Which of the following is not a definition of a "market"?
- A geographical area where buyers and sellers come together to trade
- Competition to sell a certain type of product
- A type of customer demographic
- Offering short-term price reductions to entice customers
What term is used to describe the cost inclurred when borrowing money?
- Overdraft
- Mortgage
- Interest
- Finance
What is the main impact of economic factors on a business?
- Shaping the company's organisational structure
- Influencing financial performance and profitability
- Increasing competition in the market
- Enhancing employee motivation
How does increased customer demand during the holiday season affect businesses?
- It decreases the need for marketing efforts
- It can lead to higher sales and revenue
- It results in lower competition
- It has no impact on business operations
A business might adapt its products or services to meet the needs of a growing elderly population. This is an example of:
- Demographic influence
- Technological advancement
- Economic factors
- Government regulations
The introduction of new tax regulations by the government can be considered a(n) __________ influence on business.
- Economic
- Social
- Political
- Technological
How can a business use social media trends to its advantage?
- By reducing supply chain disruptions
- By enhancing environmental sustainability
- By influencing consumer behaviour and engagement
- By changing product quality
Which would be an appropriate way for a business to communicate with shareholders?
- App
- Social media
- Email
- Live chat
Which of the following is an example of a legal influence on business?
- Changes in consumer preferences
- Environmental regulations
- Technological advancements
- Economic factors
If prices rise faster than customer income…
- … sales of luxury goods will increase
- … customers will have more money to spend on things they need
- … customers will have less to spend on things they want
- … sales of luxury goods will increase
