Chapter 1: Change is the only constant

Question 1

Factors of production

Answer 1

four fundamental elements-natural resources, capital, human resources, and entrepreneurship-that businesses need to achieve their objectives

Question 2

bleeding edge

Answer 2

launching products too far ahead of the market and, as a result, experiencing failure

Question 3

E-commerce

Answer 3

business transactions conducted online, typically via the internet

Question 4

free trade

Answer 4

international economic and political movement designed to help goods and services to flow more freely across international boundaries

Question 5

General Agreement on Tariffs and Trade (GATT)

Answer 5

international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide