BUS 100_Chapter 1

The term "standard of living" refers to the amount of debt people can incur on a given income.

Land, is the most critical factor of production in explaining why some countries are poor while others

A business incurs a ________ if its costs and expenses exceed its revenues.

Sam got the same amount of money this year as he did last year. His std of living must be the same as it was last year. 

________ means producing the desired result.

________ is/are the external circumstances that surround the business.

High tax rates tend to:

Businesses satisfy the demands of all stakeholders by balancing the demands of customers and stockholders.

Starting a business always involves ________.

The emergence of an information-based economy are important parts of the ______ environment in which businesses operate.

Businesses and nonprofit organizations often strive to accomplish the same objectives.

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

The skills learned in business courses are seldom relevant to students who work for nonprofit organizations

Outsourcing has caused complications in many states where jobs have been lost to overseas companies.

Maintaining a high quality of life requires the combined efforts of businesses, nonprofit orgs, and government agencies.

Which of the following entails the greatest amount of risk?

________ refers to the amount of output generated with a given amount of input.

Which of the following is a factor of production?

Insourcing creates new jobs, and helps offset the number of jobs being outsourced.

Technology affects people in: