Exam 1: Business Now: Change Is the Only Constant

Explain how e­commerce has allowed businesses to tap into the worldwide community of potential customers.

Megan's parents want her to become an accountant after she graduates from college. However, Megan wants to start her own cupcake store. To boost her chance of personal success, experts are most likely to advise Megan to:

During which era did businesses begin to dominate their markets, forcing out competitors, manipulating prices, and exploiting workers, which lead the government to pass laws regulating business?

Samuel lives in a community where many residents are retirees. He wants to open an exercise facility specifically for citizens who are 65 or older. Samuel knows that starting a new business will require a large amount of work and entails risk, but given the large number of senior citizens in the area, he believes he should be able to sell enough memberships to make a profit. Samuel is a(n) _____.

During the Industrial Revolution, Henry Ford introduced the assembly line, which quickly became standard across major manufacturing industries.

People can create natural resources by growing and harvesting agricultural products.

Excellent products and superb top management play no role in employee satisfaction.

When providing products and services, the primary goal of nonprofit organizations is to ensure community interests are addressed.

As aging baby boomers retire, companies will:

Fred operates two wellness spas in the Miami area. The company employees work hard to develop long­term relationships by calling customers to make sure that they are satisfied with their recent visits to the spas and offer to host free wellness evaluations. Fred is using concepts that were popularized during the:

Cosmetico Inc. is launching a line of low­priced, single­use packs of lotion, shampoo, and toothpaste targeted at consumers in poor countries who do not have access to these products. Cosmetico's products directly increase the _____ of these customers.

John Blue has started his own Internet business, Blueways.com, an e­store that sells refurbished computer parts. His business has experienced a slower than usual start due to higher than expected costs for capital resources. Those expenses include:

In which of the following ways does the growth in ethnic populations impact businesses?

As life spans increase and birthrates decrease, the working population will decrease while the number of retirees will increase. One example of new business growth reflecting this market is a(n):

Nonprofit organizations contribute to their region's economic stability and growth.

During the Industrial Revolution, the production process shifted from skilled artisans working in small workshops to semiskilled workers employed in huge factories.

During the marketing era consumers found:

Businesses and nonprofit organizations rely on factors of production to achieve their objectives.

Although Russia is rich in human resources and natural resources, the country ranks relatively low in terms of gross national income per person. The missing ingredient seems to be lack of entrepreneurship due to:

_____ is an entrepreneurial "must."