Three major activities that businesses are involved in
What is production, marketing, and finance?
100
Because of this, the number of people aged 55 and over today has increased substantially
What was the Baby Boom?
100
Name the 4 classes of business
What is retail, wholesale, manufacturing, and service businesses?
retail and wholesale = commercial
manufacturing = industrial
100
Products made by firms in the United States
What are Domestic Goods
100
A receiver's response to a sender's message
What is Feedback?
200
A business measures this by output - the quantity produced within a given time
What is efficiency?
200
This includes most people aged 16 and over who are available for work, whether employed or unemployed
What is the Labor Force?
200
Business that sells directly to final consumers
What is retail?
200
With advanced technology, this happens to the cost of each unit produced
What is decreases?
200
Anything that interferes with a sender creating and delivering a message and the receiver getting and interpreting that message
What is a Distraction?
300
One who starts, manages, and owns a business
What is an entrepreneur?
300
An invisible barrier to job advancement
What is the "Glass Ceiling"?
300
Business that buys products from businesses and sells to retailers or other businesses
What is a wholesale business?
300
Chief or main cause of business failures
What is owner inexperience?
300
How people consciously or unconsciously change messages
What is Distortion?
400
This is used as an indicator of a nation's economic wealth
What is GDP or Gross Domestic Product?
400
The inability of low-skilled workers to move up to better jobs; usually held back by lack of education
What is the "Sticky Floor Syndrome"?
400
Form of production where raw or semi-finished materials are processed, assembled, or converted into finished products
What is manufacturing?
400
Price of a product is determined primarily by this
What is Supply and Demand?
400
Unofficial ways that employees share information in an organization
What is an Informal Communication Network?
500
Over half of all businesses fail within the first 3 years (T/F)
What is False?
20-25% fail within the first 3 years
Half fail within 6-7 years
500
Advances in communication technology in the form of the Internet, e-mail, cell phones, and faxes have led many businesses to allow their workers to do this
What is telecommute?
500
Business that uses mostly labor to offer intangible products to satisfy consumer needs