Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

A charitable organization,whose goals do not include making a personal profit for its owners or organizers,such as the Red Cross or the Salvation Army,is best classified as a small business. A charitable organization is not classified as a business since it does not seek a profit.Charities are classified as nonprofit organizations.

One way an organization can restructure to better meet the needs of customers is to train front-line people to make decisions within certain limits.

The statistical study of human population to learn its size,density,and characteristics is called:

An intangible product such as health care or insurance is a ________.

In countries where businesses are government owned:

Looking at Canada's overall population,almost 20% of the entire population is made up of people born outside of Canada.

E-commerce is the buying and selling of products and services by businesses and consumers over the Internet.

Increases in productivity have allowed fewer farmers to feed more and more people.

The trend toward saving energy and producing products that cause less harm to the environment is known as what?

Businesses need to be aware of the laws that are in place (or may be passed)that will affect their business.What can a government do to encourage entrepreneurship and increase wealth?

The example of Don Glenn,a farmer using his computer to compare data from the previous year's harvest with satellite photos of his farm to know which crops are flourishing is an example of what?

One way for governments to promote entrepreneurship is to allow private ownership of businesses.

If they wish to create more wealth,poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge. Poor nations often have plenty of labour and land,as well as access to capital.However,the absence of entrepreneurship and knowledgeable workers seems to be the reason that most poor countries remain poor.

Some growth in the service sector has come after large manufacturers contracted out some jobs.

If a business' costs and expenses are greater than its revenue,it will suffer a loss.

Today,the issue for companies is global warming,but in the future the issue may become global cooling.

Trace the evolution of Canadian business.Identify the key trends,and discuss the implications these trends have for the future.

___________ refers to the amount of output generated with a given amount of input,e.g.,number of pizzas produced per worker per hour.

Companies that sell goods to consumers over the Internet are engaging in:

Describe several ways that governments can foster entrepreneurship and encourage the creation of wealth.