Contemporary Business Chapter 1 (Assessment Check Answers)
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| What activity lies at the heart of every business endeavor? | An exchange between a buyer and a seller.
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| What are the primary objectivies of a not-for-profit organization? | Place public service above profits, although they need to raise money in order to operate and achieve their social goals.
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| What are the four basic factors of productions? | Natural Resources, Captial, Human Resources, and Entrepreneurship.
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| What input of production includes all productive inputs that are useful in their Natural States? | Natural Resources
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| What input of production includes technology, tools, information, and physical facilities? | Capital
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| What input of production includes anyone who works for the firm? | Human Resources
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| What input of production includes anyone who has the willingness to take risks to create and operate a business? | Entrepreneurship
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| What are the four types of Capital? | Technology, Tools, information, and Physical Facilities
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| What term is used to describe a system that rewards firms for their ability to perceive and serve the needs and demands of consumers? | The Private enterprise system
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| What is the alternative term for private enterprise system? | Capitalism
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| What is the most basic freedom under the private enterprise system? | The most basic freedom is the right to private property
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| What is an entrepreneur? | A risk taker who is willing to start, own, and operate a business.
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| What Era in Business History was primarily aguicultural? | Colonial (Prior to 1776)
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| What Era in Business History introduced Mass production by Semiskilled workers, aided by machines? | Industrial Revolution (1760-1850)
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| What Era in Business History made advances in technology and increased demand for manufactured goods, leading to enormous entrepreneurial opportunities? | Industrial entrepreneurs (Late 1880s)
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| What Era in Business History put a emphasis on producing more goods faster, leading to production innovations such as assembly lines? | Production (Through the 1920s)
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| What Era in Business History introduced Consumer orientation, seeking to understand and satisfy needs and preferences of customer groups. | Marketing (Since 1950s)
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| What Era in Business History began understanding that benefits derived from deep, ongoing links with individual customers, employees, suppliers, and other businesses | Relationship (Began in the 1990s)
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| What is the difference between transcaction management and relationship management? | Transaction management focues on building, promoting and selling enough products to cover costs. Relationship management depends on ties with customers and other parties.
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| Is the labor pool shrinking or growing? | Shrinking
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| What do Managers of the 21st century need to be successful? | Vision and the ability to perceive changes in the marketplace
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| Why is vision so important in a manager's position? | So, they can help companies to adapt to changes in the marketplaces.
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| What term describes the ability to analyze and assess information to pinpoint problems or opportunities? | Critical thinking
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| What term describes the capacity to develop novel solutions to perceived organizational problems? | Creativity
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| What kind of company has the attributes of being Socially responsible and profitable, with stable growth, safe work environment and provide high quality goods and services? | Admirable Companies
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