Exam 1: The Changing Face of Business

In his book The Wealth of Nations,the Scottish economist Adam Smith was the first person to describe ________.

Diverse employee teams tend to perform ________ and develop ________ than do homogenous employee groups.

Which of the following is a benefit of entrepreneurship?

By offering a lifetime warranty on its products,Warner Electronics has set itself apart from its competition.This difference is known as Warner Electronics' ___________.

By supporting local charities,a firm is demonstrating social responsibility.

Entrepreneurship is synonymous with 'risk-taking.'

List the six eras of business history.Name and describe the era used by businesses today.

For today's managers,which of the following is LEAST important?

_____ is the unique combination of organizational abilities,products,and approaches that sets a company apart from competitors in the minds of consumers.

When management's decisions align with social and economic issues,the company is practicing ________.

The factors of production in an economic system are ________.

Capitalism is founded on ________.

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ________.

In colonial society,real economic and political power was centered in ________.

Explain how e-business has created a new type of strategic alliance among companies.

What are some examples of external and internal forces that would require a manager to lead organizational change?

Timber Trails,a northwest lumber company,utilizes ________ as its primary production factor.

Social responsibility would include all of the following EXCEPT ________.

Which of the following is NOT an example of an internal force that requires organizational change?

Assume Motorola and Microsoft work on developing a new cell phone that also is a PDA.This is an example of a strategic alliance.