Ch. 1 (Business Environment)

Question 1

the business environment consists of …

Answer 1

the surrounding factors that either help or hinder the development of business

Question 2

list the five factors of the business environment

Answer 2

economic, technological, social, competitive and legal

Question 3

describe the legal and regulator environment (regulations)

Answer 3

regulations are laws and rules (made by politicians) which effect how business can operate

Question 4

list the three examples of laws

Answer 4

Canada small business financing act, the consumer packaging and labelling act, the trade union

Question 5

the legal and regulatory environment covers… (3)

Answer 5

freedom of ownership, contract laws and elimination of corruption

Question 6

describe the competition act

Answer 6

preventative measure against monopoly

Question 7

the economic environment looks at … (3.5)

Answer 7

income, expenditures, and resources that affect the cost of running a business

Question 8

businesses review: the results of …

Answer 8

the results of major economic indicators such as a consumer spending, employment levels and productivity

Question 9

the economic environment covers … (4)

Answer 9

tradable currency, minimum taxes and regulation, imports and exports and employment levels and productivity

Question 10

what is “foreign exchange”?

Answer 10

the movement of a country’s currency relative to other currencies also pertains to the economic environment

Question 11

another aspect of the economic environment is the …

Answer 11

degree of entrepreneurship that is present

Question 12

technology refers to …

Answer 12

inventions or innovations from applied science or engineering research

Question 13

technology covers … (6)

Answer 13

information and technology, databases, bar codes, the internet, wireless communication and social media

Question 14

what about technology affects productivity?

Answer 14

the use and application of tech

Question 15

productivity is …

Answer 15

the amount of output you generate given the amount of input

Question 16

(productivity) effectiveness means …

Answer 16

producing the desired results

Question 17

(productivity) efficiency means …

Answer 17

producing goods and services using the least amount of resources

Question 18

(Technological Environment) there are several major types of e-commerce transactions: (4)

Answer 18

Business-to-consumer (B2C), Business-to-business (B2B), Business-to-government (B2G) and Government-to-consumers (G2C)

Question 19

B2C is the …

Answer 19

regular business that companies do online with individual customers

Question 20

B2B is …

Answer 20

business doing business with other businesses

Question 21

B2G means …

Answer 21

the business that companies do with government agencies and departments to supply goods and services

Question 22

G2C refers to …

Answer 22

the business that government does online with people, such as renewing licenses or applying for permits

Question 23

E-Business refers to …

Answer 23

a wide range of business activities on the web from simple posting of product photos to B2B marketplaces

Question 24

E-commerce refers to …

Answer 24

the websites that allow transactions so that customers can buy products online

Question 25

generally, e-commerce is considered ...

Answer 25

a subset of e-business

Question 26

define "identity theft"

Answer 26

the act of obtaining personal information about a person (such as social insurance number and or credit card number) and using that information for illegal purposes such as making purchases

Question 27

social media marketing includes which 6 platforms?

Answer 27

YouTube, Facebook, Twitter (X), Instagram, Blogging and microblogs and forums and Pinterest

Question 28

the competitive environment includes ... (4)

Answer 28

customer service, stakeholder recognition, employee service and concern for the environment

Question 29

list the four competitive strategies

Answer 29

exceed customer expectations, deliver faster, restructuring and empowerment, concern for environment

Question 30

social environment- we are particularly interested in ...

Answer 30

the demographic trends that most affect businesses and career choices

Question 31

define "demography"

Answer 31

the statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender, and income

Question 32

social environment includes ...

Answer 32

diversity, demographic changes and family

Question 33

(social environment) more people are living longer due to ... (5)

Answer 33

better medical knowledge and tech, better health habits- proper nutrition, more exercise and a reduction in the number of smokers

Question 34

components of competition (4)

Answer 34

entry into market/barriers, powers of buyers and suppliers, existing competitors and substitutes

Question 35

(global environment) as businesses expand to serve global markets ...

Answer 35

new jobs will be created in both manufacturing and service industries

Question 36

global trade also means... rapid changes create a need for ...

Answer 36

global competition continuous learning

Question 37

(ecological environment) describe a positive outcome of the COVID-19 pandemic

Answer 37

carbon emissions were reduced by 7% as a major industrial and transportation activities were forced to slow down