Week 1 Slides

Question 1

What is business

Answer 1

All profit seeking activities that provide goods and services

Question 2

What is profit

Answer 2

Rewards for business people who take risks

Question 3

What are the 4 factors of production

Answer 3

Natural resources
Capital
Human resources
Entrepreneurship

Question 4

What are natural resources

Answer 4

Things that are useful in their natural states like land and minerals

Question 5

What is capital

Answer 5

Technology, tools, and information

Question 6

What is entrepreneurship

Answer 6

The willingness to take risks

Question 7

What is another word for capitalism

Answer 7

Private Enterprise System

Question 8

What is capitalism

Answer 8

To encourage competition
Firms rewarded for the ability to provide for consumers
Minimizes government intervention

Question 9

Who is the father of capitalism

Answer 9

Adam Smith

Question 10

What are the 4 basic rights within a private enterprise system

Answer 10

Private property
Competition
Profits
Freedom of choice

Question 11

What is Entrepreneurship Alternative

Answer 11

To take risk
Fuels economy
Sees potential

Question 12

What are the 7 eras of business

Answer 12

Colonial period
Industrial revolution
Age of industrial entrepreneurs
Production era
Marketing era
Relationship era
Social era

Question 13

What was the colonial period

Answer 13

Agriculture based production

Question 14

What is the industrial revolution

Answer 14

Mass production with workers and a few machines

Question 15

What is the age of industrial entrepreneurs

Answer 15

Advanced technology and increased demand

Question 16

What is the production era

Answer 16

More production even faster with assembly lines

Question 17

What is the marketing era

Answer 17

To understand what the consumers wanted

Question 18

What is the relationship era

Answer 18

To create links with consumers, suppliers, employees

Question 19

What is the social era

Answer 19

Businesses begin to to interact with each other around the world

Question 20

What is relationship management

Answer 20

The collection of activities that build connection with consumers

Question 21

What are some examples of relationship management

Answer 21

Surveys
Review
Reward points

Question 22

What is a partnership

Answer 22

An affiliation between 2 or more companies to help each other achieve a similar goal

Question 23

What is a strategic alliance

Answer 23

A partnership to create a competitive advantage for the businesses involved

Question 24

Name examples of strategic alliances

Answer 24

Footlocker and nike
(distributor + seller)

Question 25

Business workforce trends wanted workers that

Answer 25

Dedicated to building strong ties with consumers
Able to work good
Compete in global market
Are tech savvy

Question 26

Name 2 changes in the workforce

Answer 26

Aging population
Increased diversity

Question 27

What should a manager be able to do

Answer 27

Vision
Critically Think
Ability to lead change

Question 28

What is vision

Answer 28

To see marketplace needs and how to satisfy them

Question 29

What is critical thinking

Answer 29

Able to analyze and assess information to pinpoint problems

Question 30

What is creativity

Answer 30

To make solutions to problems

Question 31

What is ability to lead change

Answer 31

Guide employees through changes
Can make tough decisions

Question 32

What makes a company admired

Answer 32

Profits
Growth
Safe work environment
Ethical and socially responsible
High quality