Sophia BUSN100 Unit 1 Challenge 1 Latest 2022 September

BUSN100 Basics of Business

Unit 1 Challenge 1

1.            What Is Business? Determine the key characteristics of business.

Which of the following goals differentiates entrepreneurs from other small business owners?

a.) Develop the business to provide a quality of life

b.) Develop the business to satisfy a need

c.) Primary goal is growth and expansion

d.) Primary goal is to make a profit

2. Business Environments

Understand the business environment.

Which of the following considerations is related to economic environment?

1. Mobile usage has increased, which means more people will be interested in downloading apps.
2. Employment levels are up, which means more people are spending money by visiting attractions in the city.

c.) More countries have improved technology infrastructures, which makes using apps around the world easier.

d.) State officials have suggested legislation to simplify regulations that small businesses must follow.

3 .Economic Systems

Identify economic systems and factors of production.

Which of the following is an example of capital?

1. Secret recipe for the custom tea blend sold in the store
2. Money needed for day-to-day operations
3. Espresso machines used to make coffee drinks
4. The baristas that make and serve the beverages sold at Tarheel Coffee

 4. Supply and Demand Economics

Determine the effects of supply and demand on different economies.

Which of the following is true in a monopoly?

a.) Business owners should focus on pricing products correctly so customers will choose it over other products.

b.) Business owners should bring their products to market quickly, before another company can create a similar product.

c.) Business owners should use marketing to emphasize the unique features offered by their products.

d.) Business owners should focus on other business functions, since advertising will not impact the success of their products.