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

There is less risk involved in starting an e-commerce only business than there is in trying to add e-commerce to a traditional (bricks-and-mortar) store.

The service industry represents ________ of the value of the U.S. economy.

Businesses seek to earn a profit by providing goods and services to others.

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

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

World trade has both benefits and costs. Which of the following statements attests to this fact?

Which of the following industries will benefit from an aging population?

Tyrell recently noticed that he was receiving several catalogs and email advertisements than he had in the past even though he had not requested any of them. Which of the following best explains why this is happening?

Global trade has suffered because of increased problems with the Internet.

Effectiveness means producing goods and services using the least amount of resources.

Which of the following is the best example of a business whose goal is to earn a profit?

Maya is an engineer for Windy Ridge, Inc. a maker of wind turbines. Recently, a large company has shown interest in investing in this small operation. This is not surprising since firms that are creating products for alternative sources of energy are attracting the attention of governments and other businesses.

Taxes and government regulations are part of the ________________ environment of business.

E-commerce is the buying and selling of goods over the Internet.

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

To remain competitive in today's market, firms must produce a quality product and offer outstanding service at a reasonable price.

Dee Duction is a financial planner who helps people find ways to save for retirement and lower their taxes. Dee is employed in the service sector of the economy.

The federal government requires companies to take diversity very seriously, even recommending establishing a chief diversity officer in the executive suite.

After several years of study as a part-time student, Alex recently earned a degree in marketing at a local college. The growth in global markets may increase Alex's job opportunities, but it will also require him to continually update his skills or seek further education.

Tyler Samuels recently returned from the war in Afghanistan where he was a member of the highly skilled special operations forces. He is now in the United States where he collects the A) how an event such as a war educates young people about conditions abroad. B) the cost of war. C) the benefits of war on education. D) a squeeze on employer benefits. G)I. Bill in order to go to school. This is one example of: