Economic Concepts and Technological Impact

Economic Concepts and Technological Impact

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video discusses market competition, adaptation, and the concept of creative destruction, highlighting how businesses must innovate to survive. It explores Hong Kong's non-interference policy and the global impact of the cell phone revolution. The video also examines economic growth, inequality, and how free markets turn luxuries into consumer goods, ultimately benefiting society.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the main reasons companies must continuously improve their products?

To avoid paying higher taxes

To reduce production costs

To maintain customer loyalty

To increase government regulation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the policy adopted by the Hong Kong government regarding market interference?

Strict regulation

Full government ownership

Complete non-interference

Partial control

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used to describe the process of economic renewal through innovation?

Market Saturation

Technological Regression

Economic Stagnation

Creative Destruction

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the 'destructive' part of creative destruction?

The rise in market competition

The increase in consumer goods

The closure of old factories and shops

The creation of new jobs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How have cell phones impacted farmers in developing countries?

By allowing them to check market prices and negotiate better deals

By increasing their dependency on local buyers

By making traditional farming methods obsolete

By reducing the need for agricultural production

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role did telecom companies play in the cell phone revolution?

They aimed to reduce market share

They wanted to increase market share

They focused on landline expansion

They restricted cell phone distribution

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a significant downside of technological advancements according to the video?

Increased government intervention

Higher production costs

Job displacement and inequality

Decreased consumer demand

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