Contemporary Business Chapter 1 Learning Goals

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What are the factors of production according to the text?

Technology, Equipment, Software, Networking, Advertising

Labor, Capital, Entrepreneurs, Physical resources, Information resources (correct)

Money, Land, Inventory, Sales, Marketing

Workers, Buildings, Technology, Data, Markets

Which group is expected to reach 72 million by 2030 according to the text?

Generations X and Y

Current workforce

Workers aged 65 or older (correct)

Baby boomers

What impact does technology have on the modern workforce according to the text?

Decreases the need for advanced skills

Has no impact on the hiring process

Intensifies the hiring challenge by requiring more advanced skills (correct)

Creates a less competitive workforce

How is outsourcing defined in the context of the text?

Using external vendors instead of internal resources for goods and services Signup and view all the answers

What kind of employee teams are considered more effective based on the text?

Teams with diverse backgrounds in terms of gender and ethnicity Signup and view all the answers

What are today's business workforce characteristics?

Employees capable of global market competition Signup and view all the answers

What is offshoring?

The relocation of business processes to lower-cost locations overseas Signup and view all the answers

Which workforce trend is NOT mentioned in the text?

Part-time and temporary workers are declining Signup and view all the answers

What does critical thinking involve according to the text?

Analyzing and assessing information to identify problems or opportunities Signup and view all the answers

Which skill is NOT listed as essential for a 21st-century manager?

Technical expertise in all areas Signup and view all the answers

What is one of the key roles of a 21st-century manager according to the text?

Guide employees and organizations through changes Signup and view all the answers

What is the main reward for business people who take risks to offer goods and services to customers?

Profit Signup and view all the answers

Which of the following is NOT a factor of production?

Technology Signup and view all the answers

What system is described as providing basic rights and emphasizing entrepreneurship?

Private enterprise system Signup and view all the answers

In the context of business eras, which era is focused on alliances, technology, and environmental concerns?

Relationship era Signup and view all the answers

What is the primary goal of profit-seeking activities and enterprises in an economic system?

Providing essential goods and services Signup and view all the answers

Contemporary Business Chapter 1 Learning Goals

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