After you have read and studied this chapter, you should be able to:
1. Describe the relationship of businesses’ profit to risk, and show how businesses and nonprofit organizations add to the standard of living for all.
2. Compare and contrast being an entrepreneur and working for others.
3. Analyze the effect of the economic environment and taxes on businesses.
4. Describe the effect of technology on business.
5. Demonstrate how businesses can meet and beat competition.
6. Analyze the social changes affecting businesses.
7. Identify what businesses must do to meet the global challenge, including war and terrorism.
8. Review how past trends are being repeated in the present and what they mean for tomorrow’s college graduate.
Listed below are important terms found in the chapter. Choose the correct term for each definition and write it in the space provided.
Business |
Goods |
Revenue |
Business environment |
Identity theft |
Risk |
Database |
Loss |
Services |
Demography |
Nonprofit organization |
Stakeholders |
E-commerce |
Outsourcing |
Standard of living |
Empowerment |
Productivity |
Technology |
Entrepreneur |
Profit |
|
Factors of production |
Quality of life |
|
1. Land, labor, capital, entrepreneurship and knowledge are known as ____________________.
2. Otherwise known as ______________ this refers to buying and selling products and services over the Internet
3. _________________refers to the general well-being of a society in terms of freedom, a clean natural environment, education, health care, safety, free time, and rewards that add to the satisfaction and joy that other goods and services provide.
4. An __________ is the person who risks time and money to start and manage a business.
5. Products that are intangible, such as education, heath care, insurance, recreation and travel and tourism are known as____________.
6. A __________is any activity which seeks to provide goods and services to others while operating at a profit.
7. When a business’s expenses are more than its revenues a ________has occurred.
8. Entrepreneurs take a _______ when they take the chance that they will lose time and money on a business that may not prove to be profitable.
9. A society’s ________________________ is the amount of goods and services people can buy with the money they have.
10. A ____________ is an organization whose goals do not include making a personal profit for its owners or organizers.
11. An electronic storage file where information is kept is known a(n) _______________.
12. When we study _____________, we are looking at a statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender and income.
13. Known as ________________, this means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
14. Computers, food, clothing, cars, and appliances are tangible products known as _________.
15. ________ is the amount of money a business earns above and beyond what it spends for salaries and other expenses.
16. A business’s________ are all the people who stand to gain or lose by its policies and activities and whose concerns the business needs to address.
17. The total amount of money a business takes in during a given period by selling goods and services is called _________________.
18. _________________ is considered to be everything that makes business processes more effective, efficient and productive, such as phones, copiers, computers, medical imaging devices, personal digital assistants and various software programs.
19. The surrounding factors of the _______________________ either help or hinder the development of businesses.
20. The amount of output you generate given the amount of input such as hours worked is called ______________________.
22. _________________ is obtaining private information about a person, such as Social Security number and credit card numbers, and using that information for illegal purposes.
Learning goal 1
Entrepreneurship and Wealth Building
4. What is the relationship between risk and profit?
5. How do the taxes paid by businesses and their employees benefit everyone in their communities?
6. How is it that a person in one country, such as Germany, can buy fewer goods with the same amount of money as a person who lives in the United States, for example? How does this affect our standard of living?
7. Describe the challenges businesses of the 21st century will face with regard to stakeholders and profitability.
8. What is “insourcing” and what are the benefits?
9. How do nonprofits use financial gains?
10. What are “social entrepreneurs”?
11. What are two ways to succeed in business, according to the text? What are the advantages of each way?
12. How have individuals, members of minority groups, and women business owners in the United States participated in entrepreneurship?
13. List the 5 factors of production.
a. ____________________________ d. ___________________________
b. ____________________________ e. ___________________________
c. ____________________________
14. What combination of the factors of production distinguishes rich countries from poor countries?
The Business Environment
15. What are the 5 factors that make up the business environment?
a. _________________________________ d. ______________________________
b. _________________________________ e. ______________________________
c. _________________________________
Learning Goal 3
The Economic and Legal Environment
16. What are six ways governments can reduce the risk of starting businesses and thus increase entrepreneurship?
17. According to the text, what “failures” contributed to the faltering economy of 2008-2010?
18. Describe the difference between “effectiveness” and “efficiency”.
19. What are the two major types of e-commerce transactions?
a. ____________________________________
b. ____________________________________
20. How do businesses make use of bar codes and the resulting databases?
21. What are some ways you can prevent identify theft, according to the text?
Learning Goal 5
The Competitive Environment
22. What must companies offer in order to stay competitive in today’s world markets?
23. What is meant by the phrase: “Competing by Exceeding Customer Expectations”?
24. Describe the concept of Competing by Restructuring and Empowerment.
Learning Goal 6
The Social Environment
25. What are three general ways in which the social environment is changing?
a. _____________________________________________________________
b. _____________________________________________________________
c. _____________________________________________________________
26. How has the meaning of diversity changed?
27. What kinds of business opportunities are presented by the increase in the number of older Americans?
28. What will be the impact of an increasing population of older Americans on Social Security and what are the options for fixing the problem?
29. What effect has the growth in single-parent families had on businesses?
Learning Goal 7
The Global Environment
30. Two important global environmental changes have been:
a. ________________________________________________
b. ________________________________________________
31. Another name for global trade is _____________________
32. World trade has grown thanks to:
b. ______________________________________________
33. How has world trade affected living standards around the world?
34. Describe the effects of war and terrorism on business.
35. How will these global changes affect you?
Learning Goal 8
The Evolution of American Business
36. How has the agricultural industry and farm employment changed in the last century?
37. What has been the consequence of increased productivity in the manufacturing sector regarding jobs? Where have workers found jobs as a result?
38. How important is the services industry to our economy and to job creation?
39. As the service sector era seems to be coming to a close, what is the next new era expected to be?
Learning Goal 1
1. Monika lives in Germany, works for the Mercedes plant in her hometown and makes the equivalent of $65/hour American. Her cousin Joe lives in the United States and works for the Honda plant in his hometown. When Monika visits Joe she is amazed at how big his house is compared to where she lives, his sound system and how well he seems to live. "Boy," says Monika, "I sure can't live like this at home. Why not?"
Learning Goal 2
2. Revelle Industries is a small company located in an area of the country where unemployment has been very high for the last several years. In 2010, Revelle was struggling. There were only 20 employees, and profits were low. As the economy improved, and with new management, things began to turn around, and now Revelle employs almost 75 people. This year they sold 120,000 units of their only product line, a component part used in the manufacture of industrial ventilation systems. The price of their product is $20/unit. The cost of salaries, expenses and other items was $2,050,000. Sales forecasts look good for the next several years, as Revelle has customers world wide and will be expanding their product line in the next 18 months.
a. What are Revelle's revenues?
b. What are Revelle's profits?
c. How has the company generated wealth and created a higher standard of living?
Learning Goal 3
3. Eastern Europe has experienced dramatic changes during the last 20 years, with changes in both government and economic policies. The newly formed countries have struggled for the last decade with questions about how to be successful in the 21st century. What will be the key to developing the economies of these countries?
Learning Goal 4
4. Schnucks is a large grocery retailer located in the St. Louis, Missouri area. The company is expanding, and continually improving the technology in their stores. How can a database help Schnucks better serve its customers? How do you think a grocery store such as Schnucks will compete in the area of e-commerce?
Learning Goal 5
5. Consider your college or university, or, if you are employed, consider the company for which you work:
a. Who are its competitors?
b. How does the organization meet and (hopefully) exceed their customers’ expectations?
c. Who are the organization’s stakeholders? Does it meet the needs of the stakeholders? Why or why not?
d. How has the organization restructured to empower its workers?
Learning Goals 4,5,6,7
6. Consider a company with which you are familiar. For example, evaluate the company where you or one of your family members is currently employed.
a. How are various technologies implemented in the business? Does the company sell their products on a website? Evaluate the website. Is it customer friendly?
b. What kinds of programs has the company implemented to meet the needs of single parents and other employees?
c. Does the company appear to be competing in the manner described by your text, by meeting the needs of its employees and its customers?
d. How diverse is the company’s workforce?
e. How important is the global marketplace to this business?
Learning Goal 6
7. How do the changes and programs companies have implemented to meet the needs of single parent families help these companies to be more competitive?
Learning Goal 7
8. How can increased global competition benefit the United States and U.S. workers?
Learning Goal 8
9. How are the changes we are experiencing in manufacturing and services similar to the changes in the farming industry we saw in previous centuries?
PRACTICE TEST
MULTIPLE CHOICE - Circle the best answer.
Learning Goal 1
1. A loss occurs when a company
2. In general, the ______ the risk, the ______ the profit.
a. higher/higher
b. lower/higher
c. higher/lower
d. faster/quicker
3. Taxes would not be used to support which of the following activities?
a. Build a new school
b. Support people in need
c. Keep a clean environment
d. Help run a privately owned day care center
4. A clean environment, safety, free time and health care are elements which contribute to our:
a. standard of living.
b. quality of life.
c. economic environment.
d. factors of production.
5. A list of stakeholders of an organization would include:
a. customers.
b. employees.
c. stockholders.
d. all of the above are stakeholders.
a. contracting with other companies to do some or all of the functions of a firm.
b. keeping all essential functions within the firm.
c. when a foreign company sets up design and production facilities in the United States.
d. providing in-house consulting services for employees.
Learning Goal 2
a. declined
8. Which of the following is (are) not considered a factor of production?
a. Knowledge
b. Capital
c. Labor
d. Taxes
9. The two factors of production that contribute most to making countries rich are:
a. land and labor.
b. capital and land.
c. entrepreneurship and use of knowledge.
d. use of knowledge and taxes.
10. To foster entrepreneurial growth governments must:
d. reduce the value of their currency to encourage foreign investment.
c. using high tech equipment to do a job.
d. producing as much as you can as fast as you can, regardless of cost.
Learning Goal 5
14. What must companies do to be competitive in today’s market?
a. offer high quality products and outstanding service at competitive prices.
b. create innovative and high quality marketing programs.
c. create alliances with competitors.
d. focus on those activities that will create the most profit.
Learning Goal 6
a. led to companies with more diverse workforces.
b. much narrower definition of the meaning of diversity.
c. fewer conflicts between groups at work as they learn to work with one another.
d. declining need for dual language signs and brochures as the immigrant population learns English.
20. The new era of business will:
a. probably see a major decline in productivity.
b. be an information based global revolution that will impact all sectors of the economy.
c. be dominated by an increase in the manufacturing sector as global markets grow.
d. see a rise in the agricultural sector.
Learning Goal 1
1. _____ A social entrepreneur is an individual who uses business principles to start and manage not-for-profit organizations, and help address social issues.
2. _____ As a potential business owner, you may want to invest your money in a company with a lot of risk, in order to earn a lot of money quickly.
3. _____ There is basically no difference between “goods” and “services”.
4. _____ Mariko, who lives in Tokyo, makes the equivalent of approximately $35,000 per year, while Donada, living in the United States makes only $25,000. From this you can assume Mariko has a higher standard of living than Donada.
5. _____ Business skills are useful and necessary in non-profit institutions.
Learning Goal 2
6. _____ In analyzing factors of production that make a country “rich,” it has been observed that some relatively poor countries often have plenty of land and natural resources.
7. _____ While knowledge is an important factor in business success, it is not considered to be one of the factors of production.
Learning Goal 3
8. _____ Governments can reduce the risk of starting businesses and increasing entrepreneurship by keeping taxes and regulations to a minimum.
9. _____ One of the causes of the economic downturn of 2006-2009 was the failure of many mortgage lenders to do the research necessary to ensure their borrowers creditworthiness.
Learning Goal 4
10. _____ Few technological changes have had a greater impact on business than the emergence of information technology, such as computers, cell phones, and the Internet.
11. _____ Technology really only affects companies involved in manufacturing.
Learning Goal 5
12. _____ Successful organizations must listen to the needs of consumers and adjust products, policies and practices to meet customer needs.
13. _____ One of the ways a company can compete is to empower frontline workers.
Learning Goal 6
14. _____ Population shifts are leading to many new business opportunities.
15. _____ Social Security has become a major issue as older Americans drain the system.
Learning Goal 7
16. _____ Improvements in distribution and in communication have led to more global trade.
17. _____ Threats of war and terrorism have had little impact on businesses either in the U.S. or anywhere in the world.
Learning Goal 8
18. _____ When workers in the industrial sector were laid off, many of them went back to work in the agricultural sector.
These are additional exercises for your own exploration and information. The answers for this section aren’t provided.
The purpose of this exercise is to gather data regarding trends in occupations and in the population and the social environment and to analyze how these changes affect Americans and American businesses. To answer these questions, begin with the Census Bureau homepage on the Internet at www.census.gov
Select the population Clock from the Census bureau’s homepage. Record the time and population of the United States. Try to find the population of the world. What proportion of the world’s population is represented by the United States?
What is the fastest growing occupation? What could contribute to the increase in this profession?
The Bureau of Labor Statistics is a good place to search for occupational growth stats.
What is the population of your home state? What percentages of the population of your home state are from minority groups?
What are the average salaries for individuals with high school degrees, college degrees, master’s degrees, and professional degrees? What is the trend, and what does that indicate about incomes in the United States for the future?
Return to the Census Bureau’s homepage. What is the population of the country now? If you come back to the homepage for three consecutive days, you will see how quickly the population is growing. How can businesses use this information?
ANSWERS
LEARNING THE LANGUAGE
1. Factors of production |
9. Standard of living |
17. Revenue |
2. E-commerce |
10. Nonprofit organization |
18. Technology |
3. Quality of life |
11. Database |
19. Business environment |
4. Entrepreneur |
12. Demography |
20. Productivity |
5. Services |
13. Empowerment |
21. Outsourcing |
6. Business |
14. Goods |
22. Identity theft |
7. Loss |
15. Profit |
23. Greening |
8. Risk |
16. Stakeholders |
24. Climate change |
ASSESSMENT CHECK
1. One result of successfully filling a market need is that you can make money for yourself by giving customers what they want.
2. Revenue is money generated by selling goods, while profit is the money left over after a business has paid its expenses.
3. A company will have a loss when expenses of doing business are greater than the revenues generated. If a business loses money over time, it will likely have to close, putting people out of work.
4. In general, the companies that take the most risk can make the most profit. According to the text, the more risk you take, the higher the rewards may be.
5. Taxes are used by the federal government and local communities to build hospitals, schools, libraries, playgrounds and other facilities. Taxes are also used to keep the environment clean to support people in need and to pay for police and fire protection.
6. Prices for goods and services in other countries such as Germany and Japan are higher than they are here in the United States. So people living in those countries can buy less than what a person who lives in the U. S. can buy, with the same amount of money. So, our standard of living is higher here than in other countries where prices are higher.
7. The challenge for the 21st century will be for organizations to remain profitable while trying to maintain a balance between the needs and wants of all stakeholders. For example, the need for a business to make a profit may be balanced against the needs of employees for sufficient income or the need to protect the environment. The need to stay competitive may require businesses to outsource jobs to other countries which could do great harm to a community from the loss of jobs.
8. Insourcing refers to the fact that some foreign companies are setting up design and production facilities here in the United States. This creates many new jobs and helps to offset the loss of jobs created by outsourcing.
9. Nonprofit organizations use financial gains to benefit the stated social or educational goals of the organization rather than profit.
10. Social entrepreneurs are people who use business principles to start and manage not-for-profits that help address social issues.
Learning Goal 2
Entrepreneurship Versus Working for Others
11. The two main ways to succeed in business according to the text are to rise up through the ranks of a business, and to start your own business.
The advantage of working for others is that someone else assumes the risk and provides you with benefits.
The advantage of starting your own business is that you can reap the profits. The down side of owning your own business is that many small businesses fail each year, and you don’t receive any benefits. You have to provide them for yourself.
12. The number of Hispanic-owned businesses has increased considerably, as have the number of businesses owned by members of other groups such as Asians, American Indians, Pacific Islanders, Alaskan Natives and African Americans. Women now own over a third of all businesses.
13. The five factors of production are:
a. land and other natural resources
b. labor
c. capital, such as, machines tools, and buildings. It does NOT include money.
d. entrepreneurship
e. knowledge
14. If you were to analyze rich countries versus poor countries the factors of production that makes countries rich today is a combination of entrepreneurship and effective use of knowledge. Many countries have labor but continue to be poor, like Mexico, while others have a lack of resources, but are rich, such as Japan. A lack of entrepreneurship and the absence of knowledge among workers, along with a lack of economic and political freedom contribute to keeping poor countries poor.
The Business Environment
15. The five factors in the business environment are:
a. the economic and legal environment
b. the technological environment
c. the competitive environment
d. the social environment
e. the global business environment
Learning Goal 3
The Economic and Legal Environment
16. Governments can increase entrepreneurship by:
a. keeping taxes and regulations to a minimum.
b. allowing private ownership of businesses.
c. minimizing interference with the free exchange of goods and services.
d. passing laws that enable business people to write contracts that are enforceable in court.
e. establishing a currency that is tradable on world markets.
f. minimizing corruption.
The Technological Environment
18. Effectiveness means producing the desired result. Efficiency means producing goods and services using the least amount of resources.
19. The two major types of e-commerce transactions are:
a. business-to-consumer (B2C)
b. business-to-business (B2B).
20. Bar codes identify the product being purchased and can be used by retailers to tell what size you have purchased, in what color, and at what price. The scanner at the checkout counter reads that information and puts it into a database.
Once information from bar codes is in a database, companies can send you catalogs and other direct mail that offers the kind of products you might want, as indicated by past purchases. The use of the database enables stores to carry the merchandise that the local population wants.
21. The text suggests that to prevent identity theft, you should limit those to whom you give information such as credit card numbers and your social security number. You should also install antivirus software on your computer, as well as a firewall and anti-spyware software, and monitor your credit report.
Learning Goal 5
The Competitive Environment
22. To be competitive in today’s world markets, a company must offer quality products and outstanding service at competitive prices.
23. “Competing by Exceeding Customer Expectations” means that businesses today must be customer driven, and that customer’s wants and needs must come first. Successful organizations must listen more closely to their customers and adjust the firm’s products, policies, and practices to meet the needs of their customers.
24. In order to meet the needs of customers front line workers such as office clerks, front-desk people, salespeople, for example must be empowered. This means giving those workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests and to make decisions essential to providing high quality goods and services. This can require restructuring an organization so that managers are willing to give up authority and employees are willing to assume more responsibility.
Learning Goal 6
The Social Environment
25. The social environment is changing through:
a. increased diversity
b. an increase in the number of older Americans
c. more single parent families
26. Diversity has come to mean more than minorities and women. Many groups are now included in diversity efforts, including seniors, the disabled, homosexuals, extroverts, introverts, married, singles, and the devout. It also means dealing with workers and cultures around the world with sensitivity.
27. People aged 65-74 are currently the richest demographic group in the United States. They represent a lucrative market for many types of businesses. The increase in the number of older Americans will provide many business opportunities in travel, medicine, nursing homes, assisted-living facilities, adult day care, home health care, recreation, and others.
28. There are fewer workers per retiree paying into the Social Security System. By the year 2017 less money will be going into Social Security that going out, and the government will have to do something about the shortfall. The options to fix the problem are not popular: raise taxes, cut benefits, reduce spending elsewhere or borrow.
29. Single parents have encouraged businesses to implement programs such as family leave and flextime.
Learning Goal 7
The Global Environment
30. Two important global environmental changes have been:
a. the growth of international competition
b. the increase of free trade among nations
31. Another name for global trade is globalization.
32. World trade has grown thanks to:
a. more efficient distribution systems
b. communication advances such as the Internet
33. Living standards around the world have improved due to globalization, and China and India have become major competitors of the U.S.
34. The wars in Iraq and Afghanistan drawn billions of dollars out of the American economy. Some companies have benefited but most have not, and have grown more slowly as money has been diverted to the war effort.
The threat of terrorism adds to organizational costs including the cost of security personnel and equipment and insurance.
35. Global changes will affect you in a number of ways. New jobs will be created as businesses expand to serve global markets. Students must be prepared to compete in a rapidly changing world- wide environment that necessitates continuous learning to stay competitive.
Learning Goal 8
The Evolution of American Business
36. The farming industry became so efficient through the use of technology that the number of farmers had dropped considerably over the last century. The millions of small farms that used to exist have been replaced by some huge farms and some large farms. The resulting loss of farm jobs has not been a negative sign. Today U.S. agricultural workers are the most productive in the world.
Most farm workers who lost their jobs in the previous century went to work in manufacturing.
37. The manufacturing industry, like the farming industry, has used technology to become more productive. As a consequence, many jobs were eliminated. Many of these workers found jobs in the service sector.
38. Today, the leading firms in the U.S. are in services. Since the mid-1980s the service industry has generated almost all of the U.S. economy’s increases in employment. Although service-sector growth has slowed, it remains the largest area of growth.
39. As the service era comes to a close, we are in the middle of an information-based global revolution that will affect all areas of the economy – agricultural, industrial and service.
Learning Goal 1
1. Monika is surprised at the standard of living Joe seems to have attained compared to hers, while working at a similar job. While Monika makes more per hour (equivalent U.S. dollars) than Joe, the cost of food, housing and other services is probably much higher for her. Therefore she can't buy as much with her money as Joe can - it simply costs too much. A similar situation exists in the United States when you compare one region to another. Compare average housing prices for example in San Francisco, California to those in St. Louis, Missouri. When you compare per capita income for those areas, you will also find a difference.
Learning Goal 2
2. a. $2,400,000 in revenue
b. Profit is $350,000 after taking expenses of $2,050,000.
c. Companies like Revelle generate wealth and create a higher standard of living in many ways. Workers pay taxes that federal and local governments use to build hospitals, schools, roads and playgrounds. Tax money is also used to keep the environment clean. Businesses also pay taxes to the federal government and the local community. Standards of living go up because people can buy goods and services with the money they earn from being employed. When businesses start, grow and prosper, and generate wealth, our quality of life improves as the taxes the workers and the business pay provide for good schools, good health care, a clean environment and so on.
Learning Goal 3
3. In the analysis of the factors of production, the most important factor is not capital, natural resources or labor. Countries in Eastern Europe have land and labor, but they are still poor countries. The key to developing an economy is entrepreneurship and the effective use of information and knowledge entrepreneurship and provide the information necessary to help people to move ahead.
These countries must pass laws that enable companies to write enforceable contracts, necessary to do business. They must create a currency that is tradable, which allows their citizens to buy and sell goods and services anywhere in the world. Governments must also work to minimize corruption.
Learning Goal 4
4. The new retailing technology allows a retailer to determine what kind of products customers purchase, in what amount, in what size and at what price. That information, plus information such as the name, address and family information about a customer will go into a database.
With that information Schnucks can send direct mail pieces to customers offering exactly what they want. It will allow Schnucks to carry inventory specifically for a customer base in different areas around the city. For example, if there is an area with a large Italian population, the Schnucks store in that area will carry more of the type of products those customers might buy. If there is a large Jewish population in another area of the city, the store serving that area may carry fewer of the Italian products, and more for the dietary needs of the Jewish customer, and so on. These stores will also be able to replace the items quickly through contact with the suppliers, who also have the bar code information. If Schnucks is interested in developing direct mail pieces or other types of services, this technology will help decision makers to know exactly what to feature, and mailing lists will be readily available.
Learning Goal 5
5. a. Competitors for some schools will be the other colleges and universities in the local community. For others it may be other schools in the region or the nation.
b. A college or university may please its customers (students, in a way) by offering classes at convenient times (many schools offer weekend college programs for example), in convenient locations (off site locations ), encouraging faculty to be accessible to student through designated office hours or mentoring programs, offering a variety of programs, offering Internet or other technology based courses, establishing a format for easy access to faculty and assignments through the Internet, and, of course, having winning sports teams!
c. The stakeholders are students, parents of students, employees, taxpayers, the community in which the school is located and alumni for example. How schools meet the needs of its stakeholders may be through a variety of course offerings, tuition and rate of tuition increases, level of community involvement by the school's administrators, responsiveness to student organizations, cooperation with alumni groups, and so on.
d. Students may have difficulty answering how the school meets the needs of employees. You may find out if there is a structure for faculty and staff to communicate openly with their manager, for example, or how employees view the administration and the school's policies.
Learning Goals 4,5,6,7
6. Answers to this question will vary. Most companies have computerized everything from inventory management to payroll to customer checkout. Students will find that companies are using technology in hundreds of different ways. Most companies will have a Web site. Some offer their products for sale, others will direct customers to local retailers that carry their products. Many companies today are offering benefits such as time off to work as a volunteer, on-site day care centers and more. Most will also find that the company is involved in some way in the international area, even if it is just selling or buying a few products imported from overseas. Many of these companies will have a diverse workforce, and employ a variety of international workers at all levels.
Learning Goal 6
7. By developing programs such as flextime and family leave, companies better meet employee needs. This can make a company more competitive by fostering a positive environment with satisfied workers who may then be more productive. Further, these programs can be used to attract the kinds of skilled workers companies will need in the future to remain competitive.
Learning Goal 7
8. If U.S. firms want to be competitive in today's global environment, they must continue to focus on quality issues in the same way that countries like China and India have done. U.S. firms have begun to serve the growing global markets with the highest quality products and services at the lowest possible prices. This has provided U.S. workers with jobs by expanding our global marketplace.
Learning Goal 8
9. As the agricultural industry became more productive through advances in technology, fewer
people were needed to produce the same or greater volume. Agricultural workers had to find jobs elsewhere, in other industries, and learn new skills. Many of these people went to work in manufacturing, helping to make the United States a world manufacturing power in the first half of this century.
The same trend has occurred today in the industrial or manufacturing sector. As factories have been able to improve productivity through technology, fewer workers are needed to produce the same or greater volume of high quality products. Factory workers today have found new employment in the service industries, which have generated almost all of the employment growth increases since the mid-1980s.
TRUE FALSE
MULTIPLE CHOICE
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