business 001- chapter 1 questions with
answers.
business ANS - any organization or activity that provides goods and services in an effort to earn a profit
(3)
business environment ANS - the setting in which business operates. the five key components are:
economic environment, social environment, and global environment (7)
business technology ANS - any tools especially computers, telecommunications, and other digital
products that businesses can use to become more efficient and effective (10)
demographics ANS - the measurable characteristics of a populations. demographic factors include:
population size and density, as well as specific traits such as age, gender, and race(11)
e-commerce ANS - business transactions conducted online, typically via the internet (10)
entrepreneurs ANS - people who risk their time, money, and other resources to start and manage a
business (4)
factors of production ANS - four fundamental elements: natural resources, capital, human resources,
and entrepreneurship that businesses need to achieve their objectives (6)
free trade ANS - an international economic and political movement designed to help goods and
services flow more freely across international boundaries (14)
General Agreement on Tariffs and Trade (GATT) ANS - an international trade agreement that has taken
bold steps to lower tariffs and promote free trade worldwide (14)
loss ANS - when a business incurs expenses that are greater than its revenue (4)
answers.
business ANS - any organization or activity that provides goods and services in an effort to earn a profit
(3)
business environment ANS - the setting in which business operates. the five key components are:
economic environment, social environment, and global environment (7)
business technology ANS - any tools especially computers, telecommunications, and other digital
products that businesses can use to become more efficient and effective (10)
demographics ANS - the measurable characteristics of a populations. demographic factors include:
population size and density, as well as specific traits such as age, gender, and race(11)
e-commerce ANS - business transactions conducted online, typically via the internet (10)
entrepreneurs ANS - people who risk their time, money, and other resources to start and manage a
business (4)
factors of production ANS - four fundamental elements: natural resources, capital, human resources,
and entrepreneurship that businesses need to achieve their objectives (6)
free trade ANS - an international economic and political movement designed to help goods and
services flow more freely across international boundaries (14)
General Agreement on Tariffs and Trade (GATT) ANS - an international trade agreement that has taken
bold steps to lower tariffs and promote free trade worldwide (14)
loss ANS - when a business incurs expenses that are greater than its revenue (4)
