BUS 101 Ch.1

Globalization

A benefit of ___ is the improved living standards in deloping countries such as China and India

business to consumer commerce

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

goods; services

A business tries to earn a profit by providing ___ and ___ that satisfy people's needs and wants

economic; legal

Freedom of ownership is part of the ___ and ___ environment

competition

Globalization has led to increased ___ with countries such as China and India

developing

Government of ___ countries can encourage trade by minimizing interference with the free exchange of goods and services

stakeholders

Groups that have a strong interest in the success and outcomes of a business, such as employees, neighbors, or government regulators, are called

intellectual capital

In the information age, a company's value is based on its

lower

US consumers have paid ___ prices for goods at many stores such as Wal-Mart due to globalization

nonprofit

An organization whose function is to serve a societal need rather than make a profit for its owners is a(n) ___ organization

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

An important effect of changed communication technology is that

Revenue

All resources that come into the firm from operating activities; profit is revenue minus costs

risk

Although entrepreneurs expect to succeed, they must be realistic and recognize that they are taking a(n) ___ because many small businesses also fail every year

with people worldwide instantly

An important effect of changed communication technology is that we communicate

providing needed goods and services; providing jobs for workers; paying taxes

Businesses improve the quality of life in their communities by

jobs

Businesses provide help to the communities they are in by helping to provide ___ , services, and jobs

it encourages entrepreneurs to start business that create jobs and wealth

Minimizing government interference with the free exchange of goods an services can help developing countries

greater levels of competition among businesses than ever before

New technologies that connect people all over the world and increases amount of information available to institutional, wholesale and retail consumers have created

founded to make a contribution to the welfare of society

Nonprofit organizations are:

the company assumes the entrepreneurial risk of failure

One of the advantages of working for a company instead of being an entrepreneur is that

require innovation to success in global markets

One of the challenges for future leaders is that the information -bases global revolution is moving the economy in new directions that

changes to computerize equipment has improved speed and accuracy of production

Productivity in the US has risen because

False

Stakeholders refers only to those who own stock in a company; stakeholders include customers, employees, community members, suppliers, and dealers affected by the company

global

The ___ environment of business impacts all of the other environmental influences

factors; production

The five ___ of ___ are land, labor, capital, entrepreneurship, and knowledge

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

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

techonology

The increase in US productivity is primarily due to advances in

Revenue

The monetary value of what a firm received for goods sold, services rendered, and other payments is termed

fillings a societal need; filling an educational need

The purposes of nonprofit organizations include

service sector

The sector of the US economy that generates 85% of its value is the

information

The service era is giving way to a new era bases on:

demography

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

zero; defects

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

Business

an organization that seeks to provide goods and services to others while operating at a profit

increased the world's food supplies

the increase in farm productivity as a result of the invention of the harvester and other farm equipment has: