True and False Business
Private enterprise and capitalism are two different economic systems.
False
The colonial era was characterized by a factory system and the growth of large cities.
False
The production era marked the beginning of a major emphasis on marketing in the business world.
False
Two of the fastest growing ethnic populations in the United States are Hispanics and people of African origin.
False
While religious and charitable organizations are not-for-profits, government agencies that are not.
False
During the marketing era, advertisement took a back seat as a business strategy.
False
Entrepreneurship does not require taking risks.
False
Experts predict a decline in the number of older adult workers by 2030.
False
Freedom of choice means that firms will have the right to compete fairly.
False
Internet use has hindered the ability for businesses to outsource.
False
Managers can expect the pace of change to slow in the future.
False
Only profit-seeking organizations face competition.
False
A simplistic definition of business would be: All profit-seeking activities and enterprises that provide products and services needed or desired in an economic system.
True
Besides creating jobs and selling products, entrepreneurship provides the benefits of innovation.
True
Business competition is healthy and beneficial to consumers.
True
Carnegie, Vanderbilt, and McCormick are examples of industrial entrepreneurs.
True
China and Mexico continue to be locations for production offshoring.
True
Fair competition is a basic right required under the private enterprise system.
True
Freedom of choice within the private enterprise system means that citizens can choose their own employment, purchases, and investments.
True
In the 21st century, managers will have to find the best way to connect people, technology, and ethnics to form strong partnerships with customers, employees, and other organizations.
True
In the private enterprise system, businesses are the primary providers of the goods and services needed today by society.
True
More and more firms are relocating business operations to lower cost locations overseas.
True
More and more large firms are recognizing the value of entrepreneurial activities among their employees.
True
Not-for-profit organizations face some of the same challenges as businesses that are profit-oriented.
True
People who take risks of pursuing a business opportunity are called entrepreneurs.
True
Profits are both the reward and the incentive for risk taking.
True
Technology is an example of a capital.
True
The industrial revolution involved mass production, the specialization of labor, and the development of machines and the railroads.
True
The marketing era introduced the idea that a firm should identify and satisfy consumer wants and needs.
True
The mot basic freedom under the free enterprise system is the right to private property.
True
The nature of work has shifted towards services, with more focus on information.
True
The relationship era is driven my information technology that allows firms to form long-term relationships with customers.
True
The sales era, which entailed overcoming customer resistance, was a result of the Great Depression.
True
