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BU 100 > Midterm > Flashcards

Midterm Flashcards

1
Q

Internal vs. External Stakeholders

A

Internal includes employees, investors and customers
External includes suppliers, govn’t, and the community

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2
Q

Economics

A

The study of how resources are distributed for the production of goods and services within a social system.

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3
Q

The Factors of Production

A

Natural, human and financial resources

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4
Q

Business under Communism

A

Business ownership- most businesses owned & operated by gov’nt
Competition- gov’nt controls competition & economy
Profits- Excess income goes to gov’nt

Product availability & price- Consumers have limited options. Prices are high.

Employment Options- Little choice in choosing career: Gov’nt owned industries or farms.

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5
Q

Business under Socialism

A

Business Ownership- The gov’nt owns & operates major industries; encouraged in small business.
Competition- Restricted in major industries; encouraged in small business.
Profits- Profits from small businesses is reinvested, profits from gov’nt owned industries goes to gov’nt.
Product Availability & Price- Consumers have some choice. Prices determined by supply & demand.
Employment Options- More career choices, many work in government jobs.

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6
Q

Business under Capitalism

A

Business ownership- individuals own and operate all businesses
Competition- increased by market forces and government regulations
Profits-individuals and businesses are free to keep profits after paying taxes
product availability and price - consumers have wide choice, price based on supply and demand
Employment options – unlimited choice of careers

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7
Q

The Rights for Free Enterprise

A

(1) The right to own property
(2) The right to earn profits
(3) The right to make decisions
(4) The right to Freedom of Choice.

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8
Q

Equilibrium Price=

A

Supply of goods matches demand

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9
Q

4 Market Structures

A

Pure Competition- Standardized product, many firms. Example: apples
Monopolistic Competition- Differentiated product, several firms , example: cheerios
Monopoly- Standardized or differentiated product, one firm , example: Microsoft
Oligopoly- Specialized product, few firms. Example: OPEC

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10
Q

Inflation

A

A continuing rise in prices

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11
Q

Recession

A

A decline in production, employment and income

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12
Q

GDP

A

Gross domestic product: the sum of all goods and services produced in a country in one year

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13
Q

Open Economy

A

An economy in which economic activities occur between the country and the international community.

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14
Q

Big Data

A

Refers to large volumes of structured and unstructured data that is transmitted at very fast speeds

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15
Q

Blockchain

A

A decentralized record-keeping technology that stores linked blocks of order transactions over time.

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16
Q

CPI

A

Consumer Price Index represents changes in prices by comparing, over time, the cost of a fixed basket of goods and services

17
Q

How do we evaluate our nation’s economy?

A

-Trade Balance
-Consumer Price Index
-Per Capita Income
-Unemployment rate
-Inflation
-Worker Productivity

18
Q

(Ch. 2) Business Ethics
Social Responsibility

A

Business ethics- principles and standards that determine acceptable conduct
Social Responsibility- a business’s obligation to maximize its positive impact

19
Q

Many ethical issues are a result of…

A

-Abusive & intimidating behaviour
-Conflict of Interest
-Fairness and Honesty
-Communications
-Business Relationships

20
Q

Ethical decisions in an organization are influenced by (3) factors:

A

-individual moral standards
-Influence of managers & coworkers
- the opportunity to engage in misconduct

21
Q

4 Dimensions of Social Responsibility:

A

-Voluntary Responsibility
-Ethical Responsibility
-Legal responsibility
-Economic Responsibility

22
Q

Corporate citizenship

A

The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their various stakeholders.

23
Q

A business must be socially responsible to…

A

-Owners & stakeholders
-Employee Relations
-Consumer Relations
-Community

24
Q

Consumers have the right to…

A

Be heard
Be informed
Able to choose

25
Q

Ch. 4
3 Types of Partnership

A

General Partnership- complete sharing of management,
Limited Partnership- has at least 1 general partner with unlimited liability and 1 limited partner whose liability is limited to investment.
Limited Liability Partnership- non-negligent partners aren’t personally responsible for losses created by other partners.

26
Q

Corporation Definition

A

A legal entity, created under law, either provincially or federally, whose assets & liabilities are separate from those of its owners

27
Q

Dividends

A

Profits of a corporation that are distributed in the form of cash payments to shareholders.

28
Q

Advantages of Corporations

A
  • Limited Liability
  • Ease of transfer of ownership
  • Perpetual life etc.
29
Q

Disadvantages of Corporation

A
  • Double taxation
  • Formation of Corp
  • Disclosure of of Info & Regulations
30
Q

Other Types of Ownership

A

-Joint Venture
-Cooperatives
- Merger
- Acquisition

31
Q

Different types of Mergers (3)

A
  • Horizontal (buying a business within the same industry)
  • Vertical (related industry)
  • Conglomerate (unrelated industry)
32
Q

4 Major Causes of Business Failure

A
  • External Shocks
  • Undercapitalization
  • Managerial Inexperience
  • Inability to cope with growth
33
Q

Ch. 6 Steps in the Decision-making process (6)

A

(1) Recognize and define the decision situation
(2) Develop options
(3) Analyze options
(4) Select the best option
(5) Implement the decision
(6) Monitor the consequences

34
Q

Areas of Management (at any level)

A

Finance, production & operations, Human Resources (personnel), marketing, IT, and Administration

35
Q

Skills needed by Managers (5)

A
  • Leadership
  • Technical Expertise
  • Conceptual Skills
  • Analytical Skills
  • Human Relations Skills
36
Q

3 Types of Plans for Meeting Objectives

A
  1. Strategical (top-level) overall strategy
  2. Tactical (Middle Management) short range
  3. Operational (front-line) very short term
37
Q

Porter’s 5 Forces

A

RIVALRY AMONG EXISTING COMPETITORS
- Bargaining Power of Suppliers
- Threats of New Entrants
- Bargaining Power of Buyers
- Threat of substitute products or services

38
Q

PEST

A

Political
Economic
Social
Technology

BU 100 (7 decks)

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