Understanding BUS CH.1

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Information-based sector

The new era of business is likely to be dominated by the

Which of the following best describes recent job growth in the service sector?

C. The service sector has generated almost all new jobs in the American economy since the mid 1980s, but the rate of job growth in services has slowed in recent years.

What occurs when corruption is present in the business environment?

Company leaders can threaten competitors and minimize competition

The amount of goods and services people can buy with the money they have is called their

Standard of living

Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million. Based on this information, Adventure reported

Profits of $14 million

B2B transactions

When businesses sell to other businesses over the Internet, these transactions are known as

In recent years, almost all new job creation in the United States has occurred in the __________ sector



The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm’s

High tax rates tend to

Discourage entrepreneurship

In countries where businesses are government owned

There is less incentive to work hard

Quality of life

Measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment

Service sector

Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the

Businesses favor

Minimal government spending because it keeps taxes to a minimum


An activity which seeks to earn a profit by providing a good or service


Total amount of money that businesses take in by selling goods and services

The green movement is

Concern with depletion of natural resources and leaving carbon footprint

Entrepreneurship and knowledge

Entrepreneurship and knowledgeTwo factors of production that seem to contribute the most to a nation’s ability to create wealth


Person who assumes the risk of starting a business

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