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Intro to Business: Chapter 1
Terms in this set (56)
A business tries to earn a profit by providing ______ and ______that satisfy people's needs and wants.
An important difference between goods and services is that a product such as a car is a(n)______ and can be touched, whereas a(n) ______ such as insurance is intangible and cannot.
An intangible product such as health care is a(n)
Which of the following products are classified as a service?
Plane flight to Ireland
Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as its __________, and the money needed to operate it, known as its __________.
The total amount of money a business takes in during a given period by selling goods and services is its
Businesses provide help to the communities they are in by helping to provide _____, services, and jobs.
When a company contracts with other companies, sometimes in another country, to do some or all of its functions, it is called
Nonprofit organizations are:
Founded to make a contribution to the welfare of society
Whether working for a nonprofit such as the Red Cross or a company with the goal of making profits such as Macy's, managers need
The same management skills
The difference between a company's revenues and the expenses needed to operate the business is its:
Profit or loss
Having a plentiful supply of any one factor of production such as labor isn't as important today as a combination of _____ and _____.
Dealing with a diverse workforce requires managers to:
Be sensitive to workers and cultures around the world
A benefit of globalization is that living standards have improved in many countries such as China and India. A cost of globalization is that
Those countries have become strong competitors to US companies
Globalization has occurred because of:
Advances in communication
Efficient distribution systems
Expenditures on war and terrorism have:
Increased risks for businesses
Drained money from the economy
Which of the following statements are true of the ways that war and terrorism affect businesses?
Companies that make armaments do well
Companies that manufacture uniforms do well
Companies such as airplanes pay more for insurance
One of the ways government can encourage business is to provide _______ that is easily exchanged or traded for that of other countries.
When workers are more productive, they are more valuable to a company because they:
Lower the cost of producing goods and services
Online sales have had a major impact on the B2C market, but are even more important to the ______ market.
Bar codes on products purchased help retailers build a(n) ______ about customer preferences.
Businesses that send catalogs and direct mail advertising often buy information about consumers that is collected in an electronic ________ that tells them what customers buy and from whom they buy merchandise.
It is important to empower front-line workers because they most often interact with which group of stakeholders?
Examples of demographic statistics are:
Age, income level, and gender
Race and national origin
Our understanding of diversity has expanded beyond minority groups and women to include:
Seniors and the disabled
T/F: People between the ages of 65-74 are currently the richest demographic group in the United States.
To balance the money coming in with that going out of the Social Security program by 2017:
Government will have to raise taxes, reduce benefits, spend less on other programs, or borrow on the world market
Some businesses have responded to demographic changes, such as the increase in single parent households, by
Creating flexible schedules
Offering family leave time
The global environment affects all of the other environmental influences such as the economic, legal, and social environments because:
The increase in free trade among nations and technological changes have created globalization and increased competition
A benefit of globalization is that it has greatly improved the standard of living:
Around the world
Managers today must be sensitive to differing cultural backgrounds because:
The workforce is increasingly diverse, with workers around the world
The growth of the segment of the population known as Seniors, which has more wealth than others in the US, offers many opportunities for new ______ and ______.
Some companies who produce armaments have benefited from the wars in Iraq and Afghanistan, whereas other:
Have lost workers and added costly safety equipment and procedures
The sector of the economy that has more high paying jobs than the others is:
the service sector
Many of the high-paying jobs in the service sector include those in
Projections are that although service jobs are growing now, the economy is continuing to evolve to one based on the information based global revolution. The best strategy for college graduates is to:
Remain flexible and see where new jobs are being created
Changes in the technological environment create increases in worldwide _______ in all sectors of the economy, creating exciting challenges for future leaders.
Since the 1800s the United States has:
Experienced strong economic growth
The increase in farm ______ as a result of the invention of the harvester and other farm equipment has increased the world's food supplies.
As the economy evolves, the use of new technologies means the need for jobs in some industries disappears and:
Workers may lose their jobs in one industry, but then have different opportunities
There are more jobs available today in the service sector of the economy because:
It has the fastest growing businesses in the economy today
The ______ sector generates about 80 percent of the value of the US economy.
The more an employee can ______ in any given period, the more the employee is worth to a company.
The Internet has affected business because the explosion of B2B and B2C transactions means that:
Websites have become as important as stores in our economy
The factors of production include:
Some countries are richer than others today because
Their entrepreneurs are willing to take risks to build their wealth
They have entrepreneurs who are willing to take risks
They have entrepreneurs who are able to successfully use their knowledge
Farmers are making their farms more productive by using high-tech equipment to
Calculate how much fertilizer to use
Calculate how much seed to use and where to spread it
Track yields yard by yard
Balancing the needs of stakeholders is a constant challenge for management. For instance, a company may find it cheeper to outsource several functions to offshore supplies to increase profits. Which stakeholders would benefit from that?
CEOs and top managers
Outsourcing a department's work to another country to increase profits requires a business to balance the needs of its ______ against those of another group of its _______.
When a company such as Toyota or Hyundai opens a design or production facility in the United States, we see it as _______.
A company must balance the needs of its stakeholders. For instance, although the government and environmentalists want pollutants disposed of safely.
Stockholders may not want to pay the increased costs.
If you limit those to whom you give personal information such as Social Security numbers and birth dates, you can limit the potential for______________.
Many countries have large quantities of one or more factors of production, but have not been successful in accumulating wealth because:
They lack entrepreneurship and knowledge to use the other resources effectively
US consumers benefit from having products made in China or India because lower labor costs keep prices ______ in stores such as Walmart.
Improved technology since the 1800s improved farm productivity:
and led to large-scale farming
Bailey risked investing in a food truck because there was an opportunity to make a ________.
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