End Of Module Review Packets & Practice Quizzes
Directions: Download the Test Review Worksheets. Then take the practice quizzes. Keep taking these quizzes until you get 100%
Test Review Worksheets |
Practice Quizzes |
Test Questions |
Lesson 3-1: How do businesses decide what products to produce in a private enterprise system? Who makes decisions about products in a controlled economy? Lesson 3-2: A new video game is released. There is extremely high demand, but stores only receive a limited number of copies. a) Explain how limited supply and high demand affect the price. b) Identify two factors that influence demand in this situation. c) Explain how competitors might respond to take advantage of this situation. Lesson 3-3: A company is the only provider of electricity in a region. Another market, like paper clips, has hundreds of sellers offering identical products. a) Identify the type of competition for each example. b) Explain how pricing power differs between these two market structures. c) Describe how marketing strategies would differ between these two businesses. Lesson 3-4: A convenience store places cold drinks in a refrigerator near the checkout counter and offers customers the option to pay using a mobile payment app. a) Identify two types of economic utility being used in this situation. b) Explain how each type of utility increases customer satisfaction. c) Describe one additional way the store could improve utility to increase sales. |
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Lesson 3-5: In North Korea, the government controls most products, limits advertising, and restricts consumer choice. a) Explain how scarcity affects people’s choices in this type of economy. b) Identify what type of economy North Korea has. c) Explain one challenge a business would face when trying to market a product in North Korea. Lesson 3-6: Task: You are a person who is about to do business internationally for the first time. You are nervous if you are going to get ripped off! Investigate how Alibaba's verification (verified suppliers) and review systems enhance the credibility of the suppliers on Alibaba. Directions: Read the article below and answer the task (above) in a well written three paragraph response. Note: You will have access to this article on the test. Lesson 3-7: Why do countries trade with each other instead of making everything themselves? a) Give one reason countries trade. b) Give one benefit of global trade. |
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Lesson 3-8: Task: Read the article and watch the video "Advertising The Elon Musk Way: The GENIUS Marketing Strategy Behind Tesla's Success". Describe Elon Musk's Advertising Strategy From Tesla's Inception in 2008 to present day. Be sure to answer the following points in a well written short essay. - Explain what Elon Musk decided to prioritize instead of advertising. - Explain how Elon Musk was able to get publicity for his companies instead of going the advertising route. - Investigate how Elon Musk's persona and public statements have influenced Tesla's brand perception and marketing strategy. - Critique Elon Musk’s approach to advertising and public relations. How might it differ from traditional marketing strategies, and what could be the long-term effects? Lesson 3-9: What does it mean when demand is elastic vs. inelastic? Lesson 3-10: Garcia’s Taco Bar operates using a lean business model that minimizes costs and relies heavily on Instagram to drive customer traffic. Using evidence from the lesson, evaluate whether this strategy is sustainable long-term. In your answer, explain two advantages of the lean model and two potential risks, and propose one improvement the business could make to strengthen its marketing or supply chain. |