B10 Ch 1

A benefit of _____ is the improved living standards in developing countries such as China and India

globalization

The trend called __ is important because it reduces harm to the environment

greening

Fostering global economic ___ and interdependence reduces international tensions

growth

Some companies who produce armaments have benefited from the wars in Iran and Afghanistan, whereas others:

have lost workers and added costly safety equipment and procedures

In order to be competitive today, companies must offer customers good value, that is:

high-quality products and good service at competitive prices

if you limig those to whom you give personal information such as Social Security numbers and birth dates, you can limit the potential for

identity theft

Businesses have responded to the increase in single-parent households by

implementing such programs as family leave and flextime

Expenditures on war and terrorism creates much debate because

it drains money from the economy

Governments can encourage entrepreneurship by allowing private ownership of businesses and by writing ___ that support writing enforceable contracts

laws

Businesses that want to be successful must ___ to their customers wants and needs and adjust their products and practices to meet them

listen

U.S. consumers benefit from having products made in China or India because lower labor costs keep prices ___ in stores such as Walmart

low

When creating a business, entrepreneurs use

natural, human, and financial resources to produce goods and services

One way for government to actively promote entrepreneurship is to allow private ___ of businesses

ownership

The more an employee can ____ in any given period, the more the employee is worth to a company

produce

Projections are that although service jobs are growing now, the economy is continuing to evolve to one based on the information-based global revolution. The best strategy for college graduates is to:

remain flexible and see where new jobs are being created

The fastest-growing businesses today are in the __ sector of the economy

service

There are more high-paying jobs in the ___ sector of the economy than in the goods-producing sector

service

The sector of the U.S. economy that generates 80% of its value is the

service sector

It may take many years to change a company's ___ to one that __ its workers with more autonomy

structure;empowers

Climate change can be defined as the movement of the __ of the planet up or down over time

temperature

The global environment affects all of the other environmental influences such as the economic, legal, and social environments because:

the increase in free trade among nations and technological changes have created globalization and increased competition

Business owners will work hard if government minimizes taxes and regulations because

they can keep more of the profits they earn

A benefit of globalization is that living standards have improved in many countries such as China and India. A cost of globalization is that

those countries have become strong competitors to U.S. companies

An important effect of changed communication technology is that

those with fewer resources are able to compete with large companies through the internet

Retailers share information about customer preferences:

to reach customers with specific needs and wants

When farmers used technology to improve productivity, farm workers moved to the cities to fill new manufacturing jobs. Eventually, manufacturers

uses technology to improve productivity and workers lost manufacturing jobs

Benefits of a healthy global and business environment include social benefits such as good schools, low crime rates, and clean air and water. That is because a healthy business environment is the source of

wealth creation and good jobs

Unless there are changes in the system, paying for Social Security in the future will draw huge amounts of money from the ____ population

working

To be more competitive, companies set a goal of _____ in their production processes because it reduces costs due to wasted materials

zero defects

Competition among businesses has grown because of:

- Advances in communication such as the internet - the development of efficient distribution systems

Match the factors affecting business to the correct element of the Global Business Environment in which they are found.

- Legal -> contract laws - technological -> the internet - social -> demographic changes - competitive -> customer service

The loss to society overall caused by increased productivity is:

- Reduced by those who are able to retrain for new jobs - Reduced by new jobs created elsewhere

The advantages of taking the risks of being an entrepreneur instead of working for an employer include:

- The opportunity to accumulate wealth - The freedom to make your own choices

The global environment of business affects all of the other elements such as the Social, Technological, and Economic environments because:

- a change in one country, such as a recession, affects others due to globalization - changes in technology and distribution have led to interdependence between trading nations -changes in communication systems make it possible to know what is happening around the world instantly

Companies that are customer-driven

- adjust their offerings accordingly - listen to their customers

Globalization has occurred because of:

- advances in communication - efficient distribution systems

Some of the goods and services most likely to be needed by elderly consumers include

- assisted living, health care, and entertainment - adult day care, recreation, and physical therapy

The wars in Iraq and Afghanistan have ___ some sectors of the U.S. economy such as those that manufacture arms, but has ___ growth in others such as tourism.

- benefited; slowed - grown; decreased

Farmers are making their farms more productive by using high-tech equipment to

- calculate how much fertilizer to use - calculate how much seed to use and where to spread it - track yields yard by yard

For businesses to succeed in today's environment, they need support from:

- government - social leaders

Many of the high-paying jobs in the service sector include those in

- health care - finance

Improvements in technology and equipment used on farms has made it possible to

- increase the size of farms - produce more food more efficiently

An increase in the number of retirees in the population is a demographic statistic that affects business because:

- it increases the need for products and services to serve that population - it creates opportunities for new products and services to fill their needs

Incentives that governments can provide to encourage entrepreneurs include

- keeping taxes low - encourages free trade - keeping regulations to a minimum

It may take many years for a company to change its culture and structure to one of empowerment because:

- managers often resist giving up some of their authority - employees will have to take on more responsibility

Since white males comprise about 64% of the workforce, efforts to improve diversity in the workplace now include which of the following groups?

- minority and female employees - seniors and disabled people

despite laws to prevent it, many companies have acted illegally by using corrupt practices to

- operate without a permit - bribe officials in other countries - reduce competition

Examples of demographic statistics are

- race and national origin - age, income level, and gender

A goal for many companies striving for high-quality products is "zero defects" because

- their customers are happier with their products - fewer defects mean less waste and lower costs

Businesses that scan their environment are more likely to succeed because

- they are aware of changes in their environment that will affect them - they have more time to adapt to changes in their environment

Some countries are richer than others today because

- they have entrepreneurs who are willing to take risks - their entrepreneurs are willing to take risks to build their wealth - they have entrepreneurs who are able to successfully use their knowledge

Equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?

Technological

T/F: People between the ages 65-74 are currently the richest demographic group in the United States

True

Business agreements such as contracts and warranties are regulated and enforceable in the United States because of the

Uniform commercial code

Online sales have had a major impact on the B2C market, but are even more important to the ____ market

B2B

Smartphones and social media are technological tools that have completely changed the way people

Communicate

The difference between efficiency and effectiveness is that:

efficiency means producing with the least amount of resources possible and effectiveness means producing the desired result

Giving front-line workers the responsibility, authority, training, and equipment they ned to respond quickly to customers is the definition of

empowerment

Since the 1800s the US has

experienced strong economic growth

The invention of farm equipment such as Cyrus McCormick's harvester and other such improvements has led to large-scale ___ and increased world's food supplies.

farming

Demographic shifts in the population that will affect government's ability to continue to pay Social Security at the same rates as today include

fewer workers in the workforce to pay for more retirees

What is the term used by employers for the amount of output generated by the inputs used?

Productivity

The group ages 65 and over is currently the ___ demographic in the U.S.

Richest

Municipalities have adapted to increased diversity in their populations by

adding languages other than English to their signs and websites

Improved technology since the 1800s improved farm productivity:

and led to large-scale farming

Many improvements in productivity are due to improved technology:

because the same or greater amounts are produced with fewer workers.

Businesses use bar codes on produces that you purchase in order to

build databases about customer preferences

A business that sells goods and services over the internet to businesses, but not to consumers is engaged in:

business to business commerce

The definition of e-commerce is

buying and selling goods over the internet

Changes in the technological environment create increases in world wide __ in all sectors of the economy, creating exciting challenges for future leaders

competition

Businesses that will be most competitive are those that are able to be most responsive to the changing needs and wants of their

consumers

Students today can expect to respond to rapid changes in the business environment by

continuously educating themselves to meet new job opportunities

The risks of entrepreneurship are reduced by having laws that support enforceable

contracts

A benefit of business expansion in global markets such as China is that goods are available at a lower _____, bus a cost is that jobs have moved to different locations in the world

cost

Many companies today have facilities and customers around the world, which requires greater sensitivity to different

cultures

One of the ways government can encourage business is to provide ___ that is easily exchanged or traded for that of other countries

currency

It is important to empower front-line workers because they most often interact with which group of stakeholders?

customers

the statistical description of a population using characteristics such as age, gender, and income is

demography