True and False Business

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Private enterprise and capitalism are two different economic systems.

False

The colonial era was characterized by a factory system and the growth of large cities.

False

The production era marked the beginning of a major emphasis on marketing in the business world.

False

Two of the fastest growing ethnic populations in the United States are Hispanics and people of African origin.

False

While religious and charitable organizations are not-for-profits, government agencies that are not.

False

During the marketing era, advertisement took a back seat as a business strategy.

False

Entrepreneurship does not require taking risks.

False

Experts predict a decline in the number of older adult workers by 2030.

False

Freedom of choice means that firms will have the right to compete fairly.

False

Internet use has hindered the ability for businesses to outsource.

False

Managers can expect the pace of change to slow in the future.

False

Only profit-seeking organizations face competition.

False

A simplistic definition of business would be: All profit-seeking activities and enterprises that provide products and services needed or desired in an economic system.

True

Besides creating jobs and selling products, entrepreneurship provides the benefits of innovation.

True

Business competition is healthy and beneficial to consumers.

True

Carnegie, Vanderbilt, and McCormick are examples of industrial entrepreneurs.

True

China and Mexico continue to be locations for production offshoring.

True

Fair competition is a basic right required under the private enterprise system.

True

Freedom of choice within the private enterprise system means that citizens can choose their own employment, purchases, and investments.

True

In the 21st century, managers will have to find the best way to connect people, technology, and ethnics to form strong partnerships with customers, employees, and other organizations.

True

In the private enterprise system, businesses are the primary providers of the goods and services needed today by society.

True

More and more firms are relocating business operations to lower cost locations overseas.

True

More and more large firms are recognizing the value of entrepreneurial activities among their employees.

True

Not-for-profit organizations face some of the same challenges as businesses that are profit-oriented.

True

People who take risks of pursuing a business opportunity are called entrepreneurs.

True

Profits are both the reward and the incentive for risk taking.

True

Technology is an example of a capital.

True

The industrial revolution involved mass production, the specialization of labor, and the development of machines and the railroads.

True

The marketing era introduced the idea that a firm should identify and satisfy consumer wants and needs.

True

The mot basic freedom under the free enterprise system is the right to private property.

True

The nature of work has shifted towards services, with more focus on information.

True

The relationship era is driven my information technology that allows firms to form long-term relationships with customers.

True

The sales era, which entailed overcoming customer resistance, was a result of the Great Depression.

True


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