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

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Charles Malone recently renewed his card membership at DiscountMani A.The card has an annual $40 fee,but Charles believes that it pays for itself because he receives good prices on electronics,contact lenses,and even tires for his car.Shortly after renewing the card,Charles began receiving calls from collection agencies claiming that he owed money.With the help of others,he learned that another Charles Malone also owned a DiscountMania card,and wrote checks with insufficient bank funds when making purchases.DiscountMania had linked Charles' personal information with the other Charles Malone's personal information.Charles experienced _______________.

The U.S.population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Competition is fierce! One way to respond quickly to customer needs is to develop a strategy of empowering employees.

An effort to please one group of stakeholders eventually pleases all stakeholders.

The growth of Hispanic owned businesses:

In order to make an intelligent investment decision,entrepreneurs should:

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

__________ is illegally obtaining and illegally using private information about a person,such as using someone's credit card number.

Globalization has greatly increased living standards around the world.

When we compare the factors of production in wealthy and poor nations,we find:

Political freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life.

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

In order to compete well and gain market share,contemporary businesses are changing to be more _________________.

According to the Social Media in Business box,mega-retailer JCPenney is aggressively addressing changes in the social environment to reach its customers.Which of the following statements best expands upon strategies that this company recently acted upon?

Which of the following is a benefit of owning your own business?

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional bricks-and-mortar)outlets.

The major advantage rich nations have over poor nations is an abundance of land and labor.

Insourcing creates new jobs,and helps offset the number of jobs being outsourced.

The United States has one of the highest standards of living in the world.