1. In the Class Notes, globalization is listed as one of the forces of change challenging business organizations. What is the nature of those challenges

A .digital communicatiions (e.g., internet, social media) means that competitors can respond to market opportunities and threats quickly B. digital communicatiions (e.g., internet, social media) means that competitors can respond to market opportunities and threats quickly, and transportation technology (e.g., container ships, intermodal transfers) means that competitors can bring products to market quickly

C. Digital communicatiions (e.g., email, social media) means that competitors can respond to market opportunities and threats quickly, and transportation technology (e.g., container ships, intermodal transfers) means that competitors can bring products to market quickly, and availability of knowledge (e.g., search engines, wikis) means that both customers and competitors are informed about products and services more quickly and thoroughly

2. What happens when competition gets too intense? Is there a tipping point?

	a.	seldom. Under perfect competition, the customer always wins.
	b.	weaker companies get acquired by stronger ones, or they go out of business
	c.	weaker companies get acquired by stronger ones, or they go out of business--and the result is industry consolidation 3. Which of the following is the most effective management approach? establish a structure, one which takes into account the competitiveness of an industry, a company's strengths and weaknesses, and expected profit. Because the business environment is changing all the time, managers should first study the competitiveness of an industry, determine which strategy is most likely to succeed, and then establish a structure that is most likely to succeed 3. What did Karl Marx mean when he wrote about "the means of production?" a.property, plant, equipment, machines, etc. b.assets owned by a business c.the wherewithal to produce a product for sale d.all the above--those terms mean the same thing e.none of the above--those terms do not mean the same thing 4. Why do people do what they do? a. human beings' behavior is determined by their DNA endowment b. human beings' behavior is determined by society c. a and b. The question of the determinants of human behavior is still debated--vigorously. The best answer is probably that behavior is determined by a combination of inherent traits in combination with experience, learning, and social pressures.