Chapter 1 WORKSHEET (28 pts) - Chapter 1 The U.S Business...

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Chapter 1: The U.S. Business Environment Pgs. 2-26 WORKSHEET (28pts) 1. The difference between a business’s revenues and its expenses is the company’s: Profit 2. In the United States, businesses exist to earn profits for owners; within certain broad constraints an owner is free to set up a new business, grow that business, sell it, or even shut it down; this is known as what type of system? Capitalistic system 3. Name two benefits of business: -employ people -make most of the goods and services we consume 4. Name the six dimensions of the external environment that affect the business organization: -Political-legal environment -technological environment -economic environment -global business environment -socio-cultural environment -domestic business environment 5. In a Domestic Business Environment, the businesses seek to be: Close to customers, establish relationships with their supplier, and to be distinguish from their competitors.
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