Madison Williams

Business Management
Chapter 6
10/12/23

Review Business Management Terms

1. M. Marketing
2. I. Goods-producing businesses
3. C. Efficiency
4. L. Innovation
5. Q. Service Business
6. O. Production
7. H. Global Competition
8. G. Franchisor
9. N. Output
10. K. Industry
11. J. GDP
12. E. Foreign Goods
13. D. Entrepreneur
14. B. Downsize

Review Business Management Concepts

15. C. Profit
16. D. An innovation
17. B. US manufacturers improved quality and efficiency
18. A. Hires managers with college degrees
19. B. Setting a lower price than competitors
20. A. China

Apply What You Know

21. Why is the supply and demand of products important to both businesses and
consumers?
Supply and demand can greatly affect the cost of goods and services. Each has an effect on
each other both to producers and consumers.
22. Why do you believe some innovations are successful whereas others are not?
The success of an innovation can depend on whether or not it is a need or want of the general
public. If people have no use for a product it will not sell.
23. Do you believe that U.S. businesses are getting better at meeting the challenges of
global competition? Why or why not?
Yes, the addition of new technology, faster production, and higher quality items has increased
the United States ability to compete with other countries as they grow and develop.
 24. Do you believe it is more important for a business to be more effective, be more efficient,
or try to balance both? Justify your choice.
To be successful I believe you need a good balance of both. If you are creating a large amount
of product but they are all unusable or worse then your competitors you will not sell many but on
the other hand, if you are creating only a few really good quality products you will have to
charge more than the competition and not everyone values perfect quality at such a high price
25. Why do you believe employees would want to work in a business that believes in
empowerment even when it often means more work and responsibility.
People value feeling good and happy in their workplace. If that means a little more work people
often believe that their well-being is worth that extra workload.

Make Academic Connections (Question #26)