Bus 1 – Flashcard
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A negative aspect of the entrepreneurship era was that
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Powerful businesses gained the ability to manipulate prices and exploit workers.
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A type of nonprofit organization would be a
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Museum
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A _ is any activity that provides goods and services in an effort to earn a profit
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Business
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All of the following are examples of the 5 distinct eras of American business
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Industrial Revolution, Entrepreneurship, Relational
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A factor of production, capital would include
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Machines, tools, buildings, and technology.
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As products flooded the market after WW2, firms responded by
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Branding their products to create distinctive identities.
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Business will incur a _ when expenses are higher than revenue.
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Loss
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Cosmetico Inco. launched low-priced cosmetic goods for people in poor countries. These products increased the _ for these customers.
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Quality of Life
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During the marketing era consumers found
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More choices for goods and services.
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During the production era, companies continued to implement new technologies to streamline production processes. Although there were many changes, the primary focus resulted in
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Job specialization, efficiencies, and refinement
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Entrepreneurs need economic freedom to thrive. Those freedoms include
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freedom of choice, freedom from excess regulation, and freedom from to much taxation.
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During what era did businesses began to dominate their markets, forcing out competitors, manipulating prices, which lead government to pass laws regulating business.
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Entrepreneurship Era
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Natural resources include
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All inputs offering value in their natural state such as land, fresh water, wind and mineral deposits.
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Nonprofit organizations are not in the business of
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financial gain
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A company is leasing computers, copiers, scanners, and printers. These items represent their need for?
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Capital
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Marketing era introduced
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Marketing Concept
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Relationship era introduced the idea
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That cultivating current customers is more profitable than always seeking new ones.
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Which of the following statements is most consistent with the marketing concept?
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All aspects of a business organization should focus on the needs of the customer.
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__ boomed as mass production took hold during the Industrial Revolution
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Factory Production
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__ refers to the quality and quantity of products and goods available to a population at a given time.
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Standard of Living.
