Exam 1: Business Now: Change Is the Only Constant

Nonprofit organizations can be economic magnets within a community.

Even though nonprofit organizations are not in business for a financial gain, they are still businesses in every other sense.

Henry Ford's focus on producing a consistent and quality product represented a shift from the production era to the relationship era.

The four factors of production are natural resources, capital, human resources, and entrepreneurship.

There are three key dimensions to the business environment: financial, technical, and ethical.

Which of the following is an example of capital?

During the marketing era, as products flooded the market after World War II, firms responded by:

Doing business today without harming the ability of future generations to meet their needs is referred to as:

When companies introduce innovative products and services worldwide, it increases the standard of living of populations.

Capital, as a factor of production includes stocks, bonds, and other investments.

Which of the following is not considered a natural resource?

During the marketing era, businesses concentrated on:

In the relationship era, which of the following scenarios is the most realistic?

Which of the following is an example of utilization of natural resources?

_____ encompasses all the synthetic resources that a business needs to produce goods or services.

Successful firms _____.

Education and motivation have become increasingly important to human resource development with the use of technology to replace manual labor jobs.

Which of the following eras in the history of American business saw a raise in the overall standard of living across the country?

One characteristic of all nonprofit organizations is that they do not earn any revenue.

A business incurs a _____ when expenses are higher than revenue.