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Questions and Answers
What is one method of finance a business could use to grow?
How can a business use the design mix when developing products?
Which method can an expanding business use for internal growth?
What is one way a government can protect domestic businesses from foreign imports?
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How can a business act more ethically?
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What is an advantage of using a bank loan for business growth?
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Why might a business redesign a product when using the design mix?
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What could be a result of imposing tariffs on imported goods?
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Study Notes
Business Growth and Finance
- A business could use a bank loan to finance growth, borrowing a set amount for a fixed period and repaying with interest in installments.
Product Development
- The design mix is a tool used to balance cost, function, and aesthetics when developing new products.
- Businesses can use the design mix to decide on the right balance between these factors, redesigning products to make them more affordable if necessary.
Internal Growth
- Developing new products is a method of internal growth, which involves adding features to existing products based on market research.
Government Protection
- Governments can protect domestic businesses from foreign imports by imposing tariffs on imported goods, increasing their price and making domestic products more competitive.
Ethical Business Practices
- Businesses can act more ethically by using fair trade suppliers, paying higher prices to producers in less developed countries and improving the standard of living of their communities.
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Description
Quiz questions on business finance methods, including bank loans and other approaches. Answer format requires identification and explanation of methods.
