Intro to business chapter 1-2 questions with answers
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Course
Intro to business chapter 1-2
Institution
Intro To Business Chapter 1-2
Being in the dark - Profitting
Being in the red - Losing money
Business Environment - The setting in which business operates.
Business Environment components - There are six type of business environment. Economic
environment, competitive environment, workforce advantage, technological environme...
Intro to business chapter 1-2
Being in the dark - ✔✔Profitting
Being in the red - ✔✔Losing money
Business Environment - ✔✔The setting in which business operates.
Business Environment components - ✔✔There are six type of business environment. Economic
environment, competitive environment, workforce advantage, technological environment, social
environment, and global environment
Business technology - ✔✔Tools used by business to become efficient and effective
Ex. World Wide Web
E-commerce
Capital - ✔✔Synthetic resources that a business needs to produce goods or services
Competitve environment - ✔✔companies look to develop long term, mutually beneficial relationships
with customers. Speed-to-market is a key source of competitive advantage
Define Capitalism. - ✔✔an economic and political system in which a country's trade and industry are
controlled by private owners for profit, rather than by the state. capitalism is based on private
ownership, economic freedom, fair competition.
Define Economy. - ✔✔Financial and social system of how resources flow through society
Do businesses improve the standard of living of people and increase their - ✔✔Businesses improve the
standard of living and people's quality of life because there is more competition. Businesses will keep
improving their product and producing more products to the public to compete with their competitors.
As more businesses produce and improve their products , they need to hire workers to help produce
, their product. Business will pay the workers, thus allowing workers to buy houses and other objects they
desire.
Economic Environment - ✔✔Governments take active steps to reduce the risks of business;
Affected by corruption and ethical lapses
Entrepreneur - ✔✔A person who risk their resource to start and manage a business
Entrepreneur era - ✔✔Large-scale entrepreneurs emerged in the second half of the 1800s, building
business empires
Entrepreneurship - ✔✔Entrepreneurs take risk of launching and operating their own business; They
create opportunities by harnessing other factors of production
Explain monetary policy - ✔✔Federal reserve decisions that shape the economy by influencing interest
rates and the supply of money.
Explain open market operations. - ✔✔Federal Reserve function of buying and selling government
securities. The purpose is to circulating the amount of money in the US economy.
Explain reserve requirement. - ✔✔Rules set by the Federal Reserve, which specifies the minimum
amount of reserve a bank is required to hold. If you give the bank money, they are required to hold a
small amount while they can use the rest by giving out as loans.
explain speed to market - ✔✔It a key source of competitive advantage. It is the rate of which a product
moves from creating to being able to be sold in the market.
Financial success - ✔✔Financial success is influenced by the economy and one's business skills
Fiscal Policy - ✔✔Government efforts to influence the economy through taxation and spending; use of
government revenue collection and expenditure to influence a country's economy.
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