Exam 1: Business Now: Change Is the Only Constant

In the context of the history of American business, which of the following is a true statement about the industrial revolution?

The significance of the economic dimension of a business environment is highlighted when a number of states-from Alabama to Nevada-make their local economies even more appealing by providing special tax deals to attract new firms.

As competition has become truly global, free trade has resulted in _____ across virtually every product category.

Children's Campground is a summer program for school children. It advertises that there is one counselor for every four children and that several other highly-trained professionals are on its staff. Its advertisements indicate that Children's Campground relies heavily on its _____ to provide its services.

Describe the four factors of production required for an economic system to thrive and create wealth.

In the context of making business personal, following one's passion doesn't guarantee a fat paycheck, but it does boost one's chances of both financial and personal success.

Describe the technological dimension of a business environment.

Computers, digital tools, and telecommunications are most likely to be part of the _____ dimension of a business environment.

Which of the following occurred during the entrepreneurship era?

In the U.S., nonprofits employ about one in hundred workers, accounting for less paid workers than the entire construction industry and less than the finance, insurance, and real-estate sectors combined.

Identify a true statement about entrepreneurs.

What is a business and how does it survive and maintain a profit?

Speed-to-market is the rate at which a company's competitors copy its new product innovations.

Identify a true statement about the entrepreneurship era.

Huge factories replaced skilled artisan workshops during the _____.

Before sales of its IPad 1 reached their peak, Apple launched the IPad 2, which took sales from the IPad 1 but also overtook the sales of its competitors' products. This strategy helped Apple maintain its standing as a leading-edge company in tablet PCs and demonstrates the importance of _____ as a competitive advantage.

Value is the relationship between the price of a good or a service and the benefits that it offers to the customer.

Capital, as a factor of production, includes machines, tools, buildings, information, and technology.

In the context of factors of production, which of the following is an example of a natural resource?

Which of the following is most likely an example of a nonprofit organization?