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intro mid term
| Question | Answer |
|---|---|
| what is a need? | something that is extra that you don't have to have to survive |
| the largest producer of goods and services in the world is | the usa |
| whats the first step in the decision making process? | define the problem |
| what is the final decision making process? | review your decision |
| all nations must decide... | what combo of resources will best suit it's circumstances, which wants and needs are most critical, which goods and services to produce. |
| who owns the economic resources in a market economy? | the people of the country |
| which type of economy is usually centered mainly on meetings peoples basic needs? | traditional economy |
| in the US you can own anything you want and decide what you want to do with it, as long as it does not violate the law. the describes the principle of... | the right of private property |
| the rivalry among businesses to sell their goods and services is known as | competiton |
| generally as the product increases | businesses will be willing to supply larger quantities of the product |
| gdp measures a countrys economic output during | one year |
| GDP doesn't include | the value of the work you do for yourself |
| dividing GDP by the total poplulation of a coutnrys results in that countrys GDP... | GDP per capita |
| if wages increase faster than gains in productivity, prices will rise. why? | because the cost of producing goods increases |
| the peace of the business cycle is | prosperity |
| if GDP growth slows for at least __ quarters in a calendar year, the economy is probably in a recession | 2 |
| a recession often affects some groups of workers in related businesses. the drop in related businesses is called | the business cycle |
| inflation | is most harmful to people living on fixed incomes |
| suppose wages are going up faster than prices what is the most likely effect? | unemployment will worsen because businesses will tend to hire fewer workers |
| the intrest rate banks charge their best business customers is the | prime rate |
| if you purchase a coroporate or goverment bond you are | a creditor |
| the united states trades with over ____ coutnries | 180 |
| about how many US jobs depend on international business? | 1 out of 10 |
| the difference between a country's total exports and total imports is called the balence of trade | balence of trade |
| which of the following is NOT acultural/social factor that affects international business? 1) language 2)religion 3) values 4)climate | climate |
| a tax that a goverment places on a certain imported products is called a | tariff |
| what is a free trade zone? | a selected area where products can be imported duty free and then stored, assembled or useed in manufacturing |
| common market members | have a common external duty on products being imported from non member countries |
| a country in which an MNC places business activities is called the | host country |
| licensing | has a low financial investment so the potential financial return is often low |
| what are principles of morality or rules of conduct? | ethics |
| if a company has a code of ethics | the company will more easily be able to identify proper employee behavior |
| which question should you not ask yourself when considering the ethics of a business situation? | can i get away with this action? |
| goverment is mainly concerned with all the following roles except a)making a profit b)regulating utilties c)hiring public employees d)providing services to citezens | making a profit |
| in the united states, police and fire protection is usually provided by | the local goverment |
| antittrust laws protect consumers from all the following except a) false advetising b) deceptive packaging c)products becoming out of date too quickly d) misleading labeling | products becoming out of date too quickly |
| in the US total goverment purchses of goods and service make up about ______ percent of all the goods and servies the country produces | 20% |
| about how many american workers are public employees | 1 out of every 9 |
| property tax revenue is use to pay for all the following except 1)schools 2)income tax 3) property tax 4)gift tax | sales tax |
| what percentage of the US workforce is made of contingent workers? | 5 percent |
| every business performs all of the following activities except a)maintaining business records b)manufacturing products c)raising capital d)buying goods and services | manufacturing products |
| proprietorships | are the easiest for of business to start |
| which business form of ownership is the least common? | partnership |
| a written legal doctument defining ownership and operating procedures and conditions for a corporation is called the | articles of incorporation |
| the people who make the major policy and financial decisions for a corporation are called | the board of directors |
| a precise statement of results a business expects to achieve is a | goal |
| the right to make decisions about how responsibilities should be achieved is called | authority |
| in the US about how many women own their own businesses? | 6 million |
| entrepreneurs | come from all age categories and educational backgrounds |
| about how many new businesses are created in the US every year | 0.5 million |
| of all the new businesses, | about one third are profitable, one third do not make a profit but continue to operate and one third loose money |
| acording to the SMA a small business is an independent business with fewer than ____ employees | 500 |
| small business owners | usually get direct information from their customers about what they like and dislike |
| the most successful business owners | establish good working relationships with professionals such as bankers, lawyers and accountants |
| which element of a business plan discusses the entrepreneurs short and long term goals for the business? | description of the business |
| if you start a new business you need info about | the competitors, goverment regulations, and customers |
| which one of the management functions involves analyzing info, setting goals, and making decisions about what needs to be done? | planning |
| the staffing management function | includes all the actvities involved in obtaining and compensating employees |
| just one person is most likely responsible for all of the management functions in | a new small business |
| executives spend most of their time | planning and controlling activities |
| the first level of management in a business are | supervisors |
| the combined use of tactical and strategic management is known as | mixed management |
| this leadership charcteristic involves making decisions carefully | judgment |
| all leaders need to be dependable which means they | follow through on commitments |
| managers spend much of there time dealing with | customers, people from other organizations, other managers in their own organizations |
| sources of job satisfaction include | recognition from supervisors for a job well done |
| ethical behavior consists of | the actions of individuals and groups and the results of actions |
| mission statements | describe the reason businesses exists and what they want to accompish |
| the process of talking to othe rpeople about their jobs is called | networking |
| a natural, inborn aptitude to do certain things is called | a talent |
| a summary of your important job related info is called | a personal data sheet |
| you try to limit your resume to | one page |
| prepare for a job interview by | optaining more info about the job for wich you are applying, preparing answers to specific questions you might be asked, asking friends to help you practice your interviewing skills |
| a mentor can be best described as a | career coach |
| if you leave your job try to tell your employer at least _______ in advance | 2 weeks |
| wants | things that add comfort and pleasure to your life |
| services | activities that are consumed at the same time produced |
| entrepreneur | someone who takes a risk at creating something new |
| scarcity | not having enough resources to satisfy every need |
| opportunity cost | value of the next best alternative that you didn't choose |
| command economy | an economy in which resources are owned and controlled by the government |
| mixed economy | an economy that combines elements of command and market econmy |
| demand | the quanity of a good or service that businesses will be willing to provide |
| competitors | the riverly among businesses to sell there good and services |
| domestic | buying things within one country |
| unemployment | no job in the workforce |
| productivity | production output in relation to unit of input such as a worker |
| consumers | person who buys and uses services |
| business cycle | movement of economy from one condition to another and back |
| inflation | increase in general leval of prices |
| capital | money in a business |
| business surplus | goverment spends less than taken in |
| business deficit | goverment spends more than taken in |
| intrest | cost of borrowing money |
| trade barrier | restricitons to free trade |
| embargo | stop export or import completely |
| multinational company | orginization that does business in several countries |
| code of ethics | set of rules for guiding the actions of employees or members of an orginaization |
| trademark | world, letter symbol linked with a specific company or product |
| public utility | orginization that supplies a service or product vital to all people |
| intermediary | businesses involved in selling goods and services of producers |
| proprietorship | is a business owned and run by one person |
| corporation | seperate legal entity formed by documents filled with your state |
| entrepreneur | someone who takes a risk in starting a business to earn a profit |
| innovation | invention or creation thats brand new |
| improvement | is a designed change that increases the usefulness of a product,service, process |
| small business adminstration | goverement agency that helps small business owners devolop business plans |
| proprietorship | easiest form of business to start |
| mobility | able to move where you need to move for work |
| internship | watching how to work at a job |
| follow up | letter you write after job interview |
| exit | where your employeer asks you questions about your work |
| *economic resources- | natural-raw materials supplied by nature(oil,water,minerals) human- people producing goods and services (farmers,truck drivers,factory workers) capital-the products and money used in production of goods and services (buildings, equipment, supplies) |
| *GDP exchange rates | consumer spending for food, clothing, housing, and other. business spending for buildings equipment and inventory items. goverment spending pay employees and to buy syplies. the exports of a country less inports into the country (balence of trade) |
| business cycle | prosperity, recession, depression, recovery |
| inflation/deflation | inflation- value of money can change, increase in general leval of prices, buying power of dollar decreases. deflation- decrease in general leval of prices, occurs during recession/depression |
| domestic/international business | domestic- atvantages of international trade: increase in product choices and increase in sales. disatvantages: people loose jobs, dependancy |
| global market place | geography: location and climate culture: language, religion economies: technology and education political/legal factors: goverment system |
| trade barriers | quota- goverments limit on the quanity of a product that may be inported/exported. tariff- tax goverment places on certain imported products. embargo- stop export or import compleatly |
| social responsibility* | refers to the duty of a business to contribute to the well being of a comunity. envormental protection, workplace diversity, job safty, employee wellness |
| code of ethics | is this action legal? does this action violate professional or company standards? who is effected by this action and how? |
| business ownership* | proprietorship- business owned and ran by 1 person. easiest form of business to start and end. partnership- business owned/controlled by 2 or more people. realitivly easy to start.corporation- seperate legal entility formed by documents.difficult to start |
| 3 types of businesses | producers- create products and services used by individuals.intermediaries- businesses involved in selling the goods and services of producers. service businesses- carries out activities that are consumed by customers |
| producers | extractor- takes resources from nature manufactuers- use supplies from other producers to make products |
| intermediaries | retaliers and wholesalers |
| service business | dentists, doctors, laywers |
| businesses 6 basic activities | generating ideas, raising capital, employing and training personal, buying goods and services, marketing goods and services, maintain business records |
| entrepenuership | process of starting, organizing, managing, assuming the responsabilty of a business: persistent, inquistive, entergetic. |
| advantages/disatvantages of small business | +: get all profits, less to manage, meet customer needs -: not having enough start up $, lack of manegemnet experience, poor location |
| starting a small business | an idea plus experience, right place and time, team approach, preparation and research |
| role and work of managers | planning(analyzing info), orginaizing(arrenging the work and resources), staffing(obtaining, preparing and paying employees), implementing(direct and lead people to accomplish the work), controlling(determine success) |
| 3 levals of management | top managment (set long term plans), mid managment(organizing surfing,implmenting), supervisors(first leval of managment) |
| managers style | tatical (controlling), stretgic (less control), mixed (both tatical and stregic) |
Created by:
rhaskin9
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