Business shit Flashcards
International Business
Business affairs conducted across countries
Access to market
Business or product enter a new market by selling stuff in a new country. Adapt or have a global product; Standardized item offered in the same form globally.
Cheaper labour
stuff that’s cheaper to produce than usual. Higher profits; Biggest expense in a business
Increased quality or quantity
More consumers or better ways to produce a product or service. Best parts from countries that specialize; International appeal equal more sales
Access to resources
expand access to goods and services that may have not been available elsewhere.
Product
Resources of a country determine what can and can’t be produced
Price
Wages, materials, and taxes can vary depending on the country (someplaces are cheaper than others)
Proximity
How close a country is to someone else can determine how business is done
Preference
Certain countries specialize in specific products (reputation for quality; ex. rolex)
Promotion
Popularity of a business
Outsourcing
Having another and international business perform a job meant to be done in-house. Issues with this practice is loss of jobs, negative public image, and human rights issues. Best way to combat this is to connect with companies using healthy practices and monitoring their progress. Monitor work place environment to ensure no human rights issues are violated.
Human right issues
Any sort of violation of human rights. Ex. child labour, physical abuse, forced confinement, excessive working hours. Having easy methods of communication between people can ensure transparency. Monitoring work environments can help identify faults in the system. Having teams specialize in human resources can allow people to seek outlets for recommendations on improving.
Environmental degradation
loss of natural resources at a faster rate than nature can replenish. Ways to combat is to make sure resources are being used sustainably. Implementing rules can prevent overuse of natural resources and prevent degradation.
Tariffs and why they’re good or bad
tax on imported goods which give advantage to domestic products. But they can also put a barrier around a country’s economy.
Excise taxes
A type of tax charged on goods produced within a country, to the manufacturer I guess. I think this is so governments can still make money of businesses when the goods are not being imported.
Trade surplus
sell more than you bring in
Trade deficit
import more than you sell (export)
Imports
Goods a country buys from other countries
Exports
Selling goods to other countries.
HR department
Set of people that coordinate activities involving a company’s employees. Study labour market (Skils, company needs, etc.) Provide training and retention programs.
Unskilled
little training required (dishwasher)
Semiskilled
some instruction required (cashier)
Skilled
require training from experience or school (chef)
Professional
highly trained (accountant)
Why to keep employees as long as possible?
The time and work it takes to hire a new employee can be costly. It’s always better to keep existing employees than hire new ones. And even if the employee has familiarity in the field, there’s still going to be a learning curve that might hinder work.
Importance of keeping good employees
It’s a big investment for any company. Good employees are what mke a company great. They can keep a workplace productive, provide help to other employees and generally keep the place running smoothly.
Compensation
the amount of money employees are paid
Importance of health and safety
It can help reduce potential accidents and injuries in the workplace. It also helps company image. It’s easier for people to respect a business that values the wellness of its employees and workplace.
Intrinsic motivation
you motivate yourself, benefit for yourself
Extrinsic motivation
motivated by external thing (parents, money).
Pros and Cons of outsourcing
Pros
- lower costs
- access to resources
Cons
- human rights issues
- loss of jobs
- negative public image
