ITB: Chapter 7-1 The Role of Business in a Global Society

What percentage of merchandise in Walmart's U.S. stores comes from Chinese suppliers?

• 70-80%

• 50-60%

• 30-40%

• 10-20%

During which centuries did agricultural-based and rural societies become more industrialized and urban?

• 20th and 21st centuries

• 18th and 19th centuries

• 16th and 17th centuries

• 22nd and 23rd centuries

What were some inventions that permanently changed the physical and consumer landscape during the Industrial Revolution?

• Computers and smartphones

• Television and radio

• Automobiles and airplanes

• Electricity and railroads

What does competition encourage producers to do?

• Collaborate with competitors

• Innovate and produce more efficiently

• Reduce quality

• Increase prices

What is the term used for buying and selling goods and services between countries?

• Local Trade

• Domestic Trade

• Regional Trade

• International Trade

What is the term for when a country's imports exceed its exports?

• Trade Deficit

• Trade Equilibrium

• Trade Surplus

• Trade Balance

What type of business model involves the creation and/or collection of materials in their natural state?

• E-Commerce

• Service Provider

• Manufacturer

• Raw Materials Producer

Which sub-category of E-Commerce involves the buying and selling of products and services between businesses?

• Business to Business (B2B)

• Consumer to Business (C2B)

• Business to Consumer (B2C)

• Consumer to Consumer (C2C)

What are some negative consequences of increased production?

• Increased demand for raw materials

• Reduced pollution and climate change

• Improved quality of goods

• Increased employment opportunities

What is the world trying to address in relation to increased production?

• Increasing trade deficits

• Addressing pollution and climate change

• Promoting globalization

• Reducing economic growth