Unit 1 Chapter 1 Flashcards
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The four factors of production are natural resources, capital, human resources, and entrepreneurship.
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True
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Diversity, the aging population, rising worker expectations, ethics, and social responsibility are all challenges for human resource managers in recruiting, training, and managing employees.
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True
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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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Entrepreneurs
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Create benefits for others while seeking profit for themselves.
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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
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_____ boomed as mass production took hold during the Industrial Revolution.
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Factory Production
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All of the following are examples of the five distinct eras of American business history EXCEPT the
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Technology Era
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During the marketing era consumers found
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More choices for goods and services.
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Nonprofit organizations are not in the business of
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Financial Gain
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The five key dimensions of the broader business environment include
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1. Economic 2. Competitive 3. Technological 4. Social 5. Global.
