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CHAPTER 1 – MANAGING WITHIN THE DYNAMIC BUSINESS ENVIRONMENT

LEARNING GOALS

After you have read and studied this chapter, you should be able to:

1. Describe the relationship of businesses’ profit to risk assumption and discuss 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. Examine how the economic environment and taxes affect 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 terrorism.

8. Review how trends from the past are being repeated in the present and what they mean for tomorrow’s college graduate.

LEARNING THE LANGUAGE

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...