BUSN101 Chapter 1 Final Prep – Flashcards
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The capitalist system relies heavily on honesty, integrity, and high ethical business standards.
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Successful businesses are keenly focused on their customers.
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Companies that outsource research and development and design jobs run the risk of overseas companies using the information to produce competitive products.
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Efficiency in distribution systems around the world has led to increased world trade.
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An entrepreneur is a person who assumes the risk of starting a business.
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Since the beginning of the 1900s, the agricultural sector of the US has experienced a significant drop in employment, mainly because of tremendous improvements in efficiency.
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The new era of business is likely to be dominated by the information-based sector.
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Contemporary governments promote business development by establishing a currency that's tradable in world markets.
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An activity which seeks to earn a profit by providing a good or service is known as a business.
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Retired people will be draining the US economy of wealth. This is due to the fact that there are not enough workers in subsequent generations to support the ongoing drain of older persons into the social security system.
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The threat of terrorism is costly to most firms because it is costly to governments who increase taxes to pay for added protection.
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Minimizing taxes and regulations would tend to foster entrepreneurship.
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Health care, insurance, recreation, and other intangible products are provided by the service industry.
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When we compare the factors of production in wealthy and poor nations, we find wealthy nations have knowledge and entrepreneurial opportunities, while poor nations are often lacking in these areas.
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People between the ages of 65 and 74 represent a lucrative market.
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Quality of life is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
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World class businesses attempt to meet the needs of all their stakeholders.
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The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's stakeholders.
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The global environment is far reaching and affects all the other business environments.
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When businesses sell to other businesses over the internet, these transactions are known as B2B transactions.
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The amount of goods and services people can buy with the money they have is called their standard of living.
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Effectiveness means producing the desired result.
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To implement a policy of empowerment, the organization will restructure so that employees assume more responsibility.
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For-profit businesses and nonprofit organizations are similar in that they both contribute to the welfare of society.
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In today's competitive environment, good value means providing quality products and services at competitive prices.
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The social security system met the needs of our nation when it was conceived, but needs an overhaul.
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The threat of terrorism more often increases the cost of operating a business.
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The total amount of money that businesses take in by selling goods and services is called revenue.
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Empowerment means giving employees the authority to make decisions.
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The service industry represents about 70% of the value of the US economy.
