Business 1301 chapter 1

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A business is:

any organization activity related to providing that provides goods and/or services for the purpose of making a profit.


Government regulations implemented near the end of the Entrepreneurship Era came as a result of what?

market domination, price manipulation and exploitation of workers by some businesses


Henry Ford introduced the assembly line during which time period?

The Production Era


Which of the following statements is true with regard to nonprofit organizations?

All of these choices describe nonprofit organizations


There is a cost associated with all of the Factors of Production.



The business environment

includes the economic environment, the competitive environment, the technological environment, the social environment, and the global environment.


Succeeding in the competitive environment involves many factors, from products, to timing, to employee satisfaction. Keeping productive workers happy in their jobs is becoming even more important:

because of the lack of qualified workers as a result of the retirement of the baby boomers.


he World Wide Web has provided few opportunities for businesses to individualize the shopping experience.



Demographic factors include all of the following traits: age, income, education, and gender.



Your career success is impacted by changing technology and the general economy, as well as whether or not you enjoy the work you do.



Entrepreneurship contributes to the community, often improving the standard of living and the quality of life. It does this through:

all of these choices are examples of how entrepreneurship contributes to a community's standard of living and quality of life


The Great Depression and World War II greatly impacted American Business by:

moving the focus to the needs and wants of the customer, who had to manage their own limited resources.


Today, companies invite us to join their reward programs, which are usually free and offer varying levels of discounts. These programs:

are a part of the Relationship Era, in which businesses want to build customer loyalty, but also seek to collect data on their customers to help improve their business.


The primary difference between a nonprofit organization and a traditional business is:

profit is not a primary goal for nonprofit organizations.


Natural Resources differ from Capital in that

capital resources are considered to be derived or created from something else, whereas natural resources are in a more pure state and cannot be created.


Which of the following represents an example of value as it relates to customer satisfaction?

Identifying a nearby farmer's market that can supply you with fresh fruits and vegetables.


Having a diverse workforce in your company is:

a way for your customers to see themselves reflected in your company, leading to a more valuable customer experience.


The Aging Population:

provides opportunities and threats as companies deal with the aging workforce and the potential for new product development.


Calling a service center for assistance may result in your being connected to a foreign country even though you do not realize it. This is a result of:

the willingness of workers in other countries around the world to work for far less than their American counterparts.


Streamlining business processes through the use of technology can provide a competitive advantage for businesses as long as:

companies do not invest so significantly that it prevents them from continuing to grow and change with technology.