Unit 1 Chapter 1

Unit 1 Chapter 1

The four factors of production are natural resources, capital, human resources, and entrepreneurship.
True
Diversity, the aging population, rising worker expectations, ethics, and social responsibility are all challenges for human resource managers in recruiting, training, and managing employees.
True
A _____ is any activity that provides goods and services in an effort to earn a profit.
Business
Entrepreneurs
Create benefits for others while seeking profit for themselves.
_____ refers to the quality and quantity of products and goods available to a population at a given time.
Standard of Living
_____ boomed as mass production took hold during the Industrial Revolution.
Factory Production
All of the following are examples of the five distinct eras of American business history EXCEPT the
Technology Era
During the marketing era consumers found
More choices for goods and services.
Nonprofit organizations are not in the business of
Financial Gain
The five key dimensions of the broader business environment include
1. Economic
2. Competitive
3. Technological
4. Social
5. Global.