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MGT 1500 Exam 1 Chapter 1 questions well answered to pass
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MGT 1500 Exam 1 Chapter 1 questions well answered to pass
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MGT 1500 Exam 1 Chapter 1 questionswell answered to pass
Value - correct answer ✔✔the relationship between the price of a good or a service and the benefits
that it offers its customers
Business - correct answer ✔✔any activity that provides goods and services in an effort to earn a profit
not-for-profit organizations - correct answer ✔✔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
profit - correct answer ✔✔the financial reward that comes from starting and running a business; the
money that a business earns in sales (or revenue), minus expenses
Entrepreneurs - correct answer ✔✔people who risk their time, money, and other resources to start and
manage a business
Business drives up the
________________, which in turn contributes to the ____________________. - correct answer
✔✔standard of living, quality of life
Industrial Revolution
1700 - mid- 1800s - correct answer ✔✔Mass Production
Factories
Work Specialization
, Efficiency
Entrepreneurship Era
Second half of 1800s - correct answer ✔✔Industrial Titans
Wealth Creation
Increase in Living Standard
Manipulation/Competition
Exploitation
Production Era
Early 1900s - correct answer ✔✔Assembly Line
Refining Production
Productivity Gains
Decrease Costs
Hard Sell
No Customer Focus
Marketing Era
1950s - correct answer ✔✔Consumer Power
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