Question 1

MATCHING
Complete the following using the terms listed.
-_____ is the unique combination of organizational abilities,products,and approaches that sets a company apart from competitors in the minds of consumers.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

Competitive differentiation is when a company distinguishes itself from its competitors through its unique combination of organizational abilities, products, and approaches, which is often referred to as a unique selling proposition (USP). This can include things such as product features, customer service, marketing, and branding.

Note: While branding (I) is related to competitive differentiation, it specifically refers to the process of creating and promoting a particular brand image, rather than the overall uniqueness of a company's approach.

Question 2

MATCHING
Complete the following using the terms listed.
-_____ refers to technology,tools,information,and physical facilities.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

F

Question 3

List the six eras of business history.Name and describe the era used by businesses today.

Accepted Answer

The six eras are the Colonial period,the Industrial Revolution,the age of industrial entrepreneurs,the production era,the marketing era,and the relationship era.Today's era,the relationship era,focuses on taking a long-term approach to relationships with customers.Firms seek ways to gain customer loyalty by managing each transaction.

Question 4

MATCHING
Complete the following using the terms listed.
-A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n)_____.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

An entrepreneur is someone who identifies a profitable opportunity and creates a plan to achieve that profit.

Note: None of the other terms listed match the definition provided.

Question 5

Explain how consumers benefit from business competition.

Accepted Answer

The answer of Explain how consumers benefit from business competition....

Question 6

MATCHING
Complete the following using the terms listed.
-_____ refers to the standards of conduct and moral values involving decisions made in the work environment.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

Business ethics refers to the standards of conduct and moral values involving decisions made in the work environment.

Question 7

MATCHING
Complete the following using the terms listed.
-A(n)_____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

A brand is a name, terms, sign, symbol, design, or combination that identifies the products of one firm.

Question 8

Describe technology as a capital source.

Accepted Answer

The answer of Describe technology as a capital source....

Question 9

MATCHING
Complete the following using the terms listed.
-The right to ______ is the most basic freedom of the private enterprise system.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

Private property is essential to the private enterprise system as it allows individuals and businesses to own and control the resources they need to operate.

Answer: F
 Capital refers to the financial resources that businesses and individuals use to invest in and grow their enterprises. It is a crucial factor in the success of private enterprise.

Answer: H
 Factors of production refer to the resources, such as land, labor, and capital, that businesses use to produce goods and services. Managing these resources effectively is essential to the success of private enterprise.

Answer: L
 Business ethics refers to the principles and values that guide the behavior of individuals and organizations in the business world. Adhering to ethical standards is crucial for maintaining the trust and confidence of customers and stakeholders.

Note: Some of the other terms listed may also be important to private enterprise, but they do not directly relate to the most basic freedom.

Question 10

MATCHING
Complete the following using the terms listed.
-A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

The act of a company contracting with another business to perform functions that were previously handled by internal staff is known as outsourcing.

Answer: F
 Capital refers to the financial resources that a company uses to fund its operations or investments.

Answer: G
 Vision refers to a company's long-term goals and objectives, as well as its plans for achieving them.

Answer: H
 Factors of production refer to the resources that a company uses to produce goods and services, including labor, land, and capital.

Answer: I
 A brand is a unique name, symbol, design, or other feature that identifies a company and distinguishes it from its competitors.

Answer: J
 The relationship era refers to a period in business history in which companies focus on building long-term relationships with their customers and other stakeholders.

Answer: K
 Not-for-profit organizations are businesses that do not operate for the purpose of making a profit, but rather to serve a particular cause or social mission.

Answer: L
 Business ethics refers to the moral principles and values that guide the behavior of individuals and organizations in the business world.

Question 11

Define profit.Explain why you agree or disagree with the following statement: "The success of a business is measured only by the profit it earns."

Accepted Answer

The answer of Define profit.Explain why you agree or disagree...

Question 12

MATCHING
Complete the following using the terms listed.
-To operate effectively,certain inputs called _____ systems are required for all economic systems.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

The factors of production, which include land, labor, capital, and entrepreneurship, are essential inputs for all economic systems to operate effectively.

Question 13

MATCHING
Complete the following using the terms listed.
-_____ involves blending different genders,ethnic backgrounds,cultures,religions,ages,and physical and mental abilities in order to enhance a firm's chances of success.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

Diversity involves blending different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm's chances of success.

Question 14

MATCHING
Complete the following using the terms listed.
-_____ are businesslike establishments that have primary objectives other than returning profits to their owners.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

Not-for-profit organizations are the only option listed that fit the description given. They are established to serve a specific cause or mission and do not have the primary objective of returning profits to their owners.

Question 15

List and describe the four basic rights in the private enterprise system.

Accepted Answer

The answer of List and describe the four basic rights...

Question 16

Explain how business owners enhance productivity by building connections with their customers in the relationship era.

Accepted Answer

The answer of Explain how business owners enhance productivity by...

Question 17

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

Accepted Answer

The answer of Briefly describe the Industrial Revolution and its...

Question 18

MATCHING
Complete the following using the terms listed.
-_____ is the era in business history defined by the collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

The relationship era is specifically defined as the era in which businesses focus on building and maintaining ongoing relationships with customers and other parties.

Answer: I 
 A brand is a tool used in the relationship era to differentiate a business from its competitors and build loyalty with customers.

Answer: L 
 Business ethics are important in the relationship era because building trust and maintaining honest relationships with customers and other parties is crucial for success.

Question 19

MATCHING
Complete the following using the terms listed.
-The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.
A)outsourcing
B)diversity
C)entrepreneur
D)competitive differentiation
E)private property
F)capital
G)vision
H)factors of production
I)brand
J)relationship era
K)not-for-profit organizations
L)business ethics

Accepted Answer

The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as vision.

Question 20

Explain the difference between transaction management and business practices of the relationship era.

Accepted Answer

The answer of Explain the difference between transaction management and...

Quiz 1: The Changing Face of Business

MATCHING Complete the following using the terms listed. -_____ is the unique combination of organizational abilities,products,and approaches that sets a company apart from competitors in the minds of consumers.

MATCHING Complete the following using the terms listed. -_____ refers to technology,tools,information,and physical facilities.

List the six eras of business history.Name and describe the era used by businesses today.

MATCHING Complete the following using the terms listed. -A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.

Explain how consumers benefit from business competition.

MATCHING Complete the following using the terms listed. -_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

MATCHING Complete the following using the terms listed. -A(n) _____ is a name,terms,sign,symbol,design,or combination that identifies the products of one firm.

Describe technology as a capital source.

MATCHING Complete the following using the terms listed. -The right to ______ is the most basic freedom of the private enterprise system.

MATCHING Complete the following using the terms listed. -A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Define profit.Explain why you agree or disagree with the following statement: "The success of a business is measured only by the profit it earns."

MATCHING Complete the following using the terms listed. -To operate effectively,certain inputs called _____ systems are required for all economic systems.

MATCHING Complete the following using the terms listed. -_____ involves blending different genders,ethnic backgrounds,cultures,religions,ages,and physical and mental abilities in order to enhance a firm's chances of success.

MATCHING Complete the following using the terms listed. -_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

List and describe the four basic rights in the private enterprise system.

Explain how business owners enhance productivity by building connections with their customers in the relationship era.

Briefly describe the Industrial Revolution and its contribution to the evolution of business.

MATCHING Complete the following using the terms listed. -_____ is the era in business history defined by the collection of activities that build and maintain ongoing,mutually beneficial ties between a business and its customers and other parties.

MATCHING Complete the following using the terms listed. -The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Explain the difference between transaction management and business practices of the relationship era.