Chapter 1 Business in a Global Environment Flashcards
Identify the four basic inputs to an economic system.
Natural Resources
Capital
Human Resources
Entrepreneurship
What is the alternative term for PRIVATE ENTERPRISE SYSTEM?
Capitalism
What is the most basic freedom under the PRVATE ENTERPRISE SYSTEM?
Right to private property.
What activity lies at the center of every business endeavor?
The exchange between a buyer and seller.
What is OUTSOURCING?
Using outside vendors to produce goods that was once handled in house.
What is OFFSHORING?
Relocation of a business processes to lower-cost locations overseas.
What is NEARSHORING?
The outsourcing of production or services to locations near a firm’s home base.
Identify Three criteria used to judge whether a company might be considered admirable.
Solid profits Stable growth Safe and challenging work environment High-quality goods and services Business ethics and social responsibility
Four basic inputs for FACTORS OF PRODUCTION?
Natural Resources
Capital
Human Resources
Entrepreneurship
What is Capital for FACTORS OF PRODUCTION?
includes technology, tools, information, and physical facilities.
What is Natural resources in FACTORS OF PRODUCTION?
All production inputs that are useful in their natural states, including agricultural land, building sites, forests and mineral deposits.
What is Human Resources in FACTORS OF PRODUCTION?
Anyone who works, physical labor and the intellectual inputs contributed by workers.
What is Entrepreneurship in FACTORS OF PRODUCTION?
Willingness to take risks to create and operate a business.
What is CAPITALISM?
Economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers.
What is BRANDING?
Process of creating an identity in consumers’ minds for a good, service, or company.
