Exam (elaborations)
RSM100 Midterm (1)
Exam of 6 pages for the course Ch. 10 at Ch. 10 (RSM100 Midterm (1))
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RSM100 MidtermBusiness - ANS-Profit seeking activities and enterprises that provides goods and
services to the an economic system
Profit - ANS-Reward for business people who take risk involved in providing goods or
services to customers
Factors of production (4 things) - ANS-1. Natural Resources (All production input in
natural state)
2. Capital (Production input consisting of technology, tools, information)
3. Human resources (Anyone who works)
4. Entrepreneurship(Taking risks to create and operate a business)
Capitalism - ANS-Economic system that determines business ownership, profits and
resources where government intervention is minimized
What is an entrepreneur? (5 things) - ANS-- Risk taker
- Sees potential profitable opportunity
- Devises a plan to earn profit in marketplace
- Fuels economy
- Provides innovation
Seven Eras in the history of business - ANS-- Colonial period (Agriculture before 1776)
- The industrial revolution (Mass production 1760-1850)
- The age of industrial entrepreneurs (Technology advancement and increased demand
for industrial goods late 1800s)
- Production era (Emphasis on efficiency, production innovation such as assembly lines
1920s)
- Marketing era (Customer orientation 1950s)
- Relationship era (Deep ongoing links with stakeholders 1990s)
- Social era (Business interaction in virtual communities and network 2004)
Today's business workforce (4 traits) - ANS-1. Reliable workers with ties to customers
and partners
2. Efficient high quality production
3. Competing in global markets
4. Technically savvy and innovative
, Changes in workforce - ANS-Aging of the Population
Shrinking Labor Pool
Increasingly Diverse Workforce
Outsourcing
Changing Nature of Work
Flexibility and Mobility
Innovation through Collaboration
The twenty first century manager (3 traits) - ANS-Vision
Critical Thinking & creativity
Ability to lead change
Vision - ANS-Ability to perceive marketplace needs and what the organization needs to
do to satisfy them
Critical thinking - ANS-Ability to analyze and assess information
Creativity - ANS-Capacity to develop novel solutions to perceived organizational
problems
Ability to lead change - ANS--Guide employees and organizations through changes
-Managers must be comfortable with tough decisions.
-Factors that require organizational change can come from external and internal
sources
What makes a Company Admired? (5 things) - ANS-- Solid profits
- Stable growth
- Safe and challenging work environment
- High quality goods and services
= Business ethics and social responsibility
What's ahead in business? - ANS-- New technology
- Population shifts and emerging nations
- Shrinking global barriers
Not for profit organization - ANS-groups that do not pursue profit as a goal; they engage
in charitable, educational, humanitarian, cultural, professional, or other activities, often
with a social purpose
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