Section 2

Question 1

Finance

Answer 1

Science of management of money and other assets

Question 2

Free market

Answer 2

Any market in which trade is unregulated , free from government intervention

Question 3

What was economic deregulation

Answer 3

Spurred freewheeling expansion of new types of investments that fueled a vast increase in national finance and commerce

Question 4

Americas growth was due to

Answer 4

Debt

Question 5

What did consumers borrow against

Answer 5

Belief that the value of their money would grow

Question 6

What was financial crash

Answer 6

Housing prices fell, homeowners were unable to pay back debt by selling house

Question 7

What boom led to crash

Answer 7

Borrowers purchased houses they could not afford , trusting hat in a rising ,aren’t they could sell houses for profit

Question 8

What is foreclosure

Answer 8

Proceeding , by a creditor, to regain property following a default on mortgage payments

Question 9

Who was not touched by recession

Answer 9

Wealthy business people and large corp.

Question 10

What helped get out of recession

Answer 10

Rich corporations reported record profits and me billionaires saw net worth a hit new heights

Question 11

What did Ronald Reagan initiate

Answer 11

Globalization of trade and finance

Question 12

Why changed work place most dramatically

Answer 12

Information technologies mad effect on productivity

Question 13

Why called info age

Answer 13

Technology has changed way old works and impacted ideas

Question 14

What does Friedman call WWW

Answer 14

Global network for collaboration

Question 15

What two things come out of WWW

Answer 15

Individuals collaborate on projects without meeting face to face
Projects worked on from contributors nowhere in the world

Question 16

Outsourcing

Answer 16

Transfer of business function to external service provider

Question 17

What does outsourcing affect most

Answer 17

Software development

Question 18

Two types of video conferencing

Answer 18

Expensive and sophisticated , telepresence

Inexpensive software form, Skype

Question 19

What is video conferencing

Answer 19

Individuals meet face to face over Internet and have discussions related to projects working on

Question 20

Open source

Answer 20

Practice of providing open source code for a product

Question 21

What is open educational resource

Answer 21

Learning materials made freely available for use remixing and redistribution

Question 22

What is key to firms competitiveness

Answer 22

Information technology , companies not able to keep up with technological advances I’ll not survive in market place of future

Question 23

Using IT is most known for

Answer 23

Changing the basis of business from labor and manual skills to knowledge management

Question 24

What is competition in area of business

Answer 24

Occurs when commenting firms attempt to attract buyers by offering products with greater perceived benefit

Question 25

What is dominance and monopoly

Answer 25

When firms hold large market shares, consumers risk paying higher prices and getting lower quality products than when compared to competitive markets

Question 26

Mergers and acquisitions

Answer 26

Involve concentration of economic power in hands of fewer than before which means hat one firm buys the shares of another

Question 27

Public sector regulation

Answer 27

Industries which by nature provide public service are involved in competition in many ways similar to private companies

Question 28

Intellectual property

Answer 28

Any product of someone’s intellect that has commercial value..Copyright, trademarks, patents, industrial design rights, trade secrets

Question 29

Five concerns in intellectual prop.

Answer 29

Consequence of violating antitrust laws
Effects on competition when properties are accepted into industry standards
Cross licensing
Bundling of intellectual rights to long term business transactions or agreements to extend market exclusiveness beyond their statutory duration
Trade secrets, having eternal length of life

Question 30

Corporate social responsibility

Answer 30

Form of corporate self regulation integrated into business model embrace responsibility for actions and encourage positive impact through activities

Question 31

Raw material

Answer 31

Basic material from which good is made

Question 32

Scarcity

Answer 32

Condition of something being deficient

Question 33

What is communications and information technology

Answer 33

Converges media , communications, information processing onto the Internet

Question 34

Global business means

Answer 34

It is changing and evolving quickly due to demographic and technological trends

Question 35

What has Internet done for business

Answer 35

Fifty percent have used it as preferred source , conduct business processes, new social business environment

Question 36

Business environment

Answer 36

System within which companies exist

Question 37

Debt

Answer 37

Money that one person or entity owes or is required to pay to someone , s a result of loan or financial transaction

Question 38

Employment

Answer 38

Work or occupation for which one is used and paid for

Question 39

Communications and social technology

Answer 39

Any form of social media

Question 40

How does business environment affect what you are going to sell

Answer 40

Different areas have different demands so changes what you are going to sell