S VIEW APTERS 1 -REVIEWER (QUESTIONS) 9.20.17.docx (Protected View)- Word Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing VIEW 7. Susan quit her job in a big city to take a less stressful position in a small town located in a scenic area. She earns less money at her new job and has had to cut back on her purchases of material goods, but she has more leisure time and really enjoys the clean air and scenic beauty of her new home. Susan has accepted a lower standard of living in order to enjoy a higher quality of HAPTER 1-TAKING RISKS&MAKING PROFITS WITHIN THE DYNAMIC BUS. ENVIRONMENT keholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials and environmentalists. 2 Outsourcing means selling goods and services to people in other 3. Insourcing refers to the practice of global companies setting up design and 8. People living in San Jose, CA on average earn more money than people living countries. in St. Louis, MO. The citizens of San Jose enjoy a higher standard of living than he citizens of St. Louis. 9. Business consultant Peter Drucker said that the most important factor of production is knowledge. production facilities in the United States. 4. Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life. 10. Taxes and government regulations are part of the economic and legal environment in which businesses operate. 5. Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time effort, and money in hopes of earning a profit. Robin is an example of an 11. Honesty, integrity, and high ethical standards are essential to a capitalist economic system like the one that operates in the United States 12. Though it has received a lot of attention, the development of the Internet has had less of an impact on the way businesses operate than many other technological changes. Since businesses strive to earn a profit, their owners bebefit at the expense of the rest of society 6. 13. An increase in productivity indicates that more can be produced in a given time period with the same amount of resources. :00 PM