For Some Small Businesses, a Recent Trend for Going Global

question 5

Multiple Choice

For some small businesses, a recent trend for going global is to

• A) be closer to large clients.
• B) extend a product life.
• C) find raw materials.
• D) reduce transportation costs.

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Definitions:

Employment Decline

A situation where the number of employed individuals in the economy decreases, often measured over a specific period, which can indicate economic downturns or industrial shifts.

Elasticity

A measure of how much the demand or supply of a product changes in response to a change in price or other economic variables.

Resource Demand

The desire and ability of producers to acquire resources or inputs necessary for production.

Production Substitute

An alternative product or process that can be used in place of another in production, often to save costs or improve efficiency.