Exam 1: Business Now: Change Is the Only Constant

Demographic factors that affect business include population size and density,age,gender,race,education,and income.

John Blue has started his own Internet business,Blueways.com,offering online ordering of refurbished computer parts.His business has experienced a slower than usual start due to higher than expected costs for capital resources.Which expenses are most likely involved?

Entrepreneurs are motivated to risk their time,money,and other resources in an effort to gain a profit for themselves.But their efforts yield benefits to many others in society in addition to their personal profits.

Using corn to create ethanol as an alternative fuel source will increase the price of corn in the grocery store.

Capital is considered one of the factors of production.What does capital include?

Sabiha will be opening her catering business soon but still needs to hire a few more employees to fill the schedule.Which of the following economic freedoms does she enjoy?

People can create natural resources by growing and harvesting agricultural products.

The marketing era came immediately before the entrepreneurship era.

Tiny Timbers Tree Farm sells a variety of trees for different customers.Recently,the company received notice from the Ministry of Natural Resources that a shortage of fir trees is affecting a rare moth population.The government has ruled that tree farms must refrain from cultivating fir trees for business use until further notice.Which element of Tiny Timbers' environment is most directly affected by this ruling?

During the entrepreneurship era,government began regulating business to protect the consumer and provide guidelines for products and services.

Differences in the factors of production among countries can help explain the differences of wealth among nations.

Not-for-profit organizations can be economic magnets within a community.

The primary goal of not-for-profit organizations is to ensure community interests are addressed when providing products or services.

In the context of factors of production,the term capital means the money businesses use to finance their operations.

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

The standard of living reflects the quality and quantity of goods available to a nation's population.

ExxonMobil uses natural resources such as reserves of petroleum to produce its goods and services.What is likely to happen to the value of these resources?

Typically,socially responsible businesses act as advocates for the well-being of the community.

Which of the following is a type of not-for-profit organization?

Fred has worked for Alliance TV and Radio for 10 years,but the 90-minute commute to and from work is really bothering him.He approached his supervisor and was pleased to find that she took his request seriously and came up with a plan that allowed him to work from his home two days a week.What is the employer trying to recognize with this attempt to accommodate Fred?