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intro to business > intro to business exam 1 > Flashcards

intro to business exam 1 Flashcards

1
Q

absolute advantage

A

a country produces something that is cheaper or of higher quality than any other country

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2
Q

accommodative stance

A

approach to social responsibility where a company (if specifically asked to do so) exceeds legal and ethical minimums in its commitments to groups and individuals in its social environment.

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3
Q

acquisition

A

the purchase of one company by another

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4
Q

aggregate output

A

the total quantity of goods and services produced by an economic system during a given period

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5
Q

balance of payment

A

the flow of money into or out of a country. the method/statement by which countries measure all of the international monetary transactions within a certain period.

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6
Q

balance of trade

A

the economic value of all the products that it exports minus the economic value of its imported products

positive balance- country exports more than it imports
negative- country imports more than it exports

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7
Q

board of directors

A

the governing body of a corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets. communicate with stockholders, set policies and held legally responsible for corporate actions.

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8
Q

business

A

organizations that provide goods or services that are then sold to earn profits

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9
Q

capital

A

the financial resources/funds needs to create and operate a business enterprise

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10
Q

chief executive officer (CEO)

A

highest-ranking executive in a company or organization. responsible for making major corporate decisions, managing the overall operations and resources of the company, and acting as the main point of communication between the board of directors (the board) and corporate operations. the highest-level manager who is accountable for the success or failure of the organization.

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11
Q

collusion

A

occurs when two or more firms collaborate on such wrongful acts as price fixing. illegal agreement between two or more companies to commit a wrongful act

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12
Q

consumerism

A

form of social activism dedicated to protecting the rights of consumers in their dealings with businesses.

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13
Q

consumer price index (CPI)

A

a measure of the prices of typical products purchased by consumers living in urban areas. expressed as a percentage of prices as compared to a base period.

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14
Q

corporation

A

business that is legally considered an entity separate from its owners/members and is liable for its own debts; owners’ liability extends to the limits of their investments

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15
Q

defensive stance

A

approach to social responsibility by which a company meets only minimum legal requirements and its commitments to groups and individuals in its social environment. do everything that is legally required by that’s all.

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16
Q

demand curve

A

graph showing how many units of a product will be demanded (bought) at different prices

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17
Q

depression

A

a prolonged and deep recession

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18
Q

entrepreneur

A

individual who accepts the risks and opportunities involved in creating and operating a new business venture

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19
Q

ethics

A

beliefs about what is right and wrong or good and bad in actions that affect others

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20
Q

euro

A

a common currency shared among most of the members of the EU (excluding denmark, sweden, and the uk)

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21
Q

european union (EU)

A

agreement among major European nations to eliminate or make uniform most trade barriers affecting group members

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22
Q

factors of production

A

resources that a country’s businesses use in the production of goods and services- labor, capital, entrepreneurs, physical resources, and information resources

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23
Q

franchise

A

agreement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser)

24
Q

general agreement on tariffs and trade (GATT)

A

international trade agreement made in 1947 to reduce trade barriers and encourage nations to protect domestic industries with negotiations

25
Q

general partnership

A

partners share ownership and responsibility for a business, with each partner equally liable for all debts and legal actions against the company

26
Q

goal orientation

A

the manner in which people are motivated to work towards different kinds of goals

27
Q

gross domestic product (GDP)

A

total value of all goods and services produced within a given period by a national economy through domestic factors of production

28
Q

gross national product (GNP)

A

total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

29
Q

licensing agreement

A

an arrangement in which firms choose foreign individuals or organizations to manufacture or market their products in another country. can use brand name, operating procedures, or proprietary technology.

30
Q

limited liability corporation (LLC)

A

legal principle holding investors liable for a firm’s debts only to the limits of their personal investments in it

31
Q

lobbying

A

the use of persons or groups to formally represent an organization or group of organizations before political bodies

32
Q

market

A

mechanism for exchange between buyers and sellers of a particular good or service

33
Q

merger

A

the union of two corporations to form a new corporation

34
Q

north american free trade agreement (NAFTA)

A

agreement to gradually eliminate tariffs and other trade barriers among the United States, Canada, and Mexico

35
Q

offshoring

A

the practice of outsourcing to foreign countries

36
Q

organizational stakeholders

A

groups, individuals, and other organizations that are directly affected by the practices of an organization and therefore have a stake in its performance

37
Q

outsourcing

A

the practice of paying suppliers and distributors to perform certain business processes or to provide needed materials or services

38
Q

obstructionist stance

A

approach to social responsibility that involves doing as little as possible to solve social or environmental problems and may involve denying or covering up violations. have little regard for ethical conduct.

39
Q

philanthropic giving

A

the awarding of funds or gifts to charities or other worthy causes

40
Q

physical resources

A

the tangible items that organizations use to conduct their business (ex: natural resources, offices, parts and supplies, computers)

41
Q

power orientation

A

the beliefs that people in a culture hold about the appropriateness of power and authority differences in hierarchies such as business organizations.

power respect vs power tolerance

42
Q

private enterprise

A

economic system that allows individuals to pursue their own interests without undue governmental restriction. private property rights, freedom of choice, profits, competition

43
Q

proactive stance

A

approach to social responsibility by which a company actively seeks opportunities to contribute to the well-being of groups and individuals in its social environment.

44
Q

profits

A

the difference between a business’s revenues and its expenses. encourages people to open and expand businesses

45
Q

publicly held (public) corporation

A

corporation whose stock is widely held and available for sale to the general public

46
Q

real gross domestic product (Real GDP)

A

GDP adjusted to account for changes in currency values and price changes

47
Q

recession

A

a period during which aggregate output, as measured by GDP, declines

48
Q

“S” corporation

A

a hybrid of a closely held corporation and a partnership that is organized and operates like a corporation but treated like a partnership for tax purposes

49
Q

social orientation

A

a person’s beliefs about the relative importance of the individual versus groups to which that person belongs

ex: individualism vs collectivism

50
Q

sociocultural environment

A

the customs, mores, values, and demographic characteristics of the society in which an organization functions

51
Q

standard of living

A

the total quantity and quality of goods and services people can purchase with the currency used in their economic system

52
Q

strategic alliance

A

strategy in which two or more organizations collaborate on a project for mutual gain

53
Q

supply curve

A

graph showing how many units of a product will be supplied (offered for sale) at different prices

54
Q

time orientation

A

the extent to which members of a culture adopt a long-term versus a short-term outlook on work, life, and other elements of society.

55
Q

uncertainty orientation

A

the feeling individuals have regarding uncertain and ambiguous situations.

56
Q

unemployment

A

the level of joblessness among people actively seeking work in an economic system

57
Q

whistleblower

A

an employee who detects and tries to put an end to a company’s unethical, illegal, or socially irresponsible actions by publicizing them

intro to business (2 decks)

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