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BUS 120 Final Review Chapter #1

Efficiency in distribution systems around the world has let to
increased world trade
Efficiency means
producing items using the least amount of resources
Outsourcing is*
Contracting with other companies to do some or all of the functions of a firm
airline companies around the world are experiencing increased costs in part due to
the threat of terrorism
______ is the amount a business earns after deducting what it spends for salaries and other expenses*
Profit
entrepenuers weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves. Such things they are likely to pass-up are:
Employer paid benefits such as paid vacation and health insurance
companies that sell goods to consumers over the internet are ingaging in*
B2C transactions
Businesses that produce and sell tangible products such as steel and machines are part of the
manufacturing industry
a gain or profit occurs when*
has revenues greater than expenses
what must companies do to stay viable and competitive in today’s global markets?
Offer high quality products and outstanding service at competitive prices
Improved global trade has had the most significant impacts on
Improved living standards around the world
Since the mid 1980s, the ______ has generated the least amount of increases in employment in the united states
manufacturing sector
Which of the following is a factor of production?*
Knowledge
Taxes would be used to support which of the following activites?*
All of the above (build a new school, support people in need, keep a clean environment)

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