Chapter 1-4 Flashcards
What is “Standard of Living”
Amount of goods and services people can buy with the money they have.
What is “Quality of life”?
Refers to the general well-being of a society in terms of its political freedom natural environment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide
What is the difference between a nonprofit and a for-profit?
A nonprofit organization has goals that do not include making a personal profit for its owners or organizers
What are the factors of production?
Land labor capital entrepreneurship and knowledge
What are the benefits of owning your own business?
Freedom to make your own decisions opportunity and possible wealth
What are the differences between communism capitalism and socialism?
Long drawn out answer I’m sure I know
Define economics.
Economics is the study of how society chooses to employee resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
Describe the steps of the business cycle.
And economic boom, a recession, depression and recovery.
What are the basic Rights under capitalism?
The right to own private property, the right to own a business and keep all of that business is profits, the right to freedom of competition, the right to freedom of choice.
What is perfect competition?
Perfect competition exists when there are many sellers in the market and none is large enough to dictate the price of the product.
What is a monopolistic competition.?
Monopolistic competition a large number of sellers produce very similar products that buyers nevertheless perceived as different such as hotdog sodas personal computers and T-shirts
What is an oligopoly?
It is a degree of competition in which just a few sellers dominate a market such as tobacco gasoline and automobiles.
What is an ethical dilemma?
To choose between equally unsatisfactory alternatives.
What is exporting?
Exporting is the selling a product to another country.
What is a depression?
Recession is two or more consecutive quarters of decline in the GDP.
What is a depression?
A depression is a severe recession usually accompanied by deflation. it is rare.
What is the difference between comparative and absolute advantage?
Comparative advantage theory states that a country should sell to other countries those products it produces most affectively and efficiently and buy from other countries those products it cannot produce as effectively or is efficiently. An absolute advantage is when it can produce a specific product more efficiently than and all other countries.
What is the difference between franchising and licensing?
D
What is the difference between licensing and franchising?
A firm may decide to compete in the global market by licensing the right to manufacture its product or use it’s trademark in a foreign company for a license fee or royalty. Franchising is a contractual agreement whereby someone with a good idea for a business sells others the right to use the businesses name and sell a product or service in a given territory in a specified manner. Coca-Cola is an example of a license. McDonald’s is an example of a franchise.
What is the difference between compliance-based and integrity-based Ethics?
Compliance-based has to do with government regulations. Integrity base to find the organizations guiding value comes from within.
What are the three ethics questions,?
One is my proposed action legal, to follow the Golden rule three will I be OK with myself after I make this decision.
What are JFK’s responsibility to customers?
responsibility to customers one right to safety to right to be informed three right to choose for right to be heard
What is the difference between loss, revenue and profit?
Loss-business expenses are more than revenues.
Revenue-total amount taken in
Profit-amt. left over after expenses
