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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 1

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Economists claim that there are 5 factors that contribute to wealth creation.Explain 4 out of the 5 factors of production.

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1)Land: Land and other natural resources...

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One of the five factors of production is Capital,which includes machines,tools,buildings,money,or whatever else is used in the production of goods.

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Question 3

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When might offshoring backfire?

Profits of a business include the salaries paid to the owners and employees of that business.

To be successful in today's markets,businesses must:

Mandeep Robin has started her own Internet consulting firm.While she recognizes the risks involved in operating a business,she is still willing to invest her time,effort,and money in hopes of earning a profit.Mandeep Robin is an example of an entrepreneur. An entrepreneur is someone who risks time and money to start and manage a company.

The Internet has increased and improved a business's responsiveness to their customers.

The statistical study of the human population to describe its size,age,gender,and income is known as diversity recognition.

Certain sectors in the Canadian economy have experienced a significant decline in employment.Which of the following best explains this job loss in specific industries?

Manufacturing is no longer an important part of the Canadian economy.

Business has changed over time,traditionally business was more focused on the product and how to sell it.Today business is more focused on:

In Canada,the majority of jobs are generated in the services-producing sector.

Customers,employees,stockholders and,suppliers are known as creditors,and others who stand to gain or lose by the policies and activities of a business represent the firm's:

Business decisions should consider the interests of customers,employees,suppliers,government officials,and stockholders. All of the groups mentioned stand to gain or lose by the policies and activities of a business.They are referred to as stakeholders.A major challenge of businesses is to improve profits while trying to maintain a balance between the interests of all stakeholders.See Figure 1.1

Shelley recently opened a new restaurant specializing in fast foods prepared with less fat and calories for health-conscious diners who are in a hurry.Shelley knows that there are some risks associated with opening and managing a restaurant,but she is confident that she can earn a profit.Shelley is an example of a(n) :

In Canada,most of the offshoring that occurs is with China. Most offshoring is with the United States.

Tools,machinery,and buildings are all types of capital resources.

Briefly discuss each of the six elements in the business environment.

The growth in the service sector in Canada has,in part,been due to technological improvements.

NAV Canada believes that hiring employees with a range of backgrounds and perspectives leads to what?