Business C&L Review for FINAL Exam 2025

The value of the next-best alternative that you do not choose is called ________________ in economics?

• Interest rate

• Inflation

• tariff

• opportunity cost

What is the difference between an entrepreneur and an intrapreneur?

What is the difference between innovation and improvement?

Social responsibility in the business world refers to:

• Maximizing profits at any cost

• Engaging in ethical practices and contributing to community welfare

• Ignoring environmental regulations

• Focusing solely on shareholder value

What is a trade barrier?

• A restriction on international trade

• A type of financial market

• A form of domestic policy

• A method of currency exchange

Define: Supply

• The total amount of a product available in the market

• The demand for a product in the market

• The price of a product in the market

• The quality of a product in the market

Define: Demand

• The desire to own something and the ability to pay for it

• The amount of goods available

• The cost of production

• The supply of goods

Define: Market price

• The current price at which an asset or service can be bought or sold

• The price set by the government for a product

• The price at which a product was originally purchased

• The price at which a product is sold after a discount

Match the following factors with their descriptions:

• The value of one currency for the purpose of conversion to another

• Exchange rates

• The rate at which the general level of prices for goods and services is rising

• Interest Rates

• Rates set by central banks that influence the cost of borrowing money

• Inflation

Which is broader, international business or globalization?