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Midterm 1 Review

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Herb F Mac Kenzie

Midterm ReviewChapter 1 Questions1What is the role of business in the economyaDene business and discuss the role of business in the economyBusiness BasicsBusinessany activity that provides goods and services in an effort to earn protNotforprot organizations focus on causes not protProtthe nancial reward that comes from starting and running a business the money that a business earns in sales or revenue minus expensesEntrepreneurs are people who risk time money and other resources to start and manage a businessBusiness drives up the standard of living which in turn contributes to the quality of lifeBusiness encourage entrepreneurial spirit2How has business evolvedaExplain the evolution of modern businessEvolution of BusinessIndustrial Revolution1700mid 1800sMass ProductionFactoriesWork SpecializationEfciencyEntrepreneurship EraMid 1800sIndustrial TitansWealth CreationIncrease in Living StandardManipulationCompetitionExploitationProduction EraEarly 1900sAssembly LineRening ProductionProductivity GainsDecrease CostsHard SellNo Customer FocusMarketing Era1950sConsumer PowerGrowth in ConsumerismProduct DifferentiationCustomer FocusRelationship EraLongterm RelationshipsSatised CustomersUse of Technology3What is the role notforprot organizations in the economyaDiscuss the role of notforprot organizations in the economyNotforProt Organizations Partner With ForProt Business Many notforprots work with business to improve the quality of life in society4What are the core factors of productionaOutline the core factors of production and how they impact the economyFactors of Production Basic Building BlocksBusiness rely on some combination of these factorsNatural ResourcesCapitalHuman ResourcesEntrepreneurshipEntrepreneurial activity can kickstart an economy by harnessing the other of production5What elements of the environment affect businessaDescribe todays business environment and discuss each key dimensionElements of the Business EnvironmentEconomic EnvironmentGovernment takes an active role to support businessesEconomic development is supported by Industry CanadaProvinces promote economic development by providing investment and tax incentivesLegislation supports enforceable contractsEconomic VulnerabilitiesCEOWorker pay gapConsumer debtFederalprovincial debtUnemploymentCorruptionCompetitive EnvironmentTodays competition is intenseCompanies must focus on customer satisfactionBuild longterm relationshipsProvide valueCustomer satisfactionprotabilityCheap doesnt equal value
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