Introduction to Business chp 1 review

The law of demand states that:

as prices decrease, quantity demand increase

The law of supply says that:

as prices increase, quantity supply increase

which of the following best demonstrates how studying business can help improve your career?

by improving your management skills and learning about business best practices, you can become more valuable to an organization

in business class you really enjoy learning about balance sheets and income statements and how those documents can help analyze a company's financial position. You decide you will major in accounting and become a certified public accountant. In this case, what you learned in class will help you:

choose a career

for many years, HBO insisted that its current shows would only be offered via paid cable subscription. Partly because of the rise of hulu, netflix, and other on-demand viewing services, hbo launched its own hbo go on-demand service. This is an example of hbo being influenced by what factor in the business environment?

competitive

The United States has lost hundreds of thousands of high-tech manufacturing jobs in the last decade, mainly to Asia. The result is that many US workers have to update the skills needed for a successful career. This is due to_______ factors in the business environment.

global

_____ is a market situation (or industry) in which there are few sellers

oligopoly

The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as a ______ economy

mixed

Deflation

a decrease in the general level of prices

Even though the recession of 2008 ended several years ago, youth unemployment continues to be higher than at most times in our country's modern history. This is an example of youth being impacted by which factor of the business environment?

economic

You would like to use some of your savings to purchase stocks in a local company. you've narrowed your decision to two companies. You remember from your business class that a company with a higher return on sales is better than a low one. This understanding demonstrates which benefit of studying business?

helps you be a more informed consumer and investor

you prefer to purchase products from one retailer over another because it donates a percentage of its profits to community organizations. This demonstrates which benefit of studying business?

helps you become more influential community member

in business class you learn that a leading manufacturer of the kitchen products uses more raw materials than its competitors, but as a result the products last much longer. learning about tradeoffs like this can help you:

make a bigger profit

Procter and Gamble added new fragrances to its laundry detergent line in an effort to appeal to Hispanic consumer, a demographic that likes to use fragrances in their homes. This is an example of changing _______ in the business environment

social factors

The nationalization of key industries in countries such as sweden and france is indicative of

socialist

Amazon is now one of the top 10 largest retailers in the United States, even though they don't have any substantial physical retail presence. This illustrates the impact of_______ factors in the business environment

technology