Exam 1: The Changing Face of Business

Relationship management refers to ongoing,mutually beneficial ties between an organization and its customers.

Capitalism is another name for the private enterprise system.

Millennials,the largest demographic group in today's workforce,tend to care less about money and the work-comes-first lifestyle.

Capitalism is founded on _____.

In the U.S.economy,_____ are considered the reward for the risk of entering a business.

During the era of Industrial Revolution,the focus was on agriculture and other rural activities.

Technology is considered to be a form of capital.

Technology,tools,information,and physical facilities for the operation of a business are examples of _____.

Blogs and social networking use _____ to manage relationships.

What do managers of global workforces need to do to retain valued employees?

Even with advances in management and communications,manufacturing still accounts for most of the annual output in the United States.

A strategic alliance is a partnership formed to create a competitive advantage for the businesses involved.

All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to _____.

ABC Minimg Inc.is a small-scale mining company that started its business in 20011.By the year 2018,the firm had to close its operations.The company had been continuously laying off its employees since 2016,which led to the further downsizing of the firm.The decline in the availability of minerals in its operating region since 2014 has contributed vastly to its downfall and also reduced the need to inject new capital since then.Which of the following factors of production has primarily caused the firm to end its operations?

The Industrial Revolution in England transformed America's economy by introducing _____.

Labor encompasses both the physical labor and the intellectual inputs contributed by workers.

Ramona works for ABC Pharmaceutical Company and gives a presentation on the need to expand the company's geriatric division within the next 10 years.Ramona is focusing primarily on establishing the company's _____.

The need to develop environmentally friendly products and processes is becoming a major new force in business today.

______ is a benefit of entrepreneurship.

The Industrial Revolution began in Germany and quickly spread to the rest of Europe.