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: