Chapter 4 Flashcards
What are the country with major world markets
North America, Europe, and Pacific/Asia
What countries are emerging world markets
BRICS (Brizail, Russia, India, China, South Africa), as well as South Korea, Thailand, Indonesia, and Ukraine
What is absolute advantage in regards to competitive advantage
A country can produce something more efficiently than any other country
What is comparative advantage in regards to competitive advantage
A country can produce certain items more efficiently (cheaper) than it can other items
What are the forms of business
Sole Proprietorship, Partnership, Corporation, Cooperative
What is a corporation
It is a seperate legal entity from its owners, it has property rights and obligations, and has an indefinte lifespan
What is a public corporation
The shares are widely held and available for sale to the general public.
What do Board of directors do?
They are a governing body resposible for shareholders interests. They appoint management, set policies, and make major decisions
What do Shareholders do
They are investors who buy shares of ownership in a company. Many share in profits through dividends
What does a CEO do
A person responsible for the firms overall performance
What is the managmement process
It involves planning, leading, organizing, and controlling
What is a companys mission or vision
A statement that defines organizational scope, customers, markets, technology and value
What are core valuess in business
Needs to support the mission statement,
What is organizational culture:
A set of values, ideas, and attitudes that are learned and shared among the members of an organization
What is a feature
A physical or tangible compoennt of a product/service
