business benefit for sustainability does this represent?
ethical- this question states... "its the right thing to do" which hints at it being a personal value which can act as ethical to most people hinting at the answer
The behaviors that a society generally accepts as right or correct are known as
ethics-the moral principles, policies, and values that govern the way companies and individuals engage in business activity
Ann Arbor China Dolls makes well over half of their revenue by shipping their dolls to foreign countries. This example most closely represents the concept of
exporting
Carme wants to open a coffee store in her hometown in Ecuador. She reaches out to Starbucks and agrees to pay them a fee and a percentage of any profits she makes in order to open a store using the Starbucks name. This example best describes the concept
franchising
TekSpot is a U.S. company that provides on-demand customer service to clients. The owners want to cut costs, so they hire a vendor in Brazil to provide customer service. TekSpot's hiring of the vendor can be best described as
global outsourcing.
Insight Pharma is planning to enter the global market. The leadership team has begun searching for an executive with experience developing global production strategies. The executive can best be classified under which factor of production?
human resources
The goal at Gluten Free Bars is "We Win Together," and when the company does well, everyone benefits. Which type of ethical code does this demonstrate?
integrity-based-acting with honor regardless of whether your actions are public; committing to doing what you say you will do. It's about having an ethical culture that permeates your entire organizational ecosystem. the quote we win together in this sense is saying that everyone will benefit and they are committed to that
Charlie mentions an increase in tech innovation happening in the Pittsburgh area. The key economic resource that includes technology is referred to as
knowledge-Business knowledge is a sum of skills, experiences, capabilities and expert insight that collectively shape and affect all the activities in and around a business
A recent change in Indian law allows some foreign retailers to operate in India without partnering with an Indian company. This represents a lowering of ________ to international trade.
legal barriers-rules or regulations imposed by the government that restrict entry into a market or limit competition, often leading to monopoly or oligopoly market structures.
In this scenario, the red dye and wax coatings used on these non-organic apples is
legal, but some people might view concealing these facts as unethical
Yukon Bicycles manufactures bikes using inexpensive parts and labor. The bikes typically break down quickly and require lots of costly repairs, which provide a revenue stream for Yukon. This action can best be described as
legal, but unethical.
Justin seems to have been unaware that red dyes are used to make apples more visually appealing to consumers. The use of red dye is
legal- this example is legal but unethical because they are using red dye to give it a perfect look but the farm is supposed to be natural without any extra dyes or pesticides
What is India's comparative advantage in global competition?
low-cost labor A comparative advantage is economic theory that argues that countries can benefit from trading with each other by focusing on making the things they are best at making, while buying the things they are not as good at making from other countries1. It is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners2. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade2.
Charlie discusses the positives of keeping the second Sig Construction location closer to the first location, because
moving to a new location is riskier. a new location close by would enable the two locations to share resources and contacts that they already have, saving money. he thinks Sig Construction may be better off switching from retail to tech clients within the same metropolitan area than moving to a new location altogether. close proximity to colleges with access to skilled knowledge workers.
The common saying of "well, everybody's doing it" is
not true justification for determining ethical behavior. This is just a saying but it won't actually make up for being unethical.
Eulalie graduated from college with a mechanical engineering degree. She has always been interested in designing cars and decides that she wants to open her own automobile company. Her friend tells her that this is difficult because the auto market is:
oligopoly
Which force in the business environment is responsible for setting the rules that businesses must abide by such as those established by Transparency International?
political
Grete recently moved back to her home country of Denmark to open her own consulting firm. She is incredibly frustrated at how difficult it has been to hire technology professionals. Which drawbacks to socialism is most likely causing this issue?
possible brain drain-refers to the phenomenon where highly skilled or educated individuals leave their home country or region to pursue better opportunities abroad. In a business context, this migration can significantly impact the workforce, innovation, and economic development of the originating location.
As Gary Kalman, the Executive Director of Transparency International, notes, corruption dampens foreign direct investment and as a result job opportunities and other investments into the country are lost. When job opportunities are few, health care, education, freedom, and more also diminish. These factors are all aspects of a person's
quality of life- refers to creating a people centered working environment where employee's needs, aspirations, and expectations are considered.
Janette is convinced that her way of offering excellent pet care is more than enough to be successful in the future. She might be failing to
realize that the factors in the business environment are always changing.
The last two quarters have seen a decline in prices. Consumers have cut back on their purchases and several companies have filed for bankruptcy as a result. This situation is best described as a(n)
recession... Recession Definition: A recession is a period of temporary economic decline, typically defined as two consecutive quarters of negative GDP growth. It is marked by a slowdown in economic activity across various sectors. Characteristics: Duration: Generally lasts for a few months to a couple of years. Impact: Can lead to increased unemployment, reduced consumer spending, and lower business investments, but the effects are usually less severe compared to a depression. Recovery: Economies tend to recover from recessions relatively quickly through monetary and fiscal policies. Example: The 2008 financial crisis led to a recession characterized by falling home prices, rising unemployment, and a decline in consumer spending, but the economy began to recover within a few years. Depression Definition: A depression is a prolonged period of significant economic downturn that lasts for several years and is more severe than a recession. It typically involves a steep decline in economic activity and widespread unemployment. Characteristics: Duration: Lasts for several years, often marked by deep, persistent economic challenges. Impact: Severe unemployment, widespread bankruptcies, and substantial declines in consumer and business confidence. Economic output may fall dramatically. Recovery: Recovery from a depression can take a long time and may require significant structural changes in the economy. Example: The Great Depression of the 1930s saw massive unemployment, a collapse in the banking system, and a prolonged economic downturn that affected economies worldwide.
Donovan mentions that today's customers are different than in previous years, and they want a one-stop-shop, meaning they'd like to have veterinary, grooming, and other pet services in one place. What environmental factor does this represent?
sociocultural-cultural and social forces shaping the activities and outputs of a business firm.
In the video, the example is given of the prime minister of Malaysia who stole $4.5B from the development fund and as a result, the citizens of Malaysia lost out on needed infrastructure such as healthcare facilities and roads. The lives of citizens were affected by this act of corruption. The citizens represent
stakeholders- s any person, group of people or other organization that has an interest in the activities of a business. Businesses need to be aware of their stakeholders, as many of them will be affected by its activities. (It underscores the importance of considering all stakeholders in discussions about corruption, as their experiences and needs should inform policies and reforms aimed at preventing such abuses of power in the future.)
The purpose of the Let's Make a Deal activity was to show how ___________ can help in situations of _______________.
statistical thinking-in business refers to the application of statistical methods and concepts to make informed decisions, analyze data, and understand variability in business processes. It involves using statistical tools to interpret data, identify trends, and derive insights that can guide strategic planning and operational improvements.; risk
Gluten Free Bars decision to use "local" sourcing when possible, impacts which stakeholder group the most?
suppliers- This is because the suppliers are local and this helps them get capital gain A stakeholder has a vested interest in a company and can affect or be affected by its operations and performance.
After a swine flu epidemic in China, over half of the nation's pigs had to be euthanized, leading to a shortage of bacon. Bacon became scarce, which in turn drove up the price of bacon for consumers. Which concept does this example best represent?
supply and demand
Gluten Free Bars has a "zero waste initiative" in place and nine out of every ten pounds of waste is either recycled, upcycled, or reused. Based on this, which aspect of a social audit is the company doing successfully?
sustainability
Best Buy has moved from focusing solely on profit to focusing on profit, people, and the planet. In other words, the company has a goal of ________Blank or economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
sustainability-to doing business without negatively impacting the environment, community, or society as a whole. This example shows how the company wants to maintain sustainability now and, in the future.
Janette is concerned that the front desk employees might not be "ringing things up correctly." She also mentioned that there were outstanding insurance claims that have not been processed. These issues could signal a problem in which environment factor?
technological environment-ever-evolving landscape of innovations, tools, and processes that shape how businesses operate
Dana tells the team that Louisville might be a solid middle ground between the three location choices. Along with lower cost of wages and access to a growing healthcare market, another reason she says to consider this location is
the competition in this market isn't as saturated as it is in Harrisburg.
What is balance of trade?
the difference in value between a country's imports and exports.
Mumbi is visiting her grandmother for the weekend. She sees a twenty-dollar bill on her grandmother's dresser and considers taking it . Her parents raised her to believe that it is wrong to steal from others. What most likely influenced her decision?
values
What is a trade surplus?
when a country exports more than it imports
What is a trade deficit?
when a country imports more than it exports
