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Intro to business management > Business management Unit 1 test > Flashcards

Business management Unit 1 test Flashcards

1
Q

Manager led

A

Team led by a sole manager

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2
Q

Self managing team

A

The learner may determine overall goals but employees control the activities needed to meet them and have considerable autonomy

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3
Q

virtual teams

A

Teams meet online instead of a common office space

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4
Q

cross functional teams

A

Designed to take advantage of the special expertise of members drawn from different functional areas of the organization

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5
Q

Why are teams important

A

Share accountability and must coordinate actions

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6
Q

What makes teams successful

A

Share accountability
Function interdependently
Require stability
Hold authority and decision making power
Operate in a social perspective

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7
Q

Blocking rolls

A

consists of behavior that inhibits either team performance or that of individual members, groupthink

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8
Q

Pestel

A

Political
Economic
Socloculturs
Technological
Environmental
Legal

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9
Q

steak holders

A

Anyone who owns stock in a company

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10
Q

shareholder

A

anyone who the businesses decisions could affect

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11
Q

capitalism 4 basic rights

A

The right to own private property
The rights to own a business and keep all the business profits
The right to freedom of competition
The right to freedom of choice

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12
Q

Socialism

A

An economic system based on the premise that some basic businesses, like utilities should be owned by the government in order to more evenly distribute profits among the people

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13
Q

communism

A

An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

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14
Q

Perfect competition

A

Many different small companies sell identical products, price driven by supply and demand

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15
Q

Oligopoly

A

few sellers supply a sizable portion of the market, if one raises prices the other will follow

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16
Q

Monopoly

A

One seller controls the market, the single seller controls the prices

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17
Q

Supply and demand

A

price rise- people buy less
price fall- people buy more
Sell more- price rises
Sell less- price fall

18
Q

Gross domestic product- GDP

A

The total amount of product a country produces in a year

19
Q

Lagging indicators

A

Indicators that report the status of the economy a few months in the past
Ex: GDP, CPI

20
Q

Leading indicators

A

Indicators that predict the status of the economy 3 to 12 months in the future

21
Q

Consumers price index (CPI)

A

Measures the rate of inflation by determining price changes

22
Q

Fiscal policy

A

The federal government’s efforts to keep the economy stable by increasing or decreasing taxes or government spending

23
Q

Monetary policy

A

federal reserve board, manages money, tries to keep inflation rate at 2%

24
Q

Ethical

A

To know right from wrong and to know when you’re practicing one instead of the other

25
Q

Ethical dilemmas

A

situations in which it is difficult for an individual to make decisions either because the right course of action is unclear or involves consequences

26
Q

Whistle blowing

A

An individual who exposes illegal or unethical behavior in an orginazation

27
Q

Balance of trade

A

Export more than import

28
Q

Licensing agreements

A

an international licensing agreement allows a foreign company to sell the products of a producer or to use its intellectual property in exchange for royalty fees

29
Q

Franchises

A

Under foreign agreements franchising grants a foreign company (the franchisee) the right to use its brand name and to sell its products or services.
franchises have a more direct approach to the business

30
Q

importing

A

Buying goods from another country

31
Q

exporting

A

selling goods to another country

32
Q

Absolute advantage

A

the nation has an absolute advantage if it’s the only source of a particular product it can make more of a product using fewer resources than other countries.

33
Q

Strategic alliance

A

one company has holes in it, join with someone else who can fill holes

34
Q

Joint venture

A

Strategic alliance after they form a new company

35
Q

Foreign direct investment

A

Local business/seller going to a different country to serve that market

36
Q

quotas

A

Limits of how much a country can import a good or service

37
Q

embargo

A

complete ban on goods and services from a certain country

38
Q

dumping

A

company exports and sells goods for less than what it was manufactured for

39
Q

tariffs

A

a tax imposed by one country on the goods and services imported

40
Q

3 types of problem solving skills

A

Technical
Interpersonal
decision and problem solving

41
Q

Operations

A

being responsible for taking resources and making a product

42
Q

Outsourcing

A

Sending work to another country
Ex: Clothing manufactures have their factories overseas

Intro to business management (2 decks)

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