Exam 1: The Changing Face of Business

Complete the following using these terms. -_____ is the collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

Which of the following is a benefit of entrepreneurship?

All of the following are basic rights within a private enterprise system EXCEPT _____.

When a U.S.company contracts work to a company in Mexico,it is _____.

Which of the following generations is usually associated with the work-comes-first lifestyle?

When management adheres to a set of standards involving the right and wrong actions arising in the work environment,the management is _____.

Explain why competition is important according to Adam Smith?

Which of the following is a public sector,not-for-profit organization?

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

Dizzel Inc.is a small-scale mining company that started its business in 2001.By the year 2008,the firm had to close its operations.The company had been continuously laying off its employees since 2006,which led to the further downsizing of the firm.The decline in the availability of minerals in its operating region since 2004 has contributed vastly to its downfall and also reduced the need to inject new capital since then.Which of the following factors of production has primarily caused the firm to end its operations?

The Gyvenopolis County Library provides a wide variety of library services to its neighborhood.It also provides free online support to its members,and any fee collected from its members goes directly to charity.The library is an example of a(n)_____.

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 _____.

Emily works for a pharmaceutical company and gives a presentation on the need to expand the company's geriatric division within the next 10 years.Emily is focusing primarily on establishing the company's _____.

When 3M managers decided to manufacture Post-it ^® notes,a new product was born.This was an example of _____ in action.

Complete the following using these terms. -_____ refers to technology,tools,information,and physical facilities.

Complete the following using these terms. -To operate effectively,certain inputs called _____ are required for all economic systems.

Which of the following statements is true of successful companies?

Capitalism is founded on _____.

Describe critical thinking and creativity and explain why they are important qualities for today's manager.

The collection of activities that build and maintain ongoing,mutually beneficial ties with customers and other parties is known as _____.