business

four economics activities

1. production 2. consumption 3. exchange 4. distrubution

Which of the following cultures has a traditional economic system:

Amazon Rainforest communities

How have industry structure changes affected the current business environment?

Business now moves faster than ever.

Who answers the basic economic questions in a private enterprise economic system?

Businesses and individuals

Which of the following are examples of first-line management job titles:

Collections supervisor, crew chief, and production supervisor

consumer demands:

Consumers want new product features.

Which of the following actions illustrates the strong leadership needed in an adaptable organization:

Focusing on maximizing resources

Which of the following is a result of globalization:

Higher productivity

Which of the following statements best describes the way that the U.S. economic system functions:

Individuals and businesses are the primary decision makers, while the government is the regulator.

Which of the following is a benefit of the freedom to own private property:

It encourages people to save and to invest.

innovative management:

It is more participative than traditional management.

Priscilla's design company is always willing to consider new ideas, trends, and ways of thinking. This is an example of which of the following characteristics of an adaptable organization:

Open-mindedness

Which of the following is a disadvantage of private enterprise:

Periods of unemployment

Wyatt's laptop is only a couple of years old, but he'd already like to replace it with a newer, updated model. What characteristic of the current business environment does this illustrate?

Shrinking product life cycles

Which of the following is an important function of mid-level management:

To serve as a link between top-level and first-line management

An organization that has the ability to adapt quickly is

agile

What action do consumers take that determines what will be produced in a market economy?

cast economic votes

What must managers be able to do if they want employees to understand the business's goals and be productive?

communicate clearly

A small-business manager who considers how a one-person reduction in office staff could impact the rest of his/her company is demonstrating

conceptual skills

A manager evaluates the production output of a department by checking it against the production goals for that time period. This is an example of the ______________ function of management.

controlling

What characteristic has the globalization trend made it necessary for adaptable organizations to display?

cultural intelligence

Which management function is described in the following situation: James Crane has created a team atmosphere among the members of his sales department. When the team exceeded their monthly sales goal, James rewarded them with a celebratory dinner out and a five-percent bonus.

directing

Which of the following are examples of middle-management job titles:

district manager, department head, and regional sales manager

industries is part of the fast-growing services-producing sector of the economy:

education

The Polar Bear Publishing Company, a publisher of children's books, has made adjustments to its promotion and pricing strategies to suit the current market. This is an illustration of which of the following characteristics of an adaptable organization:

flexibility

The way in which an economic system answers the basic economic questions depends upon the country's

government

Private enterprise is based on the idea that everyone is better served when

individuals are free to set their own goals

For which of the following do workers compete in a private enterprise system:

jobs

Individuals put limits on their own economic freedom by

making personal economic choices.

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

market

What type of economic system is used in the United States?

market

Every society must develop a system for deciding how it will use its resources so that it can

meet peoples need

The most common medium of exchange in modern economic systems is

money

A country that currently has a communist command economic system is

north korea

What management function is being described in the following situation: David Thomas, a top-level manager, identifies jobs to be performed, assigns responsibility for them, establishes departments to handle the jobs, and determines how many and which employees mid-level managers will supervise

organizing

One of the results of freedom in the marketplace is that

people can buy anything they can afford that can legally be sold.

proactive management:

planning in advance for change

The private enterprise economic system is often described as a(n)

price-directed system

Jodi needs $10,000 per month to operate her photography business. Last month, she made $13,000. The extra $3,000 are called

slack resources

Government owns the basic means of production, but there is some private ownership of businesses under

socialism

An example of a country that has a socialist command economy is

sweden

Seeing the "big picture" instead of smaller, individual parts is an organizational learning concept known as

system thinking

One of the factors that directly limits the economic freedom of individuals in a private enterprise system is government

taxation

A major problem for individuals and private businesses in a socialist command economy is

taxes

A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating

technical skills

The economic basis for the private enterprise economic system is

the profit motive

Why do top-level managers usually receive high salaries?

their decisions affect the entire company

Which of the following is the main purpose of management: a) To obtain the needed resources b)To create a pleasant working atmosphere c) To reach a specific level of productivity d)To accomplish the business's goals

to accomplish the business's goals

why should managers know how to do the work of the workers they supervise

to have realistic expectations for workers

Which of the following types of economic systems adopts the fewest new ideas or improvements:

traditional

In a traditional economic system, the question of what to produce is answered by producing

what has always been produced