Intro To Buis test 1

Question 1

What are profits?

Answer 1

Financial reward that comes from running a business

Question 2

What is value?

Answer 2

Relationship between the price of a good or service and benefits it offers customers

Question 3

Who are entrepreneurs?

Answer 3

Ppl who risk time and money to start and manage a business.

Question 4

What is an entrepreneurs drive?

Answer 4

To make as much money as possible

Question 5

What does an entrepreneur attempt to accomplish?

Answer 5

To create a product/successful business that raises quality of life

Question 6

What was the marketing era?

Answer 6

Pwr shifted from producers to consumers. Buis had to differentiate themselves themselves from e.o. Choices created

Question 7

What is the production era?

Answer 7

Focused on making production more efficient. Assembly line jobs more specialized

Question 8

What was the industrial revolution?

Answer 8

Factories replaced work shops, large numbers of less skilled jobs were hired. There was a loss of individual ownership of businesses

Question 9

What was the entrepreneurship era?

Answer 9

Raised standard of living, killed competition

Question 10

What is the marketing concept?

Answer 10

A consumer focus that permits successful companies in every dept. and every level

Question 11

What was the relationship era?

Answer 11

Companies build long term relationships with customers. Keeping old customers is more profitable than finding new ones

Question 12

What is a non profit organization?

Answer 12

Business like establishments that have fundamental goal of making community better than making money

Question 13

What are natural resources?

Answer 13

Offer value in their natural state, ppl can’t create them

Question 14

What is meant by the term capital?

Answer 14

The synthetic materials a business needs to produce a good or service

Question 15

What is a human resource?

Answer 15

Physical intellectual and creative contributions of every one working

Question 16

The economy as a system represents what?

Answer 16

The flow of resources through a society

Question 17

What is economics?

Answer 17

The choices ppl make while getting rid of resources

Question 18

What is the value of economics

Answer 18

If we know how things are changing hands now, we can predict how it will later

Question 19

What is a budget deficit?

Answer 19

Shortfall that occurs when expenses are higher than revenue

Question 20

What is natl debt?

Answer 20

How much any countries gvt has borrowed but not repaid

Question 21

What is a budget surplus?

Answer 21

Overage that occurs when revenue is higher than expenses

Question 22

What is the federal reserve?

Answer 22

Essentially central bank to US

Question 23

What does the federal reserve do?

Answer 23

Conducts the money policy for US

Question 24

Who is Ben Bernake? Why is he important?

Answer 24

He’s the chairman to the board of governors for the Fed.

Led Feds proactive efforts in turning fed around

Question 25

What is the purpose of banks?

Answer 25

To hold your money and make loans

Question 26

Who was Karl Marx? What'd he promote?

Answer 26

He was a political philosopher that promoted communism

Question 27

What is deflation?

Answer 27

Decline in prices. Can have damaging effects on economy

Question 28

What is inflation?

Answer 28

Rise in general level of prices

Question 29

What is hyperinflation?

Answer 29

An average monthly inflation rate of more than 50%

Question 30

What is disinflation?

Answer 30

A period of slowing avg price increases around country

Question 31

How does China and India compare to US in terms of business opportunities?

Answer 31

Have greater opportunity because of communication. But harder due to gvt

Question 32

What are some current business opportunities in world Economy?

Answer 32

Trade

Question 33

What country has most cell phone usage? Why is that relevant?

Answer 33

China, a country raises its cellphone penetration by 10% gdp increases by .4% to 1.2%

Question 34

What is opportunity cost?

Answer 34

The opportunity of giving up 2nd best choice when making a decision.

Question 35

What is comparative advantage?

Answer 35

Benefit a country had when it can make items at opportunity cost than other countries

Question 36

What is absolute advantage?

Answer 36

Benefit country has when t can produce more of a product than other countries with same amt. of resources

Question 37

What is trade surplus?

Answer 37

Overage that occurs when total value of exports is greater than value of imports

Question 38

What is a trade deficit?

Answer 38

When ttl value of imports is greater than total value of exports

Question 39

What is counter trade?

Answer 39

Trade products for products rather than currency

Question 40

What is out sourcing? Why is it an issue?

Answer 40

Contracting with foreign country to produce products products at fraction of cost. Problem because loose quality control, costing jobs

Question 41

What is off shoring? Why is it a major issue today?

Answer 41

Developing new facilities overseas with a lot of over sight, problem because cost a lot

Question 42

What is the World Bank?

Answer 42

187 country group working together to reduce world poverty in developing world by giving advice

Question 43

What is the International Monetary Fund?

Answer 43

187 countries that support international economic cooperation and growth

Question 44

What is Nafta?

Answer 44

Treaty between us Mexico and Canada that eliminated trade barriers and investment restrictions.

Question 45

What is meant by Social Responsibility?

Answer 45

Obligation of business to contribute to society

Question 46

What are the functions of the laws in the US?

Answer 46

To establish and enforce ethical norms that apply to everyone with in our society

Question 47

What are ethnical Standards?

Answer 47

Beliefs of right wrong good bad. The standard business's try to hold themselves to when determining good and bad

Question 48

Who are stake holders?

Answer 48

Any that has a stake in the company doing well

Question 49

What is the foreign corrupt practices act?

Answer 49

US can't offer bribes

Question 50

What is the code of conduct?

Answer 50

The lay out of ethical standards by a company, to all workers and managers in general

Question 51

In terms of communication, what is noise?

Answer 51

Any interference that causes the message you send to be different when recieved.

Question 52

What are language barriers?

Answer 52

Any thing that can interfere with the meaning of message. (Slang Jargon, accents, completely diff language)

Question 53

What is active voice?

Answer 53

The subject of sentence is doing verb

Question 54

What is passive voice?

Answer 54

The subject of sentence is not doing verb

Question 55

What is the best way to communicate?

Answer 55

Face to face

Question 56

What caused 2008 market crash?

Answer 56

Housing bubble

Question 57

What was event made the world more global?

Answer 57

Fall of Berlin Wall and Windows 3.0

Question 58

Why was Netscape a flatner?

Answer 58

1. Internet Browser 2. Open transition protocols, (no company could dominate Internet) 3. Triggered dot com boom. (Most important) Fiber optic cable)

Question 59

What did the laying of fiber optic cable do?

Answer 59

It lowered the cost of transferring data to almost free for everyone globally

Question 60

What are the 6 other flatners of the world?

Answer 60

1. Out Sourcing 2. Off Shoring 3. Open Sourcing 4. Supply Chaining 5. UPS (insourcing) handles logistics for companies 6. Informing

Question 61

What was the triple convergence?

Answer 61

1. All 10 flatners 2. Going more horizontal (more collaboration) 3. Russia China India join