1.1.1 The dynamic nature of business

Card 1 of 12 0 got it 0 still learning

Question

TapClick or press space to see the answer

Answer

All 12 cards in this set

Which reason best explains why businesses exist?: To satisfy customers' needs and wants
Which outcome of technological change leads directly to new business ideas?: Creation of new products or services
Why do changes in consumer tastes lead to new businesses?: They create demand for different products
What does it mean when a product becomes obsolete?: It is no longer wanted or useful
How can personal experience lead to a business idea?: By spotting everyday problems to solve
Which best describes an original business idea?: A completely new invention or solution
What does adapting an existing product involve?: Improving features to meet new needs
How does innovation help a business?: Gives a competitive advantage over rivals
Which example shows technology changing an industry?: Music moving from CDs to streaming
Why does internet shopping let new enterprises start easily?: It lowers costs for reaching customers
How do changes in society like health concerns affect businesses?: They push firms to adapt products
What happens when established companies fail to adapt?: They can lose customers and fail

Round complete