BUS Ch. 1

___________ is a measure of the general well-being and satisfaction that comes from a variety of factors such as: political freedom, safety, access to good school and colleges, and a clean environment.

The amount of goods and services people can buy with the money they have is called their:

Honda and Toyota have used insourcing for years to produce cars in the United States. Insourcing:

World-class businesses attempt to meet the needs of:

Which of the following is the most accurate statement about the impact of business on society?

The resources that contribute to the creation of wealth are known as ________.

Which of the following is a factor of production?

Leanne owns a nursery business. The trucks, handcarts, and forklift she purchased for the business are called as __________ items.

Taxes and government regulations are part of the ________________ environment that effect businesses.

In order to create more wealth and provide better services, some nations recognize that _________________________________.

The capitalist system relies heavily on:

When corruption is present in the business environment:

Technology affects people in:

Efficiency means:

In today's competitive environment, good value means:

Maintaining a competitive advantage is very important to the success of today's businesses. All of the following strategies will help a firm remain competitive, except:

Diversity is more than recruiting and keeping minorities and women. Diversity means appreciating and understanding other differences in our customers and in our workforce. The statement that best describes this difference is:

The global environment,

An increase in global trade will:

The new era of business is likely to be dominated by the:

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass-up on are:

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

China is a nation with a vast amount of land and a very large population. Another characteristic of this nation is its people's affinity for saving money. Referring to the five factors of production, the government of China has made significant progress in building its business environment by focusing on factors that needed improvement. Its strategy was to:

Businesses favor:

In countries where businesses are government owned:

Which of the following policies would tend to foster entrepreneurship?

The Internet and the emergence of an information-based economy are important parts of the ___________ environment in which businesses operate.

World trade has both benefits and costs. Which of the following statements attests to this fact?