Impact of the Internet on Business and Markets

The video discusses the transformative impact of the internet, comparing it to the invention of the printed book and the computer. It highlights how the internet has connected the world, enabling small businesses to reach global markets and create new ones based on shared interests. An example is given of how buying boats has shifted from local searches to online platforms, showcasing the internet's role in changing business practices.

Why is the internet considered a more profound invention than the printed book?

• It is easier to use than a computer.

• It connects the world in a single cloud.

• It was invented before the computer.

• It allows for faster printing of books.

How has the internet changed the way small businesses operate?

• By enabling them to reach global markets.

• By increasing their local competition.

• By making it harder to find customers.

• By limiting their market reach.

What is one way the internet has created new markets?

• By decreasing the number of available products.

• By making products more expensive.

• By allowing people to share common interests online.

• By reducing the need for social interaction.

What example is given to illustrate the change in buying and selling due to the internet?

• Shopping for electronics in a store.

• Buying groceries online.

• Ordering clothes from a catalog.

• Purchasing boats online.

How did people traditionally buy boats before the internet?

• By visiting multiple boat shows.

• By driving around boat yards and checking local ads.

• By calling boat manufacturers directly.

• By ordering from a catalog.

What is a significant change in business practices due to the internet?

• Businesses can now easily ship products worldwide.

• Businesses have stopped using traditional advertising.

• Businesses now rely solely on local customers.

• Businesses have reduced their product offerings.