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Hannah Brotherton > Larry Jarrell busn 110, 1-4 > Flashcards

Larry Jarrell busn 110, 1-4 Flashcards

1
Q

What is the purpose of a written code of ethics?

A

To provide guidance to help employees make sound ethical decisions.

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2
Q

The four major categories of factors of production are…

A

Knowledge, human resources, capital, and technology.

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3
Q

What is one of the characteristics of entrepreneurs have?

A

They create benefits for others while making profit for themselves.

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4
Q

Franchises use foreign franchising to do what?

A

Help build its corporate presence worldwide.

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5
Q

Foreign outsourcing involves what?

A

Contracting with foreign supplies to produce products at a cheaper cost because of lower costs of production in the foreign country.

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6
Q

Who are the stakeholders in most businesses?

A

Shareholders, customers, suppliers, and employees.

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7
Q

Individuals should usually do what?

A

What (s)he loves rather than what others might think that she should do.

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8
Q

Ethics is what?

A

A set of beliefs about what is right and wrong, good and bad.

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9
Q

What are the advantages of a company outsourcing their customer service call center to a foreign country such as India?

A

having a low cost

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10
Q

What are the differences between business ethics and personal ethics?

A

personal ethics is moral principles that guide an individual, whereas business ethics are rules based on moral principles that are used by a business

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11
Q

Fiscal policy refers to what?

A

The efforts of the government concerning taxation and spending decisions.

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12
Q

How does global trade lower the economic risk for multinational companies?

A

it reduces dependence on one economy

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13
Q

The idea that cultivating current customers is what?

A

Is more profitable than always constantly looking for new customers.

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14
Q

What are the main differences in fiscal policy and monetary policy?

A

fiscal is adjusting and monitoring the economy, as monetary is the controlled amount of money that is available for the economy to use.

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15
Q

Demographic factors include…

A

Age, income and ethnic composition of an area’s population.

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16
Q

The two key phases of the business cycle are what?

A

Contraction and expansion.

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17
Q

Many CEO’s declare that a highly ethical corporation must establish what?

A

An ethical culture with ethical words that must be backed up with documented practices, processes and procedures, all understood around the globe.

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18
Q

“Standard of living” refers to the what?

A

Quality and quantity of goods available to a population.

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19
Q

Supply is the…

A

Quantity of products that producers are willing to offer for sale at different market prices.

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20
Q

The United States Government owns and operates such things as…

A

national parks, postal services, libraries and such that serve the public need, but not in the business sector of retailing such as department stores and other businesses that serve the public citizens.

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21
Q

What is the difference in profit and loss?

A

you make money in a profit, and lose money in a loss

22
Q

What is the difference in a trade surplus and a trade deficit?

A

A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.

23
Q

Explain the Consumer Price Index.

A

The consumer price index (CPI) is a measure of the overall cost of the goods and services bought by a typical consumer; it is used to find the inflation rate.

24
Q

What are sociocultural differences?

A

differences among cultures in language, attitudes, and values.

25
Q

All acts that are illegal are not necessarily unethical. T or F?

A

true

26
Q

Unethical actions that are harmful to a business are unethical because why?

A

Of the harm done against the business.

27
Q

Even though nonprofits do not operate to make a profit, they must still be run as a business operation in that they…

A

Must have more revenue than expenses to continue to operate.

28
Q

It is very BLANK to predict the ups and downs in business activity.

A

difficult

29
Q

The United States economy continues to outperform many other more highly populated countries because of…

A

The efficiency in the economy and the fact that we are very big consumers of goods and services.

30
Q

Global trade is attractive to companies because of the…

A

better access to factors of production, reduced risk and inflow of new ideas.

31
Q

One major risk of global trade is that as national economies continue to integrate, if economies slow down there can be a…

A

ripple effect with far-reaching impact.

32
Q

The most successful businesses are constantly…

A

changing and always being careful to evaluate risks.

33
Q

Entrepreneurs are willing to risk what?

A

time, money, and other resources to make a profit for themselves, but at the same time their efforts yield benefits to many others in society in addition to their personal profits.

34
Q

Global trade reduces the risks due to the fact that their…

A

market place is more diversified, which decreases the economic risks for multinational firms.

35
Q

Capitalism offers great opportunities to motivate people to start a business, but that does…

A

not guarantee that businesses will be profitable and that taxes will be low.

36
Q

What is the difference in microeconomic and macroeconomic issues?

A

Micro examines individual markets while macro examines the economy as a whole.

37
Q

An individual’s ethical beliefs are influenced by…

A

influenced by several factors, as well as their social group and culture.

38
Q

Economics is the study of the…

A

choices that people, companies, and governments make in allocating those resources.

39
Q

Know the difference between a trade deficit and a trade surplus.

A

A trade deficit is when a country loses money on products it makes, while a trade surplus is when a country exports more than it imports. A trade surplus happens when production leads to profits, while a trade deficit happens when imports exceed exports.

40
Q

Understand the real meaning behind the term “debt ceiling.”

A

The legal limit set by Congress on the total amount that the U.S. Treasury can borrow.

41
Q

An entrepreneur is…

A

someone who is willing to take the risk of investing in a business venture.

42
Q

How does global trade lower the economic risk for multinational companies?

A

it reduces dependency on one economy

43
Q

Capitalism enables both producers and consumers…

A

to be free to make their own economic decisions.

44
Q

Promoting unhealthy high calorie foods with little true information is…

A

both legal but still unethical.

45
Q

Natural resources include…

A

land, water, wind, and minerals.

46
Q

The Sarbanes-Oxley Act provides

A

protection for workers who engage in whistle-blowing when other employees are doing things that are not in the favor of the business.

47
Q

Paying non-living wages to developing country workers is…

A

legal but also unethical.

48
Q

The main disadvantage of foreign outsourcing is that the…

A

the quality of the product may be compromised.

49
Q

The markets in China and India attract American firms due to the.

A

huge populations of these nations and because both are experiencing rapid economic growth

50
Q

Business ethics can be a very serious…

A

challenge to address and certainly not the easiest to deal with.

51
Q

The U.S. relies heavily on free markets but is actually a

A

mixed economy in which the government is involved and regulates many aspects of business operations.

52
Q

Nonprofit organizations operate in many and very

A

verified fields in providing services to those in need.

Hannah Brotherton (18 decks)

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