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BUSA 101 > Chapters 2, 3, 9, 10 > Flashcards

Chapters 2, 3, 9, 10 Flashcards

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1
Q

business ethics

A

principles and standards that determine acceptable conduct in business

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2
Q

ethical issue

A

-an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical

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3
Q

ethical issue examples (5)

A

-bribery
-misuse of company time
-abusive and intimidating behavior
-misuse of company resources
-conflict of interest

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4
Q

ethical choice

A

making decisions based on ethics

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5
Q

codes of ethics

A

formalized rules and standards that describe what a company expects of its employees

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6
Q

social responsibility

A

Business’s obligation to maximize its positive impact and minimize its negative impact on society

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7
Q

social responsibility requirements

A

Stage 1: Financial and economic viability
Stage 2: Compliance with legal and regulatory requirements
Stage 3: Ethics, principles, and values
Stage 4: Philanthropic activities

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8
Q

social responsibility issues (7)

A

-relations with owners/stockholders
-employee relations
-consumer relations
-sustainability issues (pollution)
-alternative energy
-community relations
-response to environmental issues

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9
Q

business responsibility

A

the practice of creating customer value through the active concern for people, ethics, equity, and environmental impacts while running a profitable business

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10
Q

absolute advantage

A

a monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer

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11
Q

comparative advantage

A

the bias of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items

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12
Q

outsourcing

A

the transferring of manufacturing or other tasks to countries where labor and supplies are less expensive

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13
Q

balance of trade

A

the purchase of goods and services from foreign sources

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14
Q

trade deficit

A

-a nation’s negative balance of trade
-exist when a country imports more products then they export

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15
Q

trade surplus

A

a country exports more then they import

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16
Q

Barriers to international trade (6)

A

-economic
-ethical
-legal
-political
-social/cultural
-technological

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17
Q

GATT (general agreement on Tariffs and trade)

A

-trade agreement
-signed by 23 countries in 1947
-tariff negotiations
-place where international trade problems could be discussed/resolved

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18
Q

WTO (world trade organization)

A

deals with the rules of trade between nations

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19
Q

NAFTA (north american free trade agreement)

A

-eliminates most tariffs and trade restrictions on agricultural and manufactured products
-encourage trade among Canada, US, and Mexico

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20
Q

EU (European union)

A

-union of European nations established in 1958
-promote trade among its members
-one of the largest single markets today

21
Q

world bank

A

-organization established by the industrialized nations in 1946
-loan money to underdeveloped and developing countries
-formally known as the international bank for reconstruction/development

22
Q

IMF (International monetary fund)

A

-organization established in 1947
-promote trade among member nations by eliminating trade barriers and fostering financial cooperation

23
Q

licensing

A

trade agreement in which one company allows another company to use its company name, product, patents, brands, trademarks, raw materials, and production in exchange for fee/royalty

24
Q

exporting

A

the sale of goods and services to foreign markets

25
Q

importing

A

the purchase of goods and services from foreign services

26
Q

joint venture

A

a partnership established for a specific project or for a limited time

27
Q

strategic alliance

A

a partnership formed to create competitive advantage on a worldwide basis

28
Q

direct investment

A

the ownership of overseas facilities

29
Q

multinational corporation

A

a corporation that operates on a worldwide scale, without significant ties to any one nation or region

30
Q

International business strategies

A

-multinational: customizing products, promotion, and distribution according to national differences
-global: standardizing products for the whole world

31
Q

human relations

A

study of the behavior of individuals and groups in organizational settings

32
Q

morale

A

an employees attitude toward the job, employer, and colleagues

33
Q

intrinsic rewards

A

the personal satisfaction and enjoyment felt after attaining a goal

34
Q

extrinsic rewards

A

benefits and/or recognition received from someone else

35
Q

Maslow’s hierarchy of Needs

A

-theory that arranges the five basic needs of people into the order in which people strive to satisfy them
-physiological needs, security, social, esteem, self actualization

36
Q

job rotation

A

movement of employees from one job to another in an effort to relieve the boredom associated with job specialization

37
Q

job enrichment

A

-incorporation of motivational factors
-opportunity for achievement, recognition, responsibility, and advancement into a job

38
Q

job description

A

-written explanation of a specific job
-including job title, tasks, relationship with other jobs, physical/mental requirements, duties, responsibilities, working conditions

39
Q

job specification

A

description of the qualifications necessary for a specific job

40
Q

performance appraisals

A

provide employees with feedback on how well they are doing as well as areas for improvement

41
Q

wages

A

financial rewards based on the number of hours the employee works or the level of output achieved

42
Q

salary

A

a financial reward calculated on a weekly, monthly, or annual basis

43
Q

benefits

A

nonfinancial forms of compensation provided to employees

44
Q

additional compensation

A

bonuses/profit sharing

45
Q

labor unions

A

employee organizations formed to deal with employers for achieving better pay, hours, and working conditions

46
Q

characteristics of diversity

A

primary- unchangeable

secondary- chanegable

47
Q

primary characteristics

A

-unchangable
-age, gender, race, ethnicity, abilities, sexual orientation

48
Q

secondary characteristics

A

-changeable
-education, income, location, religion

BUSA 101 (4 decks)

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