POBE SLO 1-12

Forming a joint venture reduces risk by

allowing costs to be shared.

Using a stream to supply water to a field in order to grow crops is an example of using

natural resources.

During the Industrial Revolution, the factory system caused

production costs to decrease.

When a stove is used in a restaurant kitchen, it is a

capital good.

In business terms, what is profit

A monetary reward.

How has technology changed the nature of competition

Companies must stay in step with new technologies.

What influenced monopolies to be created

Large business empires drove smaller competitors out of business.

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes

To encourage research

Japan and the U.S. buy and sell each other's goods and services. This is an example of

global trade

A salesclerk working part-time at a clothing store is an example of a(n)

human resource.

Wendy's sells the right to operate its restaurants to individuals who meet the company's criteria. The arrangement between Wendy's and these individuals is an example of

licensing.

A characteristic of human wants is that they are

unlimited.