Cole Jasmin

Introduction to Business
Chapter 6 – Characteristics of Business
Once you have viewed the power point in Canvas, complete the following questions.
Review Business Management Terms – Answers pg. 160
1) M
2) I
3) C
4) L
5) Q
6) O
7) H
8) G
9) N
10) K
11) J
12) E
13) D
14) B
Review Business Management Concepts – Answers pg. 161
15) D
16) D
17) B
18) C
19) B
20) A/B
Apply What You Know – Answers pg 161 (Type Questions before the Answers …)
21) Why is the supply and demand of products important to both businesses and consumers?
Supply and demand effect producers because if there is not enough supply, that means that the
business or organization doesn’t have enough stock to sell to meet the demand for that product,
which would generally drive prices up, which effects consumers. If a business or organization has
excess supply, the price will be driven down which also effects consumers.
22) Why do you believe some innovations are successful whereas others are not?
Innovations taking off is all about the market taking to the innovation. I believe timing is a big part of
whether or not an innovation will be successful, as the only way for an innovation to take off is for the
market to take to it and see a need for that good. If there is no market or demand for an innovation, it
will not be successful.
 23) Do you believe that U.S. businesses are getting better at meeting the challenges of global
competition? Why or why not?
Yes, I think US industries are getting better at meeting the challenges of global competition. An
example can be found in this chapter, as the textbook describes US businesses as getting better at
matching global car manufacturing competition.
24)Do you believe it is more important for a business to be more effective, more efficient, or try to
balance both? Justify your choice.
It is extremely important for a business to find a balance of effectiveness and efficiency. If a business
only prioritizes running an effective operation, the business’ operation may slow too much, which
would drive their supply down. If the supply is too low, the business would be forced to drive their
prices up which would turn consumers away. If a business strictly prioritizes efficiency, the business’
quality of product may fall so much that it turns consumers away to other alternatives.
25)Why do you believe employees would want to work in a business that believes in employee
empowerment even when it often means more work and responsibility?
Employees would like to work in a business that believes in employee empowerment even when it
often means more work and responsibility because they are happier at work if they feel involved and
important. Giving an employee more responsibility and more say can drive their enthusiasm about
work up and have employees more excited about work.
Making Academic Connections pg 162 – Question #26

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Source: https://www.ibisworld.com/united-states/industry-trends/industries-largest-number-of-
businesses/