Exam 1: Business Now: Change Is the Only Constant

Greater levels of customer satisfaction often translate into higher profits.

Human resources is a factor that includes the physical, intellectual, and creative contributions of everyone who works within an economy.

As competition has become truly global, free trade has resulted in _____ across virtually every product category.

People employed by nonprofit organizations are voluntary workers and are not paid for their services to the organization.

Which of the following best describes the current global environment?

Which of the following is the best way for firms to enhance customer satisfaction?

Nonprofit organizations employ approximately one in ten U.S. workers.

Super King Groceries competes with some of the larger grocery stores in the area and offers services not provided by its competitors such as car service and delivery service. Super King is unable to utilize economies of scale as efficiently as other retailers and has moderately higher prices. This does not seem to hurt the store's business. The most likely reason for this is:

The retirement of the baby boomer generation does not concern U.S companies because there are so many people who need a job and the baby boomers can be easily replaced.

Jill, an entrepreneur, started a company and invented a power generator that will use alternative fuels. What should be the role of her business in society, and what should her company do?

Growing ethnic populations represent the potential for profits if companies orient their marketing programs to pursue them.

The Industrial Revolution was characterized by unprecedented production efficiency.

The entrepreneurship era contributed in raising the standard of living during the second half of the 1800s.

In a business, _____ is equal to sales minus expenses.

ExxonMobil uses natural resources, such as reserves of petroleum, to produce its goods and services. The value of these resources is likely to:

Scott started mowing his neighbor's lawn while he was very young. After completing his education, he started a landscaping business and hired some of his friends. Scott is an entrepreneur.

A firm will experience a loss when its revenue is less than its expenses.

List and describe the four factors of production required for an economic system to thrive and create wealth. Give an example of each in your answer.

The relationship era introduced the idea:

China has recently relaxed its strict regulations and done more to support entrepreneurship.