BUS 120 Final Review Chapter #1 – Flashcards
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Efficiency in distribution systems around the world has let to
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increased world trade
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Efficiency means
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producing items using the least amount of resources
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Outsourcing is*
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Contracting with other companies to do some or all of the functions of a firm
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airline companies around the world are experiencing increased costs in part due to
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the threat of terrorism
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______ is the amount a business earns after deducting what it spends for salaries and other expenses*
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Profit
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entrepenuers weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass-up are:
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Employer paid benefits such as paid vacation and health insurance
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companies that sell goods to consumers over the internet are ingaging in*
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B2C transactions
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Businesses that produce and sell tangible products such as steel and machines are part of the
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manufacturing industry
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a gain or profit occurs when*
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has revenues greater than expenses
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what must companies do to stay viable and competitive in today's global markets?
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Offer high quality products and outstanding service at competitive prices
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Improved global trade has had the most significant impacts on
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Improved living standards around the world
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Since the mid 1980s, the ______ has generated the least amount of increases in employment in the united states
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manufacturing sector
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Which of the following is a factor of production?*
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Knowledge
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Taxes would be used to support which of the following activites?*
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All of the above (build a new school, support people in need, keep a clean environment)
