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Business
prep. for midterm
| question and term | answer and definition |
|---|---|
| what are the basic economic questions? | For whom to produce? what to produce? How to produce? |
| what are the three types of resources? | human nature capital |
| what is GDP | Gross Domestic Product, this is the total dollar value of all final goods and services produced in a country during one year. one way to measure economic growth. |
| what is GDP per capita? | The output per person. This is another way to measure economic growth. It is calculated by dividing the GDP by the total population. |
| what are the phases of the business cycle? | Prosperity, Recession, depression, recovery |
| what are the measurements of economic activities? | inflation, interest rates |
| what is inflation? | Inflation is an increase in the general level of prices. change of price index ---------------------- x100= inflation rate initial price |
| what is the consumer price index? | is a number that compares prices in one year with some earlier base year. current year ------------- x100= CPI base year |
| what are interest rates? | rates that represent the cost of money. Businesses and the government are affected by these rates because higher rates mean higher business costs. |
| what is absolute advantage? | It exits when a country can produce a good or service at a lower cost than other countries. (lowest quantity) |
| what is comparative advantage? | It's a situation in which a country specializes in the production of a good or service at which it is relatively more efficient. (highest quality) |
| What are imports? | items bought from other countries. Not the home country. |
| What are exports? | good and services sold to other countries. from the home country. |
| what are the ways to measure trade relations? | balance of trade, balance of payment |
| What is the balance of trade? | it is the difference between a country's total experts and the total imports. if it exports (sells) more than it imports (buys) it has a trade surplus.-favorable if it imports more than it experts, it has a trade deficit. unfavorable |
| what is the balance of payment? | it is the difference between the amount of money that comes into a country and the amount that goes out. favorable when a nation receives more money in a year than it pays off. unfavorable when a nation sends more money out than it brings in. |
| what are the 4 elements of international business environment? | geography, economics, culture, Political/legal |
| what are the international trade barriers? | quotas, tariffs, embargoes |
| what are quotas? | a government set limit on the quantity of a product that may be imported or exported within a given period. |
| what are tariffs? | A tax that a government places on certain imported products |
| what are embargoes? | an action imposed by the government to stop the export or import of a product completely |
| what is free trade zone? (encouraging trade) | a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing. |
| what is NAFTA? (encouraging trade) | an agreement in which member countries agree to remove duties and trade barriers on products traded among them. (North America Free Trade Agreement) |
| what is the world trade organization? (international trade organizations) | settles trade disputes and enforces free-trade agreements among its members. |
| what is the world bank? (international trade organizations) | provides economic aid to developing countries to fund building communications systems, transportation networks, and energy plans. |
| what are the types of business ownership? | sole proprietorship, partnership, corporation, cooperatives, franchises, joint-ventures |
| what are the types of leadership styles? | |
| what are the 4 elements of international business environment? | geography, economics, culture, Political/legal |
| what are the international trade barriers? | quotas, tariffs, embargoes |
| what are quotas? | a government set limit on the quantity of a product that may be imported or exported within a given period. |
| what are tariffs? | A tax that a government places on certain imported products |
| what are embargoes? | an action imposed by the government to stop the export or import of a product completely |
| what is free trade zone? (encouraging trade) | a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing. |
| what is NAFTA? (encouraging trade) | an agreement in which member countries agree to remove duties and trade barriers on products traded among them. (North America Free Trade Agreement) |
| what is the world trade organization? (international trade organizations) | settles trade disputes and enforces free-trade agreements among its members. |
| what is the world bank? (international trade organizations) | provides economic aid to developing countries to fund building communications systems, transportation networks, and energy plans. |
| what are the types of business ownership? | sole proprietorship, partnership, corporation, cooperatives, franchises, joint-ventures |
| what are the types of leadership styles? | democratic, autocratic, laissez-faire, mixed, strategic, tactical |
| what is democratic? | one who includes employees in making decisions, usually strategic. |
| what is autocratic? | used when a leader needs to give direct, clear, and precise orders and make decisions. usually tactical. |
| what is laissez-faire? | one who gives little or no direction to employees. usually strategic. |
| what is mixed? | combination with tactical and strategic. |
| what is strategic? | less directed with employee helping with decision making. Typically, used with trusted and/or experienced employees. |
| what is tactical? | directed and controlling. typically used for inexperienced employees or during a crisis. |
| what are the levels of management? | top, mid-management, supervisors, management by others |
| what are the functions of management? | planning, organizing, staffing, implementing, and controlling. |
| what are the human resources activities? | planning, staffing, recruiting, and hiring |
| what falls in the category of production and manufacturing? | product development, mass production, customization, materials processing, extraction and cultivation. |
| what are technology concerns? | health, employment, computer crime, privacy. |
| what are the business operations? | facilities management, logistics, scheduling, safety and security. |
| what are the technology applications? | artificial intelligence, expert systems, computer-aided design... |
| what are the consumer rights? | to be informed, to safety,to choose, to be heard, to a remedy, to consumer education, to service. (7) the consumer bill of rights protects consumers from unfair business practices. |
| what is intellectual property? | patents, copyright, trademark |
| what enforces a contract to be enforced? | the elements; agreement, competent parties, consideration, legality.. |
| what are the common social-responsible practices of businesses? | environmental protection, workforce diversity,job safety, employee wellness. |
Created by:
Anayeli
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