Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

After several years of working and going to school part time, Hakim recently earned a degree in marketing at a local college. The growth in global markets may increase Hakim's job opportunities, but it will also require him to continually update his skills or seek additional education.

The threat of terrorism increases the costs of operating most businesses.

Information in a database allows firms to carry only the products that the local population wants.

The transition from an agricultural economy to a manufacturing economy to a service-based economy has resulted in a serious increase in long-term unemployment.

Christina quit her job in Chicago to take a less stressful position in a small town located in a scenic area. She now earns less money and has had to cut back on her purchases of material goods, but she has more free time and really enjoys the clean air and scenic beauty of her new home. Christina has accepted a lower standard of living in order to enjoy a higher quality of life.

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States.

________ is illegally obtaining and illegally using private information about a person, such as using someone's credit card number.

Countries with an inadequately trained workforce and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Since the beginning of the 1900s, the agricultural sector of the United States has:

Sean McGowan renewed his membership at Bargain Barn. Shortly after renewing the card, Sean started receiving calls from collection agencies claiming that he owed money. He quickly learned that another Sean McGowan also owned a Bargain Barn card and missed many payments. Bargain Barn had linked Sean's personal information with the other Sean McGowan's personal information. Sean experienced

In recent years, almost all new job creation in the U.S. has occurred in the ________ sector. 

The most important difference between for-profit businesses and nonprofit organizations is that:

Brendan and Sean combined their love of baseball with a business venture. They purchased a small cart and began selling memorabilia outside of their hometown stadium. Their first year went well, but the past two years have been quite a struggle. Due to poor economic conditions and the team's horrible record, ticket sales at the stadium are down, which has significantly hurt their sales as well. As a recent business graduate, you explain to Brendan and Sean that

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Technological innovation has a ripple effect. Kevin, a certified tech-nerd, is being courted by companies to write the next generation of antivirus software. Kevin should take this job because it will provide future opportunities for him.

Gary recently completed his degree in management and is planning to start a business rehabilitating apartment buildings. After researching several potential areas, he chose Los Angeles due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production. 

Over many years the nature of U.S. business has changed very little from century to century.

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the ______ sector.

A policy of empowerment encourages managers to make decisions quickly for their frontline employees.