Chat with AIExam 1: The Changing Face of Business
Outsourcing and offshoring are trends in today's business environment. Differentiate these two business concepts and identify at least one disadvantage common to both.
(33) 
VerifiedAnswers would vary and may include: Outsourcing is a business practice in which a company contracts out a business activity which are usually performed in-house, to external vendors. This could allow the company to tap into the expertise of external vendors and reduce cost at the same time. Outsourcing could be done in any location so long as the firm contracting the external vendors is sure that the work can be done as expected. One disadvantage is that offshoring on the other hand involves the relocation of a firm's processes to lower-cost locations overseas. The main idea is to reduce cost of operations. Both manufacturing and service companies engage in offshoring activities, with China and India being the major beneficiaries. One disadvantage common to both is that jobs are taken away from the Canadian economy.
Business ethics deal with the right-versus-wrong actions that arise in a work environment.
(31) VerifiedTrue
How do businesses drive the economic pulse of a nation?
(38) VerifiedAnswers would vary and may include:
By providing a means of exchange for buyers and sellers,
By creating jobs and providing income for households to enable them spend and stimulate the economy,
By creating investment opportunities for investors,
By creating profits for business owners, and enabling them to create more business opportunities in the economy.
The Great Depression led Canadian businesses to enter a new business era referred to as the ______.
(32) What are some examples of external and internal forces that would require a manager to lead organizational change?
(37) When the government sets ground rules for competitive activity, the intent is to increase freedom of choice for consumers.
(48) Information technology has been the key driver behind the relationship era.
(34) Diverse employee teams tend to perform ______ and develop ______ than do homogenous employee groups.
(36) List and describe the four basic rights in the private enterprise system.
(28) Apple iPods sold on Amazon's website signify the formation of a ______ to increase profits.
(35) When farmers rent land in order to increase crop production, they are acquiring capital.
(45) 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 ______.
(30) All of the following are basic rights within a private enterprise system EXCEPT ______.
(43) The factors of production in an economic system are ______.
(35) High-end technology, such as the Global Positioning Satellite System offered in some new cars, is considered a capital resource.
(33) When management's decisions align with social and economic issues, the company is practising ______.
(38) Companies are NOT required to be ethical to succeed in the long run.
(30) 
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