.chapter 1

Question 1

• Five eras of American business

Answer 1

industrial, entrepreneurship, production, marketing, and relationship.

Question 2

• Factors of production

Answer 2

• natural resources and its availability can affect production and cost of goods.
• capital is the man-made tools used like computers and buildings used to produce goods and services.
• human resources is the unique contributions made to the company by its people.
• entrepreneurs risk time and money to start and run a business.

Question 3

• Five dimensions of a business environment

Answer 3

economic- the government takes steps and encourages people to start business at the right time. Contracts are enforced so business is fair. Corruption can also make it hard to start a business.
competitive environment- quality of product creates long lasting relationships with consumer and money spent on ads won’t bring in new customers like a loyal customer advocating for your business.
Social- specific traits such as age and race businesses tailer their businesses to.
plus, technological and global economy.