Describe the technological dimension of a business environment. ...

[ 1 ]  The broad definition of business technology includes any tools that businesses can use to become more efficient and effective. But more specifically, in today's world, business technology usually refers to computers, telecommunications, and other digital tools. Over the past few decades, the impact of digital technology on business has been utterly transformative. New industries have emerged, while others have disappeared. The creation of the World Wide Web has transformed not only business, but also people's lives. Anyone, anywhere, anytime can use the Web to send and receive images and data (as long as access is available). One result is the rise of e-commerce or online sales, which allow businesses to tap into a worldwide community of potential customers.

[ 2 ]  B

[ 3 ]  True

[ 4 ]  False

[ 5 ]  The four factors of production are natural resources, capital, human resources, and entrepreneurship. Natural Resources include inputs that offer value in their natural state such as land, fresh water, wind, and mineral deposits. Most natural resources must be extracted, purified, or harnessed. Capital includes machines, tools, buildings, information, and technology-synthetic resources a business needs to produce goods or services. Human Resources use the physical, intellectual, and creative inputs of those working within an economy. Entrepreneurship supports the people who assume the risk to own and operate a business. Entrepreneurs are motivated primarily by profit and use their own resources to capitalize on potential not recognized by others. Entrepreneurs must be given the economic freedom to produce. Economic freedom includes freedom of choice, freedom from excess regulation, and freedom from too much taxation.

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