Contemporary Business Chapter 1 Learning Goals
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Questions and Answers

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?

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

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

    <p>Teams with diverse backgrounds in terms of gender and ethnicity</p> Signup and view all the answers

    What are today's business workforce characteristics?

    <p>Employees capable of global market competition</p> Signup and view all the answers

    What is offshoring?

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

    Which workforce trend is NOT mentioned in the text?

    <p>Part-time and temporary workers are declining</p> Signup and view all the answers

    What does critical thinking involve according to the text?

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

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

    <p>Technical expertise in all areas</p> Signup and view all the answers

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

    <p>Guide employees and organizations through changes</p> Signup and view all the answers

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

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

    Which of the following is NOT a factor of production?

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

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

    <p>Private enterprise system</p> Signup and view all the answers

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

    <p>Relationship era</p> Signup and view all the answers

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

    <p>Providing essential goods and services</p> Signup and view all the answers

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