18 Questions
What are some typical U.S. business stakeholders?
Stockholders, Customers, Surrounding community, Environmentalists, Dealers (retailers), Employees, Government leaders, Suppliers, Media, Bankers
How does the global business environment impact the economic, legal, and technological environments?
Global competition and free trade affect the competitive environment.
What are some aspects of the economic and legal environment that businesses operate in?
Freedom of ownership, Contract laws, Elimination of corruption, Tradable currency, Minimum taxes and regulation
How does the quality imperative affect the social environment?
It impacts customer service, stakeholder recognition, employee service, and concern for the environment.
What are some elements of the technological environment that businesses need to adapt to?
Information technology, Databases, Bar codes, The Internet
How do entrepreneurs play a role in the business ecosystem?
Entrepreneurs drive innovation and create job opportunities.
What is the definition of efficiency in business?
Producing goods and services using the least amount of resources.
What is the meaning of productivity in business?
The amount of output generated given the amount of input.
Define e-commerce.
The buying and selling of goods over the Internet.
What is a database used for in business?
An electronic storage file for information.
What is identity theft in the context of business?
The obtaining of individuals’ personal information for illegal purposes.
Why do customers want good quality products at low prices with great customer service?
Because business is more customer-driven.
What is outsourcing?
Outsourcing is contracting with other companies to do some of the functions of a firm, like production or accounting.
Define quality of life.
Quality of life refers to the general well-being of a society in terms of political freedom, natural environment, education, health care, safety, leisure, and rewards that enhance satisfaction and joy.
Who are stakeholders in a business?
Stakeholders are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
What is the primary goal of a nonprofit organization?
A nonprofit organization's goal does not include making a personal profit for its owners or organizers; instead, it focuses on meeting social or educational goals.
What is insourcing?
Insourcing refers to foreign companies opening offices and factories in the United States.
What is the importance of entrepreneurs in improving the quality of life?
Entrepreneurs play a key role in enhancing the quality of life through innovations, job creation, and economic growth.
Test your knowledge on business stakeholders and the dynamic business environment based on McGraw-Hill Education content. Explore concepts related to stockholders, customers, employees, government leaders, media, and more.
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