Business 101 Chapter 1Quiz – 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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_____ boomed as mass production took hold during the Industrial Revolution.
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Factory production
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The examples of the five distinct eras of American business history are
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- The Industrial Revolution - The Entrepreneurship Era - The Production Era - The Marketing Era - The Relationship 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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- Economic - Competitive - Technological - Social - Global
