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Intro to Business > Exam 1 (ch. 1-5) > Flashcards

Exam 1 (ch. 1-5) Flashcards

1
Q

Customer satisfaction, not production efficiency, was the focus of the production era.

A

False

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2
Q

Following one’s passion in regard to a career guarantees a big paycheck.

A

False

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3
Q

Capital is not a factor of production.

A

False

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4
Q

The Industrial Revolution Era encouraged workers to become individual owners and to take kpride in the production process.

A

False

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5
Q

A product has value when its benefits to the customer are less than the price that the customer pays

A

False

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6
Q

Natural Resources

A

Inputs that offer value in their natural state (fossil fuels, minerals, water, etc.)

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7
Q

Entrepeneurship Era

A
  • Second half of the 1800s.
  • Large-scale entrepeneurs emerged, building business empires that raised overall standard of living.
  • Laws passed to protect consumers and workers.
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8
Q

Diversity

A

A variety of demographics (age, race, religion, gender)

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9
Q

Effects of Aging Population (Opportunities and Threats)

A

Opportunities:

  • Companies that focus on elderly will boom
  • Products may be redesigned to better accomodate elderly
  • Companies with older employees will benefit

Threats:

  • Smaller workforce
  • Companies will compete HARD for top talent
  • Taxes may increase
  • Consumer market may shrink
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10
Q

The government has a budget deficit when spending is lower than revenue.

A

False

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11
Q

Socialism

A
  • Gov should own & operate key enterprises that directly affect public welfare.
  • Tend to have higher taxes to dist. wealth more evenly
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12
Q

Communism

A
  • Public ownership of all enterprises.
  • Under direction of strong central gov
  • Communist countries didn’t thrive
  • People unable to choose where to work
  • Extremely corrupt
  • North Korea and Cuba still communist, continue to fail
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13
Q

Productivity

A
  • Relationship between production of goods/services and the resources required to produce them
  • -Amount of Input divided by amount of output–
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14
Q

GDP

A
  • Total value of all final goods/services produced within a nations physical boundaries over a given period of time.
  • Used to measure economic performance and compare to other nations
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15
Q

What happens in the Recovery phase?

A
  • Rising economic growth & employment
  • Businesses expand, consumers begin to spend more
  • Transition period between contraction & expansion
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16
Q

Seasonal Unemployment

A

Job loss related to the time of year (construction, agriculture, holiday workers)

17
Q

Debt ceiling

A

-Max amount of money Congress lets the gov’t borrow

18
Q

Fiscal Cliff

A

Gov’t spending cuts and sharp tax increase

-can happen after debt ceiling increase

19
Q

Countries with the highest trade barriers in international trade have the least competition.

A

True

20
Q

If a firm contracts with a foreign producer, does that ensure an obligation that those factories adhere to ethical standards?

A

Yes. Companies will receive consumer backlash if they fail to do so.

21
Q

Do licensors in foreign licensing run the risk that the licensees become their competitors?

A

Yes

22
Q

What kind of assistance is offered by the World Bank?

A
  • Technical advice about infrastructure, communications, health, education
  • Financial assistance with low interest loans.
23
Q

Are quotas levied against exports considered taxes?

A

No

24
Q

Balance of Payment

A

Measure of total flow of money into/out of a country

-can be a deficit or surplus

25
Q

Foreign Outsourcing

A

Contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic productions
Risks:
-Quality control
-Social Responsibility

26
Q

Difference between Legal/Political, Economic, and Sociocultural differences

A

Legal/Political: laws/regulations, gov’t stability (no civil war, riots, violence), trade restrictions

Economic: population, income, economic growth, exchange rate

Sociocultural: language, attitude, values

27
Q

Functions of IMF (International Monetary Fund)

A
  • Support stable exchange rates
  • Facilitate smooth system of intern’tl payments
  • Encourage member nations to adopt sound economic policies
  • Promotes international trade
  • Lends money to member nations to address economic problems
  • LENDER OF LAST RESORT TO NATIONS IN FINANCIAL TROUBLE-
28
Q

Tariff

A

Taxes levied against imports

-Gov’t uses to help failing businesses and important economic industries-

29
Q

One’s culture, personal needs, and family influences a persons ethical choices.

A

True

30
Q

Stakeholders refer to…

A

Groups that affect performance/actions of an org

  • Employees
  • customers
  • investors
  • community
31
Q

Social Responsibility

A

The obligation of a business to contribute to society (donations, partnering w/ nonprofit, etc)

32
Q

Carbon Footprint

A

amount of co2 and carbon compounds emitted due to fossil fuel consumption by a business (goal is to become neutral and emit none or counteract emission)

33
Q

Sarbanes-Oxley Act

A

Set higher ethical standards for public corps and accounting firms
CEOs have to personally certify validity of financial statements

34
Q

Corporate Philanthropy

A

Business donations to nonprofit groups including money and products

35
Q

Consumerism

A

Focuses on the right to:

  • Be safe
  • Be informed
  • Choose
  • Be heard
36
Q

Green Marketing

A

Developing/promoting environmentally sound products and practices to gain a competitive edge

37
Q

Planned Obsolescence

A

Deliberately designing products to fail in order to shorten time between consumer purchases

Intro to Business (4 decks)

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