Exam 1: Business Now: Change Is the Only Constant

Children's Campground is a summer program for school-age children. It advertises that there is one counsellor for every four children and that several other highly trained professionals are on staff. Its advertisements indicate that Children's Campground relies heavily on what factor of production?

Janet owns a modern 250-hectare farm that grows corn and soybeans. Which factors of production will Janet need to employ to produce her crops?

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?

Samuel lives in a community where many residents are retirees. He wants to open an exercise facility specifically for active senior citizens aged 65 and older. Samuel knows that starting a new business will require a lot of work and entails risk, but given the large number of senior citizens in the area, he believes he should be able to sell enough memberships to realize a profit. What is Samuel an example of?

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

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

Not-for-profit organizations are in business to make money.

What would timber, water, coal deposits, and solar energy be classified as?

Technology and global free trade have made it difficult to distinguish between individual economies worldwide.

Value is defined as the relationship between the price of a good or service and the benefit that it offers a consumer.

Your university has contracted with a construction company to build a new bookstore; in doing so, the contractor will use heavy machinery and equipment. How are these items classified?

How can firms best enhance customer satisfaction?

What are not-for-profit organizations commonly known for supporting?

The marketing era came immediately before the entrepreneurship era.

China has been a magnet for manufacturing jobs because of its large population and low wages.

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

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?

What did businesses concentrate on during the marketing era?

How do consumers and workers react to socially responsible behaviour by business?

List and describe the four factors of production required for an economic system to thrive and create wealth. Provide an example of each in your answer.