Economics and Marketing Lesson Review

Which of the following is a general example of a business?

• Jordan uses a computer to research the Civil War for his history project.

• Wanda tries to make a profit by selling homemade jam at the farmer's market.

• Laurel volunteers to babysit her niece on Saturday.

• Frank prepares dinner for his family on weeknights.

What do most business people think is the primary purpose of business?

• To fix the problems of society

• To generate wealth

• To invest all profits back into the business

• To protect private property

Which of the following is a way in which business benefits society?

• It discourages innovation.

• It forbids social bonds in the workplace.

• It prevents the creation of new jobs.

• It provides competition to improve customer choice.

What might be an example of corporate social responsibility?

• Hiring underage workers

• Paying corporate taxes

• Funding water conservation technologies

• Following local ordinances for safety

Which of the following is an example of disruptive innovation?

• A cruise line adding more destinations to their itineraries

• An airline company purchasing a new jet

• Use of smartphones with Internet access replacing use of landlines

• Using different colored materials to create a line of shoes

A characteristic often associated with entrepreneurship is _____.

• risk

• security

• passiveness

• routine

What is the term applied to an integrated approach to managing a company's interaction with its customers?

• Big data

• Customer relationship management

• Innovation

• Customer support

The strategy that allows people with competing goals to work together to find a solution is _____.

• sustained collaboration

• general collaboration

• knowledge management collaboration

• negotiation collaboration

Which of these elements contributes toward globalization of the economy?

• Use of foreign labor

• Import duties and tariffs

• Opportunity costs

• Anti-immigration policies

A _____ is an example of a primary stakeholder for a business.

• lobbyist

• financial rating firm

• customer

• media group