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Questions and Answers

What is the current trend in the service industry?

  • It is growing rapidly, but starting to level off. (correct)
  • It is becoming less important to the economy.
  • It is facing a severe decline due to outsourcing.
  • It is solely dependent on information technology.

What is one of the main risks for aspiring entrepreneurs in the entertainment industry?

  • Inability to collaborate with established figures.
  • Limited opportunities for project creation.
  • Guaranteed financial success from the start.
  • High potential for failure without significant rewards. (correct)

Which topic related to the impact of social trends is most relevant for businesses?

  • How to increase employee salaries effectively.
  • Technological advancements in product production.
  • Environmental regulations affecting labor costs.
  • Influence of consumer behavior changes on business. (correct)

What is a major aspect of the relationship between standard of living and quality of life?

<p>Quality of life encompasses more than economic factors. (A)</p> Signup and view all the answers

What has been a significant development in the shopping sector due to technology?

<p>Growth in e-commerce and online shopping. (C)</p> Signup and view all the answers

What is the primary goal of a nonprofit organization?

<p>Serving the community without personal profit (D)</p> Signup and view all the answers

Which factor is considered the most important in today's economy?

<p>Knowledge (C)</p> Signup and view all the answers

What is one key benefit of working for others compared to entrepreneurship?

<p>Assumption of entrepreneurial risks by employers (D)</p> Signup and view all the answers

Which element is NOT part of the business environment?

<p>Administrative environment (A)</p> Signup and view all the answers

What is empowerment in the context of businesses?

<p>Giving workers responsibility and authority to meet customer needs (C)</p> Signup and view all the answers

What trend does 'greening' refer to?

<p>Saving energy and reducing environmental harm (B)</p> Signup and view all the answers

Which stage best describes the progression of the U.S. economy?

<p>From agricultural to manufacturing to service-based (D)</p> Signup and view all the answers

How has globalization affected living standards worldwide?

<p>Improved living standards globally (B)</p> Signup and view all the answers

What distinguishes a good from a service in a business context?

<p>Goods can be held in the hand, while services cannot. (A)</p> Signup and view all the answers

What does the term 'profit' refer to in a business?

<p>The remaining money after all expenses are accounted for. (A)</p> Signup and view all the answers

Which of the following best defines 'risk' in the context of entrepreneurship?

<p>The possibility of losing time and money on an unprofitable venture. (B)</p> Signup and view all the answers

Which factor is included in the definition of 'quality of life'?

<p>Political freedom and personal safety. (D)</p> Signup and view all the answers

What is the primary goal of businesses when addressing their stakeholders?

<p>To align their objectives with the interests of those affected by their actions. (A)</p> Signup and view all the answers

What is 'outsourcing' in a business operation?

<p>Contracting external companies to perform specific functions. (B)</p> Signup and view all the answers

What can be considered a loss for a business?

<p>When expenses exceed the revenue generated. (D)</p> Signup and view all the answers

Which of the following best describes the role of an entrepreneur?

<p>Someone who invests time and money to create and run a business. (B)</p> Signup and view all the answers

Flashcards

Goods

Tangible products that can be physically held, like computers, food, or cars.

Entrepreneur

A person who starts and runs a business, taking risks for potential profit.

Services

Intangible products that can't be held, like education, healthcare, or travel.

Stakeholder

Anyone affected by a business's actions, including customers, employees, and the community.

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Profit

Money earned after expenses; the amount a business makes beyond costs.

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Revenue

The total money a business earns from selling goods or services.

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Outsourcing

Hiring another company to do some of your work, often in another country.

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Nonprofit Organization

A group that doesn't aim to make a profit for its owners or organizers.

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Insourcing

Foreign companies establishing facilities in your country.

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Entrepreneurship risk vs. employee work

Entrepreneurs take more risk but potentially earn more; employees have less risk, but often less control or reward.

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Factors of Production

The resources needed to create things: land, labor, capital, entrepreneurship, and knowledge.

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Business Environment

All the factors that influence a business (economic, legal, technological, competitive, social, global, and ecological).

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Technological Environment

How technology affects businesses, improving efficiency and productivity.

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Competitive Environment

Businesses compete against each other in a tough market.

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Social Environment Impact

Businesses need to be aware and serve diverse customer needs (e.g. diverse customers and wants).

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Globalization Impact

International trade improves living standards globally.

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Information Revolution

A shift in the economy toward information-based industries, fueled by technology and e-commerce.

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Pros and Cons of Minimizing Environmental Impact

There are both benefits (like sustainability) and drawbacks (like economic cost) to reducing human impact on the environment.

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Impact of Social Trends on Business

Social trends, like changing demographics or cultural values, can heavily influence how businesses operate and their success.

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Service Industry Growth

The service industry is the fastest-growing segment of the economy, providing intangible products like education, healthcare, and travel.

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Standard of Living vs. Quality of Life

Standard of living refers to material wealth while quality of life encompasses overall well-being, including happiness and fulfillment.

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Study Notes

Entrepreneurship and Wealth Building

  • A business is any activity providing goods or services for profit.
  • Goods are tangible products (e.g., cars, food).
  • Services are intangible products (e.g., education, healthcare).
  • Entrepreneurs risk time and money to start and manage businesses.
  • Revenue is total income from sales.
  • Profit is revenue exceeding expenses.
  • Loss occurs when expenses exceed revenue.
  • Risk and profit are often linked; high risk can lead to high profit.
  • Standard of living is the amount of goods and services people can buy with their money.
  • Quality of life encompasses overall well-being including political freedom, environment, education, healthcare, safety, leisure, and satisfaction.
  • Stakeholders are all who gain or lose from a business's actions (customers, employees, owners, suppliers, etc.).
  • Outsourcing is contracting with other companies to do business functions.
  • Insourcing is setting up business functions within a different country.
  • Nonprofit organizations focus on social or educational goals, not profit.

Entrepreneurship vs. Working for Others

  • Working for others offers benefits (e.g., health insurance, vacation time).
  • Entrepreneurship is riskier but allows for more decision-making and potential wealth.
  • Entrepreneurs sacrifice benefits for freedom and opportunity.

Factors of Production and Wealth

  • Key factors for wealth creation include land, labor, capital, entrepreneurship, and knowledge.
  • Entrepreneurship and knowledge are considered more crucial than other factors.

The Business Environment

  • The business environment consists of factors that affect businesses (economic, legal, technological, competitive, social, global).
  • A healthy environment is crucial to businesses' growth and prosperity.
  • Businesses need to adapt to changes in the environment.
  • Government policies (e.g., taxes, regulations) influence risk and growth.
  • An important factor for starting a business is the freedom of ownership and enforceable contracts.

Technology's Impact

  • Technology (IT) has profoundly impacted businesses.
  • Technology including smartphones, computers, the internet, and software increases productivity.
  • E-commerce (online buying and selling) is a major part of business today.
  • Technology helps businesses adapt to customer needs and preferences.
  • Data collection (through barcodes and databases) helps retailers understand and address customer needs.
  • Technology is key to building a productive and efficient business
  • Competition in business is increasing.
  • Businesses can gain an edge by focusing on quality.
  • Social trends (demographics, diversity) greatly influence businesses.
  • Demographic shifts create new markets and opportunities for some companies.
  • Diversity in the workforce goes beyond gender/race and includes age, disability, and other factors.

Global Challenges

  • Global competition, war, and terrorism affect businesses.
  • Businesses must address challenges such as competition from others countries or natural disasters.
  • Helping less developed countries can promote world stability.

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