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Global Business > Test #1 > Flashcards

Test #1 Flashcards

1
Q

Profit

A

The difference between cost to make a product and what the customer pays

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2
Q

Stakeholders

A

Groups of people that have a stake in the success and outcomes of a business (anyone affected)

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3
Q

Shareholders

A

People who have invested money in a company

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4
Q

Economics

A

Distributing resources for the production of goods and services

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5
Q

Natural Resources

A

Land, forests, minerals, water (not made by people)

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6
Q

Human Resources

A

Known as labour, the abilities used to produce goods

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7
Q

Financial Resources

A

Known as capital, the money used to purchase natural and human resources

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8
Q

Economic Systems

A

How a society distributes its resources to produce goods and services

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9
Q

Socialism

A

Government owns and operates basic industries, but individuals own most businesses

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10
Q

Demand

A

Numbers of goods bought at a given price at a specific time

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11
Q

Supply

A

The number of products that businesses will sell at different prices at a specific time

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12
Q

Equilibrium Price

A

The point where supply and demand meet

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13
Q

Oligopoly

A

When there are very few businesses selling a product

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14
Q

Monopoly

A

When only one business provides a product in a given market

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15
Q

Inflation

A

Prices are continuously increasing

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16
Q

Recession

A

A decline in production, employment, and income

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17
Q

Unemployment

A

The % of the population that wants to work but is unable to find a job

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18
Q

Non-Profit Organizations

A

Organizations that provide goods and services but do not have the purpose of earning profits

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19
Q

Free-Market System

A

Pure capitalism, all decisions are made without the government

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20
Q

Business Ethics

A

The principles and standards that determine acceptable conduct in business

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21
Q

Social Responsibility

A

A business’s obligation to maximize its positive impact on the society

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22
Q

Ethical Issue

A

An identifiable problem, situation, or opportunity that requires a person to choose from several actions that may be evaluated as right or wrong

23
Q

Conflict of Interest

A

Advancing your personal interest over other’s interests, benefit self at the expense of the company

24
Q

Code of Ethics

A

Formalized rules and standards that describe what a company expects of its employees

25
Q

Whistleblower

A

An employee who exposes an employer’s wrongdoing

26
Q

Consumerism

A

The activities that people undertake to protecter their rights as consumers

27
Q

Plagiarism

A

Taking someone else’s work and presenting it as your own

28
Q

Corporate Citizenship

A

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

29
Q

Bribes

A

Payments, gifts, or special favours intended to influence the outcome of a decision

30
Q

Importing

A

Buying products from another country

31
Q

Exporting

A

Selling products to another country

32
Q

Absolute Advantage

A

A country is the only source/producer of an item

33
Q

Comparative Advantage

A

A country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items (sells these items to other countries and buys products from countries that produce it more effectively)

34
Q

Outsourcing

A

The transferring of tasks to countries where labour and supplies are less expensive (hiring another company to provide you a service)

35
Q

Offshoring

A

Type of outsourcing where the business relocates to another country

36
Q

Balance of Trade

A

The difference in value between what a nation exports and imports

37
Q

Trade Deficit

A

Importing more than what you are exporting (buying more than selling)

38
Q

Trade Surplus

A

Exporting more than what you are importing (selling more than selling)

39
Q

Tariff and Trade Restrictions

A

Part of a nation’s legal structure that can be made or removed

40
Q

Import Tariff

A

A tax created by a nation on goods imported into the country

41
Q

Exchange Controls

A

Regulations that restrict the amount of currency that can be bought or sold

42
Q

Quota

A

A restriction on the number of units that are allowed to be imported

43
Q

Embargo

A

A prohibition on trade for a particular product

44
Q

Dumping

A

Selling products at less than what it costs to produce them

45
Q

Licensing

A

One company allows another to use its name, products, brands, and materials in exchange for a fee

46
Q

Franchising

A

When the franchiser agrees to provide a franchise name, logo, and products in return for financial commitment to follow their standards of operation

47
Q

Joint Venture

A

Sharing operation costs between a foreign country and a local partner

48
Q

Strategic Alliance

A

A partnership formed to create competitive advantage

49
Q

Direct Investment

A

Ownership of overseas facilities

50
Q

Balance of Payments

A

The difference between the flow of money into and out of a country

51
Q

Mixed Economies

A

Economies made up of elements from more than one economic system

52
Q

Contract Manufacturing

A

Hiring another country to produce a certain amount of their product. The product carries the domestic firms name

53
Q

Monopolistic Competition

A

When there are fewer businesses than in a pure-competition environment and the differences among what they sell are small

54
Q

Multinational

A

A corporation that operates on a worldwide scale

Global Business (3 decks)

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