Lesson 8 - Revision Exercise & Vocab Worksheet (answers)
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H&M is a Swedish multinational clothing retailer that has shops in many cities and countries around the world. It sets up retail shops in different parts of the world to attract more customers and earn more profit. While H&M is headquartered in Sweden, it manufactures its products in other countries where wages and land rents are lower, allowing it to reduce production costs. This globalization of production benefits consumers by allowing H&M to offer lower prices.
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Theories of international trade
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a. director
b. proprietor
c. entrepreneur
d. partner
e. officer
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b. a monopoly.
c. an oligopoly.
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e. Production Era
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a. Global Era.
b. Industrial Revolution.
c. Entrepreneurial Era.
d. Production Era.
e. Marketing Era.
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b. Industrial Revolution
c. Entrepreneurial Era
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As per the rule, I am required to answer first four questions only.
Entrepreneur is the person who arrange all the required resources, put them on the work, accepts
risks and opportunities and operates new business. He is the first promoter of the business and
gives life to his ideas and thoughts.
2. Option B is correct.
Prior to deregulation, the market for electricity in California was like a monopoly. There were
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3.Option B is correct.
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international trade environment
The document discusses several theories of international trade:
1. Absolute advantage and comparative advantage theories describe how countries can benefit from trade based on their relative production efficiencies.
2. The factor endowment theory argues that countries will export goods that intensively use their abundant and cheap factors of production.
3. The product life cycle theory explains how products move through different production and export stages as they mature, from introduction to decline.
4. New trade theory focuses on increasing returns to scale and network effects that allow firms to lower average costs through larger production volumes.
Mba 109 - international business
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Theories of international trade
Mercantilism encouraged exports and discouraged imports to accumulate wealth, usually in gold and silver. Adam Smith argued that free trade and specializing in absolute advantages benefits countries more. Comparative advantage theory extended this by showing even without absolute advantages, all countries gain from trade. Porter's diamond model explains how national competitive advantages arise from factor conditions, demand conditions, related/supporting industries, and firm strategy/rivalry within a country.
Q1. An individual who accepts the risks and opportunities entailed b.pdf
Q1. An individual who accepts the risks and opportunities entailed by creating and operating a
new business is a(n) ___________.
a. director
b. proprietor
c. entrepreneur
d. partner
e. officer
Q2. Prior to deregulation, the market for electricity in California would be best described as
a. perfect competition.
b. a monopoly.
c. an oligopoly.
d. oligopolistic competition.
e. monopolistic competition.
Q3. During which period did mass production reduce duplication of equipment and allow firms
to purchase raw materials at better prices?
a. Colonial Period
b. Industrial Revolution
c. Entrepreneurial Era
d. Production Era
e. Marketing Era
Q4. The Marketing Era saw the advance of the marketing concept. Which of the following does
NOT reflect the thinking behind the marketing concept?
a. The customer is the most important element.
b. A wide array of products should be offered.
c. Producers should find out what the customer wants.
d. Producers should decide what the customer needs.
e. Producers should provide what the customer wants.
Q5. In reality, most countries rely on some form of __________ economy.
a. operation
b. market
c. planned
d. mixed market
e. private
Q6. An industry in which one firm can most efficiently supply all the demand is _______.
a. an illegal monopoly
b. a natural oligopoly
c. a natural monopoly
d. a legal oligopoly
e. a controlled oligopoly
Q7. Of the following periods, which came first?
a. Entrepreneurial Era
b. Industrial Revolution
c. Global Era
d. Marketing Era
e. Production Era
Q8. Technological advances, improved communication, and more efficient transportation
networks contributed to the emergence of the
a. Global Era.
b. Industrial Revolution.
c. Entrepreneurial Era.
d. Production Era.
e. Marketing Era.
Q9. When identifying the factors of product, the term _____________ may also be used to refer
to labor.
a. management resources
b. entrepreneurs
c. human resources
d. production resources
e. contract resources
Q10. Which of the following eras was prompted by increased consumer demand after World
War II?
a. Global Era
b. Industrial Revolution
c. Entrepreneurial Era
d. Production Era
e. Marketing Era
Solution
As per the rule, I am required to answer first four questions only.
Entrepreneur is the person who arrange all the required resources, put them on the work, accepts
risks and opportunities and operates new business. He is the first promoter of the business and
gives life to his ideas and thoughts.
2. Option B is correct.
Prior to deregulation, the market for electricity in California was like a monopoly. There were
only one or two firms and they used to charge very high prices from their customers.
3.Option B is correct.
Mass production was started many years before industrial revolution. But it the industrial
revolution era wherein mass production reduced the duplication of equipment and allowed firms
to purchase raw materials in bulk and at cheaper rates.
4.Option B is correct.
Marketing concept considers consumer i.
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Lesson 10 - Activity 1
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