Exam 1: The Changing Face of Business

All factors of production are found in equal amounts in all businesses.

Which of the following is NOT an example of an internal force that requires organizational change?

The Canadian Radio-television and Telecommunications Commission (CRTC) has made a decision that has increased the cost charged to small internet service providers that buy access from larger internet services providers such as Bell. This decision is a violation of the private enterprise system in Canada.

In his book The Wealth of Nations, the Scottish economist Adam Smith was the first person to describe ______.

Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ______.

Mention and explain three ways by which a company may fund its operations.

The right to profit means the ______.

Citizens in a private enterprise system have the right to choose their employment, purchases, and investments, illustrating their right to ______.

The Industrial Revolution happened in the 1700s, yet there are some characteristics in that era which we still use today. Explain at least three characteristics of the Industrial Revolution which are still used in today's business world.

All of the following are typically part of the not-for-profit sector EXCEPT ______.

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

Which of the following is the most basic right in the private enterprise system?

Explain how consumers benefit from business competition.

By supporting local charities, a firm is demonstrating social responsibility.

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

Companies that are serious about ethical operations are likely to be socially responsible.

All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to ______.

Assume Motorola and Microsoft work on developing a new cell phone that also is a PDA. This is an example of a strategic alliance.

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

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ______.