SECTION A
QUESTION 1 Multiple-choice questions
1.1 The micro environment includes the components:
A unions and customers
B political and technological environments
Answer: unions and customers
Explanation:
Micro environment simply refers to the nearby environment, where a firm operates. They are the factors in the immediate environment of a firm that affects the decision making of the firm. Examples include customers, competitors, suppliers, unions etc
Macro environment simply means the environment as a whole that affects businesses. They include economic, ecological, demographic, political, technological factors etc.
Type your summary here. Use the Internet to find an article that presents a forecast of the economy's performance in the next three months to a year. Once you have found and read your article, record your summary using the following format in the box below and include the link. Be sure to include the URL links you used as resources in the space below.
Paragraph #1 - Summary of article including the link.
Paragraph #2 - How it relates to entrepreneurship.
Paragraph #3 - Your opinion of whether or not you agree with the prediction and the evidence provided to support the forecast.
The exercise is about summaries. It tests your ability to summarize an article.
What is a Summary?A summary refers to a concise statement or account or report of the key points of an event, story, or literature.
A summary is usually exclusive of details that are not necessary. It focuses on the key points.
The key points of a text are usually found in the introduction and the conclusions of the text. One must however ensure that they read through the entire text to get the true context of what is being summarized.
Learn more about Summaries at:
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Answer:
The article I read was "The World Bank slashes its forecast for global economic growth." by New York Times https://www.nytimes.com/2022/04/18/business/the-world-bank-slashes-its-forecast-for-global-economic-... . To summarize, the estimation made by The World Bank that the economy would grow at a rate of 4.1 percent was revised due to the conflict in Ukraine. The World Bank is now estimating the economy would grow 3.2 percent globally. The article then goes into the effect the conflict will have on consumers.
This topic relates to entrepreneurship because global economic growth benefits entrepreneurs because knowing the projected economic growth can allow business owners to better predict the growth they should expect to see. This is important when examining the statistics of a business because it gives a baseline of comparison to see if the business is successfully growing of if changes need to be made to ensure proper growth.
In my opinion I agree with the prediction, I can see the possible impact the conflict can have on the global growth of the economy. I believe the corrected projection of less than originally thought is appropriate considering the affect the conflict has had on consumers. The reduced stimulation of the economy caused by less consumer interaction will indeed decrease the rate at which the economy will grow.
Explanation:
n/a
Sabrina is trying to decide between opening an account at a local commercial bank or at her college credit union. What TRUE statement about these two institutions will BEST influence her decision?
A.
Since commercial banks are for-profit, they can often keep their costs down, which translates into higher interest rates for savings and lower rates on loans.
B.
Since credit unions are for-profit, they can often keep their costs down, which translates into higher interest rates for savings and lower rates on loans.
C.
Since commercial banks are nonprofit, they can often keep their costs down, which translates into higher interest rates for savings and lower rates on loans.
D.
Since credit unions are nonprofit, they can often keep their costs down, which translates into higher interest rates for savings and lower rates on loans.
Answer:
D.
Since credit unions are nonprofit, they can often keep their costs down, which translates into higher interest rates for savings and lower rates on loans.
Explanation:
I just took the test and got it right
A commercial bank is a type of financial institution that accepts public deposits and grants borrowers loans for profit-making investments and consumption. Hence option C is correct .
What are commercial bank or college credit union ?To distinguish it from a retail bank and an investment bank, it can alsorefer to a bank, or a section of a big bank, that works with corporations or a large/middle-sized firm. Public and private sector banks are both considered commercial banks.
Commercial banks' primary responsibility is to offer financial services to individuals and businesses in order to promote social and economic stability and long-term economic growth.
They are nonprofit, member-owned cooperatives that offer discounts and other member perks in exchange for their profits. For college students, a credit unionoffer some of the lowest interest rates available for all types of loans and credit. Additionally, they provide free and affordable checking and savings accounts.
Learn more about Institution here
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# SPJ 2
Monopolies are inefficient compared to perfectly competitive firms because monopolies produce output with average total cost exceeding average revenue produce output with average total cost exceeding average revenue A produce more output than is social desirable produce more output than is social desirable B charge a price less than marginal revenue charge a price less than marginal revenue C charge a price greater than marginal cost charge a price greater than marginal cost D charge a price less than average total cost
Answer:
C. charge a price greater than marginal cost charge a price greater than marginal cost
Explanation:
A monopoly exists when the person or the enterprise is the sole provider of the goods and commodities. The supplies have complete control of the market as they form a single entity. They are thus characterized by a lack of economic competition. Due to they are monopolies they change higher prices on the outputs rather than the average revenue. Hence are called price setters.Labor arbitration: a. Is promulgated by the employer to resolve statutory claims. b. Gives the employer the dominant power. c. Allows the employer to unilaterally design the procedures and determines that disputes related to employment subjects will be resolved in arbitration. d. Provided for final resolution of disputes interrupting work that contributed to the war effort. e. The decision of the arbitrator involves interpretation and application of company-developed personnel policy or a public law.
Answer:
d. Provided for final resolution of disputes interrupting work that contributed to the war effort.
Explanation:
Labor arbitration refers to a common reference of disputes between the executive management of a business firm (company) and labor unions to an impartial third party known as an arbitrator, for final resolution of the disputes or disagreements.
This ultimately implies that, labor arbitration provided for final resolution of disputes interrupting work that contributed to the war effort.
Basically, it comes as the last step for the resolution of disputes or disagreements with respect to collective-bargaining agreement, after every other measure to reach an agreement (settlement) have been exhausted
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Answer:..................
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