Exam 1: The Changing Face of Business

The Industrial Revolution in England transformed America's economy by introducing ________.

What are the advantages of a diverse workforce?

Which of the following are organized for profit and provide goods and services?

List the six eras of business history.Name and describe the era used by businesses today.

When Greenlawn Inc.finds itself losing contracts because Lo-Price Lawn Co.charges less money,Greenlawn responds by lowering its bids.This reaction demonstrates ________.

List and describe the four basic rights in the private enterprise system.

Outsourcing ________.

In the U.S.economy,________ are considered the reward for the risk of entering business.

Business ethics deal with the right versus wrong actions that arise in a work environment.

J.P.Morgan,Eli Whitney,and Andrew Carnegie are examples of inventors of the marketing era.

Henry Ford is noted in business history for introducing the moving assembly line,which greatly reduced the cost of producing a car.Assembly lines first became common during the ________.

Which of the following is NOT a new trend in hiring and the workforce?

When Google opened offices in Tokyo,London,and Sydney,they were utilizing ________ by relocating business processes to lower-cost locations overseas.

When customers enter a supermarket and select their favorite brand of laundry detergent,they are exercising their right to freedom of choice.

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

Research indicates that work teams consisting of a diverse group of individuals often are more productive than less diverse work teams.

________ is essential because it serves as a primary incentive for people to start companies,expand them,and provide consistently high-quality competitive goods and services.

It is more expensive to maintain loyal customers than to market to potential new customers.

Describe critical thinking and creativity and why they are important qualities for the 21ˢᵗ century manager.

All of the following are businesses EXCEPT ________.