PB: Concepts Review #1

At a company where Henry, Michael, and Ethan work, the management is considering new hiring practices. Which of the following best describes an approach that values "Cultural/Workplace Diversity"?

• The process of hiring only people from the same background

• The inclusion of individuals from different backgrounds, cultures, and perspectives in a workplace

• The use of technology to improve productivity

• The focus on maximizing profits above all else

James is starting a new company and wants to understand who might be impacted by his business decisions. In a business context, who are considered "stakeholders"?

• Only the owners of a company

• Individuals or groups affected by or having an interest in a business's activities

• Only the employees of a company

• Only the government regulators

Which of the following is a focus of macroeconomics?

• The pricing strategy of a single company

• The study of the overall economy, including inflation and unemployment

• The hiring practices of a small business

• The marketing plan for a new product

Microeconomics is best defined as:

• The study of the entire national economy

• The study of individual consumers and businesses in specific markets

• The study of international trade policies

• The study of government spending

Jackson opens a bakery in his town. Without any government intervention, he notices that as more people want his bread, he can raise prices, and when fewer people buy, he lowers them. This situation best illustrates:

• Government intervention in the market

• The self-regulating nature of the marketplace

• The role of technology in business

• The influence of advertising on consumers

Which of the following is NOT considered a factor of production?

• Land

• Labor

• Money

• Entrepreneurship

Land, as a factor of production, refers to:

• Only the soil used for farming

• All natural resources used to produce goods and services

• The buildings owned by a company

• The employees of a business

In Isla's office, several resources are used to keep the business running. Which of the following is an example of capital in the factors of production?

• A river used for hydroelectric power

• A factory worker

• A computer used in an office

• A business owner

Zoe owns a bakery and hires workers to help her bake bread and serve customers. In this scenario, labor, as a factor of production, is best described as:

• The physical and mental efforts of people used to produce goods and services

• The money invested in a business

• The land on which a factory is built

• The machines used in production

Entrepreneurship involves:

• Only investing money in a business

• Organizing the other factors of production to create goods and services

• Working as an employee in a company

• Providing natural resources