Exam 1: Business Now: Change Is the Only Constant

Janet owns a modern 600­acre farm that grows corn and soybeans. Instead of selling soybeans at market rates, she decides to use them to produce soy milk and sells flavored soy milk in cartons. By taking the risk of launching her own business, Janet exemplifies the _____ factor of production.

Which of the following statements is true of the marketing era?

The level of corruption and bribery in a country does not affect the running of businesses there.

Define an entrepreneur.

Compare and contrast the relationship era and the entrepreneurship era. Provide examples to support your answer.

Value is the relationship between the _____ of a good or service and the benefits that it offers its customers.

Diversity, the aging population, rising worker expectations, ethics, and social responsibility are all factors that affect the workforce.

Which of the following factors of production includes creative contributions of people that work within an economy?

Businesses will incur a profit when expenses are higher than revenue.

Following your passion in making career choices can lead to financial and personal success.

The key dimensions of a business economy are _____ environments.

Natural resources include:

Nonprofit organizations do not:

Fred has worked for Alliance TV and Radio for 10 years, but the 90­minute commute to and from work is really bothering him. He approaches his supervisor and is pleased to find that she takes his request seriously and comes up with a plan that allows him to work from his home two days a week. This attempt to accommodate Fred and other workers like him reflects the need of employers to recognize:

The hard sell or aggressive persuasion designed to separate consumers from their cash emerged during the:

Of the factors of production, which is considered the most important?

Which of the following is a core issue that drives business policies and investment decisions, in the context of the ethical and social responsibilities of a business?

When businesses create more goods and services, their activities increase the standard of living, but have no impact on the quality of life.

A core goal for successful businesses is to deliver value to customers while generating long­term profits.

The four major categories of factors of production are: