Introduction to Business Ch-1/2

Just as with a for-profit business, the first priority for a not-for-profit organization is making a profit.

The Industrial Revolution in England transformed America’s economy by introducing _____.

Melisa owns and operates a 7-Eleven franchise. Melisa is demonstrating _____.

All of the following are basic rights within a private enterprise system EXCEPT _____.

_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

Government intervention is critically important and encouraged in the private enterprise system.

Which of the following is NOT typically a part of the not-for-profit sector?

Labor encompasses both the physical labor and the intellectual inputs contributed by workers.

“Risk-taking” and entrepreneurship are synonymous.

A company that values employees as sources of ideas and innovation is utilizing its _____.

Technology and capital are considered as two separate factors of production.

When customers select their favorite brand of laundry detergent, they are exercising their right to freedom of choice.

Capital usually includes entrepreneurs and human resources.

Technology is considered to be a form of capital.

The economic focus, in colonial society, was centered on _____.

Assembly lines first became common during the _____.

The private enterprise system is enhanced by maximized government participation.

The American Industrial Revolution did not make real progress until _____.

In the private enterprise system, the right to private property is considered the most basic right.

Capitalism is another name for the private enterprise system.