Chapter 1: Current Issues in Contemporary Business Learning Goals Quiz
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Questions and Answers

What is the primary reward for business people according to the text?

  • Recognition in the business community
  • Profit-seeking (correct)
  • Access to technology advancements
  • Networking opportunities

    • In the context of business, what are the factors of production?

  • Customers and suppliers
  • Goods and services
  • Land, labor, and capital (correct)
  • Employees and managers

    • Which era of business focuses on alliances, technology, and environmental concerns?

  • Industrial era
  • Relationship era (correct)
  • Globalization era
  • Innovation era

    • How is the nature of work changing in today's business environment?

    <p>It is becoming more automated</p> Signup and view all the answers

    What characteristic is essential for a company to be admired by the business community?

    <p>Ethical and responsible behavior</p> Signup and view all the answers

    What do entrepreneurs do?

    <p>Risk starting a business</p> Signup and view all the answers

    Which factor of production involves human resources?

    <p>Labor</p> Signup and view all the answers

    What does outsourcing involve?

    <p>Using outside vendors to produce goods or services</p> Signup and view all the answers

    What changes in the workforce are mentioned in the text?

    <p>Increased diversity in employee teams</p> Signup and view all the answers

    Which workforce characteristic is needed to compete in global markets according to the text?

    <p>Dedicated workers fostering strong customer ties</p> Signup and view all the answers

    What is one impact of technology on hiring, as mentioned in the text?

    <p>Intensifying the hiring challenge by requiring advanced skills</p> Signup and view all the answers

    What is offshoring?

    <p>Relocation of business processes to lower-cost locations overseas</p> Signup and view all the answers

    What is the role of collaboration in the changing workforce?

    <p>Replacing the concept of working alone with collaboration</p> Signup and view all the answers

    How is critical thinking defined in the text?

    <p>Analyzing and assessing information to pinpoint problems or opportunities</p> Signup and view all the answers

    What skills are highlighted as important for a 21st-century manager?

    <p>Emphasizing creativity, critical thinking, and leading change</p> Signup and view all the answers

    Why must managers be comfortable with tough decisions according to the text?

    <p>To guide employees and organizations through changes effectively</p> Signup and view all the answers

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