Exam 1: Business Now: Change Is the Only Constant

What does the term "Greenwashing" mean?

Which statement best describes entrepreneurs?

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

Entrepreneurship is the resource that appears to be the most important determinant of economic growth.

Lisa is a marketing consultant who is trying to help a regional company design an advertising campaign that will appeal to the local population. Her report should take into account things such as the age, income, and ethnic composition of the area's population. What term best describes this?

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

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

As entrepreneurs create wealth for themselves, they produce a ripple effect that enriches everyone around them.

How do successful entrepreneurs driveup the standard of living for people worldwide, and contribute to a higher quality of life?

Scott started mowing his neighbour's lawn while he was in school. After returning from college, he started a landscaping business and hired some of his friends. Scott is an entrepreneur.

What was a major reason for the surge in production efficiency during the Industrial Revolution?

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

Speed-to-market is the rate at which consumers achieve value.

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

What would we call the bilingual workers a business hires to staff its sales and technical help positions?

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

Challenges in managing human resources have evolved due to changing demographics affecting the workforce. Describe how demographic changes such as diversity, the aging population, worker expectations, ethics, and social responsibility affect the management of human resources.

A core goal for successful businesses is to deliver value to customers while generating long-term profits.

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

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