BM Chapter 1 Review

Which of the following statements is NOT correct?

All factors of production are found in equal amounts in all businesses.

Which of the following is a benefit of being in business today?

The factors of production in an economic system are _______

Timber Trails, a Northwest lumber company, utilizes ___ as its primary production factor.

All of the following statements are correct EXCEPT...

In the U.S. economy, _____ are considered the reward for the risk of entering business.

Technology, tools, information, and physical facilities are all examples of....

All of the following are true of the production era EXCEPT

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

___is the ability to perceive market needs in the future & how to satisfy those needs.

Assembly lines first became common during the_____

________ is essential because it serves as a primary incentive to start companies.

At the heart of every business endeavor is what?

The idea that promotes determining what customers want & need and making those products is

Which of the following are organized for profit and provide goods and services?

Outsourcing _______

The human resources of a firm refer to....

All of the following are rights granted to citizens and to the government in capitalism except

Nurturing customer loyalty by gathering knowledge of customer needs is an approach during the

Ben recently sold his Ford to a friend. This illustrates the right to...

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

All of the following are typically part of the not-for-profit sector EXCEPT...

Which of the following is NOT a new trend in hiring and the work force?

Capitalism is founded on _____