PRINCIPLES OF BUSINESS - Chapter 1 Assignment
Demography is the statistical study of Blank______.
the human population's characteristics such as size, density, age, gender, and income
An important effect of changed communication technology is that
those with fewer resources are able to compete with large companies through the internet.
What is the goal of a nonprofit organization?
to make a contribution to the welfare of society
An important effect of changed communication technology is that we communicate
with people worldwide instantly.
Which two factors are key in making the global environment of business so important that it encompasses all the other environmental influences?
- the growth of global competition - the negotiation of trade agreements among nations
Changes in the technological environment include the emergence of Information Technology that includes such tools as
-Cell Phones -Computers -The Internet
The Blank______ environment of business impacts all of the other environmental influences.
global
New technologies that connect people all over the world and the increased amount of information available to institutional, wholesale and retail consumers have created:
greater levels of competition among businesses than ever before
Minimizing government interference with the free exchange of goods and services can help developing countries. Why?
It encourages entrepreneurs to start businesses that create jobs and wealth.
Match the element of the business environment with the correct sector.
Legal -> Contract laws Tech. -> The Internet Social -> Demographic Changes Competitive -> Customer Service
Which of these are elements of the business environment?
- Competitive environment - Economic and legal environments - technological environment
What are two reasons that many companies strive for high-quality products with "zero defects"?
- Fewer defects means less material wasted doing it over. - Their customers are happier with their products.
What are two characteristics that define a business?
- It seeks to earn a profit - It seeks to provide goods and services
What three benefits do businesses provide to their communities?
- Jobs - Goods and services - Revenue from tax payments
What are two challenges faced by new leaders since the global information-based revolution?
- Recognizing that the service era is coming to a close - learning about the world quality standards
What are two advantages of being an entrepreneur?
- You get to be your own boss - You have the opportunity
Which of these are elements of the business environment?
- competitive environment - technological environment - economic and legal environments
What are two purposes that nonprofit organizations may seek to achieve?
- Filling an educational need - Filling a societal need
Since the 1800s, strong economic development and technological inventions in the Blank______ industry have reduced the number of farmers around the world.
agricultural
What is the most likely reason you see "made in China" stickers on products sold in the United States?
an increase in globalization
A business can be defined as
any activity that seeks to provide goods and services to others while operating at a profit
A benefit of globalization is that it has greatly improved the standard of living:
around the world
What should governments of developing countries do to promote entrepreneurship?
minimize the interference with the free exchange of goods and services
The term "factors of production" refers to the:
natural, human, and financial resources used to produce goods and services
One of the challenges for future leaders is that the information-based global revolution is moving the economy in new directions that:
require innovation to succeed in global markets
The service sector employs which percentage of the U.S. workforce today?
85 percent
Globalization has improved living standards in developing countries such as:
China and India
The five of are land, labor, capital, entrepreneurship, and knowledge.
Factors of Production
What is the term for all of the groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address?
Stakeholders
Equipment such as phones, fax machines, and computers are all examples of which of the elements of the business environment?
Technological
Which statement regarding productivity in the United States is true?
Technology has improved productivity by reducing the number of workers needed.
Why are many of the improvements in productivity due to improved technology?
because the same or greater amounts are produced with fewer workers
The study of the characteristics of human populations such as size, density, age, race, gender, and income is known as Blank______.
demography
One of the main explanations for the relatively sharp increases in the U.S. manufacturing sector productivity is Blank______.
improved technology makes the production process faster
Globalization has led to Blank______ with countries such as China and India.
increased competition
The increase in farm productivity as a result of the invention of the harvester and other farm equipment has
increased the world's food supplies.
The service era is giving way to a new era based on:
information
In the information age, a company's value is based on its:
intellectual capital
Companies strive for zero defects in making their products because
it increases customer satisfaction
An example of the effect of globalization on U.S. consumers is
many goods and services are provided more cheaply by outsourcing their production to India or China.
The sector of the U.S. economy that generates 85% of its value is the
service sector
