Applied Economics Quiz

What is the purpose of environmental scanning?

• To analyze competitors

• To control internal factors

• To identify opportunities and threats affecting the business

• To increase government intervention

Which factors are controllable by the management?

• Internal Environment

• Macro Environment

• External Environment

• Micro Environment

What are the two elements in the external environment?

• Internal and External

• Micro and Macro

• Suppliers and Resellers

• Customers and Competition

Who can control the success of a business when they hold power?

• Suppliers

• Customers

• Competition

• Resellers

What do customers drive for businesses?

• Competition

• Revenues

• Suppliers

• Resellers

Which factor includes population growth and attitudes of the population?

• Political Factors

• Technological Factors

• Economic Factors

• Social Factors

How do technological factors affect management and marketing?

• New ways of distributing goods and services

• New ways of communicating with target markets

• New ways of producing goods and services

• All of the above

What do environmental factors focus on?

• Doing business ethically and sustainably

• Pollution targets

• Increasing scarcity of raw materials

• All of the above

Which factor includes health and safety, equal opportunities, and consumer rights?

• Social Factors

• Legal Factors

• Political Factors

• Economic Factors

What is a strategic tool in assessing the level of threats or opportunities that might affect the business?

• Business Environment

• Business Analysis

• Environmental Scanning

• Environmental Analysis