Applied Econ - 4th Quarter, Quiz 1

First Name

Last Name

You live in a beach town known for its beautiful scenery and delicious seafood. You’ve always dreamed of starting your own business. You’re considering opening a small restaurant that serves fresh seafood dishes. What internal factor (strength) could give you an advantage over competitors?

• A. The beautiful beach view
• B. Access to a reliable supplier of fresh seafood
• C. The increasing number of tourists
• D. Limited parking spaces near your restaurant

However, you lack experience in running a restaurant. This would be considered an internal factor for your business. What term describes this internal factor?

• A. Strength
• B. Weakness
• C. Opportunity
• D. Threat

You notice a growing trend of tourists looking for healthier food options. This represents an external factor that could benefit your business. What term describes this external factor?

• A. Strength
• B. Weakness
• C. Opportunity
• D. Threat

Competition from other seafood restaurants nearby could pose a threat to your business. What can you do to address this threat according to SWOT analysis?

• A. Ignore the competition and focus on your strengths.
• B. Partner with other restaurants to share resources.
• C. Lower your prices significantly to attract customers.
• D. Offer unique dishes or a distinct dining experience to set yourself apart.

Before finalizing your business plan, you decide to conduct a SWOT analysis. What does SWOT stand for?

• A. Strengths, Weaknesses, Opportunities, and Threats
• B. Strengths, Weaknesses, Options, and Targets
• C. Strategies, Weaknesses, Outcomes, and Tactics
• D. Systems, Weaknesses, Objectives, and Treatments

Maria owns a small bakery in a bustling city known for its historical landmarks and cultural events. She specializes in traditional Filipino pastries but is considering expanding her menu to include healthier dessert options. The city council recently passed a new law requiring businesses to use eco-friendly packaging materials. This is an example of which PESTEL factor impacting Maria’s bakery?

• A. Economic
• B. Political
• C. Social
• D. Technological

Maria notices a growing trend among younger customers towards healthier lifestyles. This trend highlights which PESTEL factor?

• A. Political
• B. Economic
• C. Social
• D. Environmental

New advancements in food processing allow for the creation of sugar-free sweeteners that still retain a good taste. This development can be categorized under which PESTEL factor?

• A. Social
• B. Environmental
• C. Legal
• D. Technological