Podcast
Questions and Answers
A new company's establishment creates opportunities for other businesses. Which type of impact does this represent?
A new company's establishment creates opportunities for other businesses. Which type of impact does this represent?
- Economic Spillover (correct)
- Social Responsibility
- Competitor Analysis
- Innovation Diffusion
High employee turnover within a business typically indicates what underlying issue?
High employee turnover within a business typically indicates what underlying issue?
- Effective Training Programs
- Streamlined Hiring Process
- Declining Employee Morale (correct)
- Successful Expansion
In which form of business is a formal agreement created to outline the distribution of profits among the involved parties?
In which form of business is a formal agreement created to outline the distribution of profits among the involved parties?
- Corporation
- Partnership (correct)
- Sole Proprietorship
- Cooperative
Which microeconomic term describes a considerable decrease in overall economic activity within a specific geographic area?
Which microeconomic term describes a considerable decrease in overall economic activity within a specific geographic area?
A seller introducing a product at prices lower than existing market substitutes implements what business strategy?
A seller introducing a product at prices lower than existing market substitutes implements what business strategy?
Which business indicator is most closely associated with the economic concept of scarcity?
Which business indicator is most closely associated with the economic concept of scarcity?
Which of the following is NOT typically considered a producing sector within an economy?
Which of the following is NOT typically considered a producing sector within an economy?
Which type of product originates from outside the country's borders?
Which type of product originates from outside the country's borders?
Which statement concerning business impacts is generally inaccurate?
Which statement concerning business impacts is generally inaccurate?
A corporation's focus on scholarships for disadvantaged students represents what type of business impact?
A corporation's focus on scholarships for disadvantaged students represents what type of business impact?
Which factor primarily enhances an individual's likelihood of maintaining better health?
Which factor primarily enhances an individual's likelihood of maintaining better health?
Which specialized area of economics explores the interplay between economic principles and social behaviors?
Which specialized area of economics explores the interplay between economic principles and social behaviors?
Which of these is NOT a typical focus area within industry analysis?
Which of these is NOT a typical focus area within industry analysis?
A business fulfilling specific prerequisites to begin operations reflects what type of business impact?
A business fulfilling specific prerequisites to begin operations reflects what type of business impact?
Which factor is generally considered a favorable influence on business operations?
Which factor is generally considered a favorable influence on business operations?
Which is least likely to be classified as a socio-economic factor that influences business and industry?
Which is least likely to be classified as a socio-economic factor that influences business and industry?
Which action provides direct support from a larger business to local small businesses?
Which action provides direct support from a larger business to local small businesses?
Which factor strongly correlates with health outcomes, longevity, and susceptibility to certain illnesses?
Which factor strongly correlates with health outcomes, longevity, and susceptibility to certain illnesses?
Which of the following is NOT typically categorized as an industry?
Which of the following is NOT typically categorized as an industry?
What is a common strategy that businesses implement during periods of economic recession?
What is a common strategy that businesses implement during periods of economic recession?
Flashcards
New company impact
New company impact
Opportunities for suppliers and related businesses.
High employee turnover
High employee turnover
High employee turnover indicates potential issues with company culture, management, or compensation.
Agreement-based profit sharing
Agreement-based profit sharing
Partnership.
Significant economic decline
Significant economic decline
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Low introductory prices
Low introductory prices
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Limited resources
Limited resources
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Scholarship programs impact
Scholarship programs impact
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Better health influence
Better health influence
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Economics and Social Behavior
Economics and Social Behavior
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Starting business impact
Starting business impact
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Positive business impact
Positive business impact
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Businesses influence household income by...
Businesses influence household income by...
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Rising interest rates impact...
Rising interest rates impact...
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Entity of people with similar needs
Entity of people with similar needs
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Occupation influence
Occupation influence
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Target customer description
Target customer description
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Negative Impact on Business
Negative Impact on Business
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Filipino culture importance
Filipino culture importance
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Result of Production
Result of Production
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Positive impact on the consumer
Positive impact on the consumer
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Study Notes
- The establishment of a new company creates opportunities for other businesses.
- High employee turnover indicates a problem within your business.
- A partnership is a business form where profits are divided among partners based on a drawn-up agreement.
- A significant decline in general economic activity in a specific area is a microeconomic event.
- Offering products at introductory prices lower than competitors is a market penetration strategy.
- Scarcity is best explained by the business indicator in economics.
- Economy's producing sectors do not include the informal sector.
- Products made in a foreign country are considered imported.
- Corporations increasing focus on projects that provide scholarships to poor students is a business impact.
- An individual predisposes to better health through a healthy lifestyle and access to healthcare.
- The specialized branch of economics that studies the relationship between economics and social behavior is behavioral economics.
Industry Analysis
- Guide to industry analysis includes all of the following besides personal opinions and assumptions.
- Businesses must meet requirements to start operating, which is a business impact related to regulations.
- Developing new techologies is a positive impact on business
- Availability of skilled labor is a socio-economic factor affecting business and industry
- Businesses can support local small businesses by sourcing supplies and services from them and collaborations.
- Genetics plays a large role in health, lifespan, and probability of contracting certain diseases.
- A factory is an example of industry.
- During a recession, businesses are most likely to reduce investments.
- Product promotion is a business impact on consumers.
- Products made locally are those which support domestic production and economy.
- Analytical framework that can help a company meet its challenge and identify new markets is a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.
- Businesses influence household income by providing employment and wages.
- Rising interest rates generally increase the cost of borrowing for businesses.
- Business infrastructure development helps a community by improving connectivity and attracting new investments.
- A cooperative is organized by people with similar needs to provide goods or services or jointly use available resources to improve income.
- Education influences the type of occupation a person can get and, ultimately, their income level.
- Demographic segmentation describes the target customers as to age, income group, geographical location, and occupations.
- Increased competition is a negative impact on business.
- Affecting Filpino culture by economic situaiton is a PEST analysis.
- Output is the product created as a result of the combination of the input in the production process.
- A change in exchange rates can make goods more expensive.
- Providing quality products is a way a business can positively impact the consumer.
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