Exam 1: Business Now: Change Is the Only Constant

Businesses depend on detailed information about customers to promote new products and services.What is the most valuable source in getting information about customers' wants and needs?

What did the evolution of business include?

During the Industrial Revolution,which of the following boomed as mass production took hold?

List and describe the five key dimensions of the broader business environment.

Entrepreneurs are individuals willing to take the risk of owning and operating a business.

"Quality of life" is a narrow measure of social welfare that is based exclusively on the quantity and quality of goods and services produced by a society.

Which of the following strategies is most clearly related to how leading-edge companies respond to the challenges of their competitive environment?

Describe entrepreneurship and include three (3)pros and three (3)cons that entrepreneurs face in today's business environment.

Entrepreneurs need economic freedom to thrive.What does this freedom include?

Urban Outfitters delivers small batches of new merchandise to each store every day.What is the effect of this practice?

The industrial revolution era is recognized for its technological advances.

During the production era,companies continued to implement new technologies to streamline production processes.Although there were many changes,what did the primary focus result in?

Investing in worker satisfaction will not affect profitability of a business.

Tariq has just received a grant from the government to open a printing shop in his community.He will be leasing computers,copiers,scanners,and printers.What do these items represent his need for?

What are business transactions that take place online examples of?

Describe the similarities and differences between "quality of life" and "standard of living."

The economic dimension of the business environment includes Canadian government legislation that supports enforceable contracts.

There are three key dimensions to the business environment: financial,technical,and ethical.

When businesses create more goods and services,their activities increase the standard of living,but have no impact on the quality of life.

The government in Canada has helped foster free enterprise and fair competition by reducing the risks of starting and running a business.