Exam 1: Business Now: Change Is the Only Constant

In which area of society do not-for-profit organizations play a critical role?

Susan is the Human Resource Director of ABC Cosmetics.In her job,she is responsible for recruiting,hiring,and training employees.She is,therefore,a factor of production for the company.

There are four factors of production required for an economic system to thrive and create wealth.Entrepreneurship is one of them.Explain and give examples of how an entrepreneur would employ the other factors of production in an effort to grow and maintain a business.

Businesses in the relationship era focused their efforts on building long-term customer relationships.What key tool was utilized for business development during this era?

What factors will you consider in making the right career choice? Consider the five key dimensions of the business environment and how each will affect your choice.

During the entrepreneurship era,the government began to regulate business practices.

What is the likely result of too much taxation,an overuse of regulation,and limited choices in the broader business environment?

Which statement best describes entrepreneurs?

A key trend in the competitive dimension of the business environment is the tendency of an increasing number of firms to focus on short-run profitability.

What did businesses concentrate on during the marketing era?

A small consulting company in Waikiki,Hawaii,struggles financially because of limited access to economic resources.This company has to get creative to build long-term bonds with its current customers and use technology to reach new customers.The company is using concepts from what era?

The Tide-to-Go bleach stick and the Swiffer are examples of what type of breakthrough products?

Which of the following services would digital camera manufacturers provide if they were trying to appeal to customers who were part of Generation C?

Changes in natural resources are the main reason some traditional career choices have become dead ends.

Henry Ford's introduction of the assembly line occurred during the production era.

In the relationship era,firms began to recognize that cultivating current customers is more profitable than constantly doing which of the following?

During the Industrial Revolution,the production process shifted from skilled artisans working in small workshops to semiskilled workers employed in huge factories.

As life spans increase and birthrates decrease,the working population will decrease while the number of retirees will increase.What would be one example of new business growth reflecting this market?

Diversity,the aging population,rising worker expectations,ethics,and social responsibility are all challenges for human resource managers in recruiting,training,and managing employees.

Businesses are primarily focused on creating profits by offering products and services desired by the consumer.