chp 1

Question 1

Capital

Answer 1

Technology, tools, information, facilities,
machines, and equipment.

Question 2

Capitalism

Answer 2

Capitalism is another name for the Private
Enterprise System. Capitalism in an
economic system minimizes government
interference in economic activity and
rewards businesses for their ability to
perceive and serve the needs of customers.

Question 3

4 basic rights

Answer 3

1. right to private property
2. right to after-tax profit
3. freedom of choice in employment
   4.fair competition

Question 4

Vision

Answer 4

The ability to perceive marketplace needs
and what an organization must do to
satisfy those needs

Question 5

Social responsibility

Answer 5

Management philosophy that includes
contributing resources to the community,
preserving the natural environment, and
developing or participating in nonprofit
programs designed to promote the well-
being of the general public.

Question 6

4 factors of production

Answer 6

1. capital- technology, tools, information
2. natural resources - input that is useful in their natural states
3. human resources- production input including anyone who works
4. Entrepreneurship - willingness to take risks

Question 7

business

Answer 7

all profit-seeking activities and enterprises that provide goods and services

Question 8

changes in the workforce

Answer 8

• aging population ( shrinking labor pool)
  -changing nature of work, the need for flexibility and mobility
  -use of collaboration to innovate

Question 9

what makes a company admired

Answer 9

solid profit
stable growth
safe
challenging
along with string ethics and social responsibilty