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SOM 122 > VITS - TEST 1 > Flashcards

VITS - TEST 1 Flashcards

1
Q

Business

A

Organization that provides goods or services to earn profits

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2
Q

Certainty

A

When the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative

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3
Q

Risk

A

Uncertainty about events

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4
Q

Uncertainty

A

When the decision maker does not know all the alternatives, the risks associated with each or the likely consequences of each alternative

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5
Q

Factors of production (5)

A

Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

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6
Q

Supply chain

A

Flow of information, materials, and services that starts with raw-materials supplies and continues adding more value through other stages in the network of firms until the product reaches the end customer

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7
Q

Marketing

A

Activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large

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8
Q

Accounting

A

Comprehensive system for collecting, analyzing, and communicating financial information

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9
Q

Management

A

Process of planning, organizing, leading, and controlling an organizations resources to achieve its goals

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10
Q

External environment

A

Everything outside an organizations boundaries that might affect it

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11
Q

Domestic business environment

A

The environment in which a form conducts its operations and derives its revenues

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12
Q

Global business environment

A

The international forces that affect a business

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13
Q

Political-legal environment

A

The relationship between business and government, usually in the form of government regulation of business

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14
Q

Economic environment

A

Relevant conditions that exist in the economic system in which a company operates

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15
Q

Sociocultural environment

A

The customs, moves, valued, and demographic characteristics of the society in which an organization functions

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16
Q

Technological environment

A

All the ways by which firms create value for their constituents

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17
Q

Factors of production

A

Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

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18
Q

Labor (human resources)

A

Physical and mental capabilities of people as they contribute to economic production

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19
Q

Capital

A

Funds needed to create and operate a business enterprise

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20
Q

Entrepreneurship

A

The process of seeking businesses opportunities under conditions of risk

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21
Q

Physical resources

A

Tangible items that organizations use in the conduct of their businesses

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22
Q

Information resources

A

Data and other information used by businesses

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23
Q

Planned economy

A

Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions

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24
Q

Market economy

A

Economy in which individuals control production and allocation decisions through supply and demand

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25
Q

Mixed market economy

A

Economic system featuring characteristics of both planned and market economics

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26
Q

Demand

A

The willingness and ability of buyers to purchase a good or service

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27
Q

Supply

A

The willingness and ability of producers to offer a good or service for sale

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28
Q

Law of demand

A

Principle that buyers will purchase (demand) more of a product as it’s price drops and less as it’s price increases

29
Q

Law of supply

A

Principle that producers will offer (supply) more of a product for sale as it’s price rises and less as it’s price drop

30
Q

Demand curve

A

Graph showing how many units of a product will be demanded (bought) at different prices

31
Q

Supply curve

A

Graph showing how many units of a product will be supplied (offered for sale) at different prices

32
Q

Equilibrium price (market price)

A

Profit maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal

33
Q

Perfect competition

A

Market or industry characterized by numerous small firms producing an identical product

34
Q

Monopolistic competition

A

Market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products

35
Q

Monopoly

A

Market or industry in which there is only one producer that can therefore set the prices of its products

36
Q

Gross domestic factors (GDP)

A

Total value of all goods and services produced within a given period by a national economy through domestic factors of production

37
Q

Gross national product (GDP)

A

Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

38
Q

GDP per capita

A

Gross domestic product divided by total population

39
Q

real GDP

A

GDP adjusted to account for changes in currency values and price changes

40
Q

Nominal GDP

A

GDP measured in current dollars or with all components values at current prices

41
Q

Purchasing power parity

A

The principle that exchange rates are set so that the prices of similar products in different countries are about the same

42
Q

Balance of trade

A

Economic value of all products a country exports minus the economic value of all products it imports

43
Q

Balance of payments

A

Flow of all money into or out of a country

44
Q

National debt

A

The amount of money the government owes its creditors

45
Q

Inflation

A

Occurs when widespread price increases occur throughout an economic system

46
Q

Consumer price index (CPI)

A

A measure of the prices of typical products purchased by consumers living in urban areas

47
Q

Unemployment

A

The level of joblessness among people actively seeking work in an economic system

48
Q

Fiscal policies

A

Policies used by a government regarding how it collects and spends revenue

49
Q

Monetary policies

A

Policies used by a government to control the size of its money supply

50
Q

Globalization

A

Process by which the world economy is becoming a single independent system

51
Q

Import

A

Product made or grown abroad but sold domestically

52
Q

Export

A

Product made or grown domestically but shipped and sold aboard

53
Q

General agreement on tariffs and trade (GATT)

A

International trade agreement to encourage the multilateral reduction of elimination of trade barriers

54
Q

World trade organization (WTO)

A

Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices

55
Q

Social orientation

A

A persons beliefs about the relative importance of the individual versus groups to which that person belongs

56
Q

Power orientation

A

The briefs that people in a culture hold about the appropriateness of power and authority differences in hierarchies such as business organizations

57
Q

Uncertainty orientation

A

The feeling individuals have regarding uncertain and ambiguous situations

58
Q

Goal orientation

A

The manner in which people are motivated to work toward different kinds of goals

59
Q

Time orientation

A

The extent to which members of a culture adopt a long-term versus short-term outlook on work, life, and other elements of a society

60
Q

Ethics

A

Beliefs about what is right and wrong or good as bad in actions that affect others

61
Q

Ethical behavior

A

Behavior conforming to generally accepted social norms concerning beneficial and harmful actions

62
Q

Unethical behavior

A

Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions

63
Q

Business ethics

A

Ethical or unethical behaviors that guide individual managers in their work

64
Q

Managerial ethics

A

Standards of behavior that guide individual managers in their work

65
Q

Utility

A

Ability of a product to satisfy a human want or need

66
Q

Obstructionist stance

A

Approach to social responsibility that involves doing as little as possible and may involve attempts to deny or cover up violations

67
Q

Defensive stance

A

Approach to social responsibility by which a company meets only minimum legal requirements in it commitments to groups and individuals in its social environment

68
Q

Accommodative stance

A

Approach to social responsibility by which a company, if specifically asked to do so, exceeds legal minimums in its commitments to group and individuals in its social environment

69
Q

Proactive stance

A

Approach to social responsibility by which a company actively seeks opportunities to contribute to the well-being of groups and individuals in its social environment

SOM 122 (2 decks)

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