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