Understanding BUS CH.1

Information-based sector
The new era of business is likely to be dominated by the
Which of the following best describes recent job growth in the service sector?
C. The service sector has generated almost all new jobs in the American economy since the mid 1980s, but the rate of job growth in services has slowed in recent years.
What occurs when corruption is present in the business environment?
Company leaders can threaten competitors and minimize competition
The amount of goods and services people can buy with the money they have is called their
Standard of living
Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million. Based on this information, Adventure reported
Profits of $14 million
B2B transactions
When businesses sell to other businesses over the Internet, these transactions are known as
In recent years, almost all new job creation in the United States has occurred in the __________ sector
Service
Stakeholders
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm’s
High tax rates tend to
Discourage entrepreneurship
In countries where businesses are government owned
There is less incentive to work hard
Quality of life
Measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment
Service sector
Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the
Businesses favor
Minimal government spending because it keeps taxes to a minimum
Business
An activity which seeks to earn a profit by providing a good or service
Revenue
Total amount of money that businesses take in by selling goods and services
The green movement is
Concern with depletion of natural resources and leaving carbon footprint
Entrepreneurship and knowledge
Entrepreneurship and knowledgeTwo factors of production that seem to contribute the most to a nation’s ability to create wealth
Entrepreneur
Person who assumes the risk of starting a business