question

Land, labor, capital, entrepreneurship and knowledge are known as ____________________.

answer

Factors of production

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Otherwise known as ______________ this refers to buying and selling products and services over the Internet

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E-commerce

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_________________refers to the general well-being of a society in terms of freedom, a clean natural environment, education, health care, safety, free time, and rewards that add to the satisfaction and joy that other goods and services provide.

answer

Quality of life

question

An __________ is the person who risks time and money to start and manage a business.

answer

Entrepreneur

question

Products that are intangible, such as education, heath care, insurance, recreation and travel and tourism are known as____________.

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Services

question

A __________is any activity which seeks to provide goods and services to others while operating at a profit.

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Business

question

When a business's expenses are more than its revenues a ________has occurred.

answer

Loss

question

Entrepreneurs take a _______ when they take the chance that they will lose time and money on a business that may not prove to be profitable.

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Risk

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A society's ________________________ is the amount of goods and services people can buy with the money they have.

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Standard of living

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A ____________ is an organization whose goals do not include making a personal profit for its owners or organizers.

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Nonprofit organization

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An electronic storage file where information is kept is known a(n) _______________.

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Database

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When we study _____________, we are looking at a statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender and income.

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Demography

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Known as ________________, this means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.

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Empowerment

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Computers, food, clothing, cars, and appliances are tangible products known as _________.

answer

Goods

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________ is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

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Profit

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A business's________ are all the people who stand to gain or lose by its policies and activities and whose concerns the business needs to address.

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Stakeholders

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The total amount of money a business takes in during a given period by selling goods and services is called _________________.

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Revenue

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_________________ is considered to be everything that makes business processes more effective, efficient and productive, such as phones, copiers, computers, medical imaging devices, personal digital assistants and various software programs.

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Technology

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The surrounding factors of the _______________________ either help or hinder the development of businesses.

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Business environment

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The amount of output you generate given the amount of input such as hours worked is called ______________________.

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Productivity

question

Contracting with other companies to do some or all of the functions of a firm such as accounting or production is known as __________________.

answer

Outsourcing

question

_________________ is obtaining private information about a person, such as Social Security number and credit card numbers, and using that information for illegal purposes.

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Identity theft

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The trend known as _______________ refers to the trend of saving energy and producing products that cause less harm to the environment.

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Greening

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A ________________ is the movement of the temperature of the planet up or down over time.

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Climate change

question

A loss occurs when a company

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has expenses greater than revenues.

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In general, the ______ the risk, the ______ the profit.

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higher/higher

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Taxes would not be used to support which of the following activities?

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Help run a privately owned day care center

question

A clean environment, safety, free time and health care are elements which contribute to our:

answer

quality of life.

question

A list of stakeholders of an organization would include:

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all of the above are stakeholders.

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Insourcing is:

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providing in-house consulting services for employees.

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The number of businesses owned by immigrants, minority groups, and women has ________ in recent years.

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grown

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Which of the following is (are) not considered a factor of production?

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Taxes

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The two factors of production that contribute most to making countries rich are:

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entrepreneurship and use of knowledge.

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To foster entrepreneurial growth governments must:

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pass laws that enable business people to write contracts that are enforceable in court.

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When corruption is evident in governments:

answer

factories are more difficult to build without obtaining a permit through bribery of public officials.

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One of the most serious negative results of the increased use of databases by companies has been:

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an increase in identity theft.

question

Efficiency means

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producing items using the least amount of resources.

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What must companies do to be competitive in today's market?

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offer high quality products and outstanding service at competitive prices.

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One of the results of the increase in the older population of the United States is:

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a future problem for the Social Security system.

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Increased diversity of the population of the United States has

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led to companies with more diverse workforces.

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Among the changes resulting from increased global trade are:

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improved living standards around the world.

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The impact of war and terrorism on U.S. business is that:

answer

companies have grown more slowly as money has been diverted to the war effort in Iraq.

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Since the mid-1980s, the ________ has generated most of the increases in employment in the United States.

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service sector

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The new era of business will:

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be an information based global revolution that will impact all sectors of the economy.

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The five factors of production are:

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a. land and other natural resources b. labor c. capital, such as, machines tools, and buildings. It does NOT include money. d. entrepreneurship e. knowledge

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The five factors in the business environment are:

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a. the economic and legal environment b. the technological environment c. the competitive environment d. the social environment e. the global business environment

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Governments can increase entrepreneurship by:

answer

a. keeping taxes and regulations to a minimum. b. allowing private ownership of businesses. c. minimizing interference with the free exchange of goods and services. d. passing laws that enable business people to write contracts that are enforceable in court. e. establishing a currency that is tradable on world markets. f. minimizing corruption.

question

The two major types of e-commerce transactions are:

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a. business-to-consumer (B2C) b. business-to-business (B2B).

question

The social environment is changing through:

answer

a. increased diversity b. an increase in the number of older Americans c. more single parent families

question

Two important global environmental changes have been:

answer

a. the growth of international competition b. the increase of free trade among nations

question

World trade has grown thanks to:

answer

a. more efficient distribution systems b. communication advances such as the Internet

question

Goods

answer

Tangible products such as computers, food, clothing, cars and appliances.

question

Services

answer

Intangible products (that can't be held in your hand) like education, healthcare, insurance, recreation and travel.

question

Business

answer

Any activity that seeks to provide goods and services to others while operating at a profit.

question

Entrepreneur

answer

A person who risks time and money to start and manage a business.

question

Success in business is often based on:

answer

the strategy of finding a need and filling it.

question

The U.S. has one of the highest _________ in the world.

answer

standards of living

question

Workers in other countries may make more money, but

answer

prices for products are higher.

question

Who are Stakeholders?

answer

Customers, Employees, Stockholders, Suppliers, Dealers, Community Members, Media, Elected Officials, Bankers, Environmentalists

question

Social entrepreneurs use

answer

business principles to start and manage not-for-profit organizations to address social issues.

question

The UPS and DOWNS or entrepreneurship

answer

The UPS -The freedom to succeed. -Make your own decisions. -High possibility of wealth. -Hire your own staff. The DOWNS -The freedom to fail. -No paid vacations. -No health insurance. -No daycare.

question

Government can promote business by

answer

Minimizing spending and keeping taxes and regulations to a minimum. Allowing private ownership of businesses. Minimizing interference with the free exchange of goods and services. Passing laws that enable businesspeople to write enforceable contracts. Establishing a currency that's tradable in world markets. Minimizing corruption.

question

Effectiveness

answer

Producing the desired result.

question

Productivity

answer

The amount of output you generate given the amount of input (example: hours you work).

question

Customers want _______ at a good price with excellent customer service.

answer

quality products

question

U.S Populations Changes

answer

1. Diversity has grown from just recruiting minority and female workers. 2. Population shifts are creating opportunities for some and limiting others. 3. Growth of single-parent households have encouraged businesses to implement programs such as family leave and flextime.

question

Global Environment Changes

answer

Growth of global competition. Increase of free trade among nations. Development of efficient distribution systems. Advances in communication systems.

question

Global Environment Costs:

answer

Wars, like those in Iraq and Afghanistan, cost billions of dollars. Tax money is diverted. Cost of security goes up. Cost of insurance goes up.

question

Global Greening:

answer

*Climate Change*:Movement of the temperature of the planet up or down over time. *Greening*: Trend toward saving energy and producing products that cause less harm to the environment. -Many companies like GE, Coca-Cola, British Airways and Shell are adopting green practices.

question

Evolution of Business

answer

Agriculture Era Manufacturing Era Service Era Information-Based Era

question

Agriculture Era

answer

-In the 1800s, the agricultural industry led economic development. -Technology, like the harvester and cotton gin, changed the farming industry making it more efficient. -This led to fewer farmers with larger farms.

question

Manufacturing Era

answer

-Industrialization in the 19th and 20th centuries moved jobs from farms to factories. -As technology improved productivity, fewer workers were needed in factories.

question

Service Era

answer

-Make up about 70% of the U.S. economy. -Since the mid-1980s, the service industry generated almost all the increases in employment. -More high-paying jobs in service industries.

question

Information

answer

Based Era-IT affects: -Agriculture -Industry -Service

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