Mini Exam – Chapters 1 – 4
Short Answer – Mind your time
Answer one question from each Pool (1-4). Answer a fifth question from
Pool 5 for extra credit. Question point count weighted equally.
Demonstrate / synthesize the bigger picture of business from within our economic framework.
1. Describe how governments can foster entrepreneurship and encourage the creation of wealth. 2. Trace the evolution of American business. Identify the key trends, and discuss the implications these
trends have for the future.
3. Competition among businesses has never been greater. Identify and describe several ways that businesses can become more competitive.
1. Discuss the views of economist Adam Smith. How does the “invisible hand” philosophy suggested by Smith benefit society as a whole?
2. Identify and describe the four (4) basic rights that form the foundation of capitalism. 3. Design / draw / diagram the fundamental aspects of all economic systems. Talk briefly to your diagram.
1. Fully explain the difference between comparative and absolute advantage in global markets. 2. Define offshore outsourcing and explain its pros and cons. 3. Identify the three questions that an ethics-based manager should ask when facing a potentially unethical
action, and provide an example situation where you would use these questions to evaluate a decision.
1. Social / Ethical Scale (not slope). We viewed, diagramed and discussed two opposing forces that stress business fabric / ethical action. Draw and discuss as appropriate.
2. We chose to focus in upon two basic ethical theories / worldviews that guide the decisions that people make – in business and in all walks of life. Name each and briefly describe the importance of each in a
3. Briefly define Business Ethics and then describe the framework of Corporate Social Responsibility. Drawings welcomed.
1. Describe what we mean by greening and thinking green. List several ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this
2. What is demography? Identify several demographic trends in the United States and discuss how they will
impact / influence / affect U.S. businesses.