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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 131

True/False

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Currently people between the ages of 45 and 54 are the richest group in the United States.

A) True
B) False

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Question 132

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The major advantage rich nations have over poor nations is an abundance of land and labor.

A) True
B) False

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Question 133

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The capitalist system relies heavily on:

Money is one of the five factors of production that contribute to the creation of wealth.

An important environmental change in the global environment is the growth of international competition.

Since the beginning of the 1900s, the agricultural sector of the United States has:

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

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

Demographic trends suggest that businesses will benefit from offering flexible work schedules, eldercare, and childcare to help employees balance the demands of job and family.

Technology affects people in:

People between the ages of 65 and 74 represent:

Insourcing creates new jobs, and helps offset the number of jobs being outsourced.

Which of the following statements about the competitive environment is most accurate?

Empowerment requires that managers focus more on __________ lower-level employees.

Life of Luxury, Inc., is a mail order firm that specializes in expensive and unusual gifts for all occasions. The company keeps a large file of information on all of its regular customers, including names, addresses, and type of gifts they have ordered in the past, and the size and frequency of their orders. The electronic file which stores this information is a(n) :

Describe what we mean by greening and thinking green. List several ways that people and businesses are participating in the green movement. List business opportunities that may emerge from this movement.

Rob is an emergency room nurse at a local hospital in Texas. On a weekly basis, he will serve a number of patients who are not legally U.S. citizens. Many of them are giving birth to babies. Fortunately, Rob speaks enough Spanish to communicate with the patients. Rob is experiencing the realities of the social environment in some states.

The two main types of e-commerce are:

Mini-Case Sergio Gonzales is employed by Bigbux National Bank, one of the largest banks in the Midwest. He is a loan officer, specializing in home equity loans. Tio Raul, Sergio's favorite (and wealthiest) uncle, passed away last month and left Sergio a sizable amount of money. Sergio is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor. Besides, he's a bit bored and looking for a challenge. He thinks he might get a lot of satisfaction from owning his own business. Sergio has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself! -Two of his friends approached Sergio with a proposal to start a language school. Sergio is fluent in English and Spanish, and also has an education degree. Sergio is strongly considering the idea but also wants to know if there is a growing demand for his services. He learns that an important demographic trend is:

Businesses that cater to older consumers in the future will likely not be successful.