Introduction to Business International Edition 10th Edition by William M. Pride – Test Bank
CHAPTER 1
An Introduction to The Business and The Economy
LEARNING OBJECTIVES
- 1. Discuss your future in the world of business.
- 2. Define business and identify potential risks and rewards.
- 3. Define economics and describe the two types of economic systems: capitalism and command economy.
- 4. Identify the ways to measure economic performance.
- 5. Outline the four types of competition.
- 6. Summarize the factors that affect the business environment and the challenges that American businesses will encounter in the future.
ESSAY QUESTIONS
Your Future in the Changing World of Business
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LO: 1 Page: 5–7 AACSB: Communication |
1. In your own words, describe four reasons why someone should study business. |
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LO: 1 Page: 8 AACSB: Communication |
2. Explain how you can improve your course grade and become more successful in this course. |
Business: A Definition
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LO: 2 Page: 9–11 AACSB: Communication |
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the business if any one were left out? |
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LO: 2 Page: 10 AACSB: Reflective Thinking |
4. What is profit, and why is it important to a business? |
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LO: 2 Page: 10 AACSB: Analytic |
5. Assume that you are the owner of Metro South Furniture and that you lost $100,000 last year. What steps could you take to become more profitable over the next twelve months? |
Types of Economic Systems
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LO: 3 Page: 11–12 AACSB: Reflective Thinking |
6. Explain how an entrepreneur could use the factors of production to start a successful small business. |
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LO: 3 Page: 12–16 AACSB: Reflective Thinking |
7. Explain how the basic economic questions are answered in capitalistic and command economies. |
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LO: 3 Page: 13 AACSB: Reflective Thinking |
8. Why do we say that the U.S. economy is a mixed economy? |
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LO: 3 Page: 15–16 AACSB: Reflective Thinking |
9. How does socialism differ from communism? |
Measuring Economic Performance
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