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Contmp Bus. Ch. 1

Contemporary Business Chapter 1 (Assessment Check Answers)

What activity lies at the heart of every business endeavor? An exchange between a buyer and a seller.
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.
What are the four basic factors of productions? Natural Resources, Captial, Human Resources, and Entrepreneurship.
What input of production includes all productive inputs that are useful in their Natural States? Natural Resources
What input of production includes technology, tools, information, and physical facilities? Capital
What input of production includes anyone who works for the firm? Human Resources
What input of production includes anyone who has the willingness to take risks to create and operate a business? Entrepreneurship
What are the four types of Capital? Technology, Tools, information, and Physical Facilities
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
What is the alternative term for private enterprise system? Capitalism
What is the most basic freedom under the private enterprise system? The most basic freedom is the right to private property
What is an entrepreneur? A risk taker who is willing to start, own, and operate a business.
What Era in Business History was primarily aguicultural? Colonial (Prior to 1776)
What Era in Business History introduced Mass production by Semiskilled workers, aided by machines? Industrial Revolution (1760-1850)
What Era in Business History made advances in technology and increased demand for manufactured goods, leading to enormous entrepreneurial opportunities? Industrial entrepreneurs (Late 1880s)
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)
What Era in Business History introduced Consumer orientation, seeking to understand and satisfy needs and preferences of customer groups. Marketing (Since 1950s)
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)
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.
Is the labor pool shrinking or growing? Shrinking
What do Managers of the 21st century need to be successful? Vision and the ability to perceive changes in the marketplace
Why is vision so important in a manager's position? So, they can help companies to adapt to changes in the marketplaces.
What term describes the ability to analyze and assess information to pinpoint problems or opportunities? Critical thinking
What term describes the capacity to develop novel solutions to perceived organizational problems? Creativity
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
Created by: Willingtolearn