IV English - Business Cycle, International trade, CSR Flashcards
The business cycle is also called
trade cycle
The business cycle can be defined as a permanent feature of market economies where
economic activities grow and contract
The four phases of the cycle are called
upturn, peak, downturn, depression
A prolonging recession is called
depression
The lowest point on the business cycle is called
trough
Investment is linked to ______________ and only takes place when demand is growing.
consumption
Imports and exports of goods and services without any government restrictions
Free trade
restricting imports by way of trade barriers such as tariffs and quotas
Protectionism
Government policies or regulations that restrict international trade
trade barriers
A maximum quantity of goods of a specific kind that can be imported into a country
quota
A tax charged on imports
tariff
country’s ability to produce particular goods more efficiently than some other countries
comparative advantage
a country’s ability to produce goods at a lower cost than any other country
absolute advantage
the industry in an early stage of development and which cannot survive competition from foreign companies
an infant industry
the industry that is particularly important to a country’s economy
a strategic industry
selling unwanted goods very cheaply, usually in other countries
dumping
The role of business is to generate profits for owners – shareholders conforming to the law, local customs and ethics.
SHAREHOLDER/STOCKHOLDER MODEL
The role of business is to generate profits for owners – shareholders conforming to the law, local customs and ethics. A business is to generate profits but also to satisfy a company’s all stakeholders:
* those who have a stake in a company – shareholders
* those who have an interest in a company – customers & local communities
* those who have a claim on a company – employees & suppliers
STAKEHOLDER MODEL
good impressions about a company in one area create positives opinions about this company in other areas
the halo effect
be involved in good practices; czynić dobro
to do gooding
to make profits
to create monetary value for companies
an assumption; przesłanka
a premise
CSR attitude, a company’s CSR stance – stosunek firmy do odpowiedzialnego biznesu
CSR stance
Trade in commodities is called
visible trade
Services, such as banking, insurance, tourism and technical expertise
invisible imports and exports
difference between total earnings from all exports and total expenditure on all imports
balance of payment
The imaginary situation in which a country is completely self- sufficient and has no foreign trade is called
autarky
