Use the Following to Answer Questions

question 59

Multiple Choice

Use the following to answer questions:
Figure: Shifts in Demand and Supply
-(Figure: Shifts in Demand and Supply) Use Figure: Shifts in Demand and Supply.The figure shows how supply and demand might shift in response to specific events.Suppose the population increases.Which panel BEST describes how this will affect the market for apples?

• A) Panel (a)
• B) Panel (b)
• C) Panel (c)
• D) Panel (d)

Explain the key concepts in capitalism according to Adam Smith, including the invisible hand and competition.

Understand the significance of adapting to customer preferences and technological advancements for business success.

Recognize the impact of competitive differentiation and consumer orientation on business strategies.

Identify the effects of globalization on business operations, including offshoring and global workforce management.

---

Definitions:

Approaches

Methods or strategies employed in dealing with a problem or task.

Technology-enabled Products

Goods or services enhanced with technological features or capabilities, offering additional value or functionality.

Consumer Demand

The desire for particular goods or services that consumers are willing and able to purchase at a given price.

Skimming

A pricing strategy in which a high price is set for a new product to “skim” off customers willing to pay a premium before lowering the price to attract a broader market.