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intro mid term

what is a need? something that is extra that you don't have to have to survive
the largest producer of goods and services in the world is the usa
whats the first step in the decision making process? define the problem
what is the final decision making process? review your decision
all nations must decide... what combo of resources will best suit it's circumstances, which wants and needs are most critical, which goods and services to produce.
who owns the economic resources in a market economy? the people of the country
which type of economy is usually centered mainly on meetings peoples basic needs? traditional economy
in the US you can own anything you want and decide what you want to do with it, as long as it does not violate the law. the describes the principle of... the right of private property
the rivalry among businesses to sell their goods and services is known as competiton
generally as the product increases businesses will be willing to supply larger quantities of the product
gdp measures a countrys economic output during one year
GDP doesn't include the value of the work you do for yourself
dividing GDP by the total poplulation of a coutnrys results in that countrys GDP... GDP per capita
if wages increase faster than gains in productivity, prices will rise. why? because the cost of producing goods increases
the peace of the business cycle is prosperity
if GDP growth slows for at least __ quarters in a calendar year, the economy is probably in a recession 2
a recession often affects some groups of workers in related businesses. the drop in related businesses is called the business cycle
inflation is most harmful to people living on fixed incomes
suppose wages are going up faster than prices what is the most likely effect? unemployment will worsen because businesses will tend to hire fewer workers
the intrest rate banks charge their best business customers is the prime rate
if you purchase a coroporate or goverment bond you are a creditor
the united states trades with over ____ coutnries 180
about how many US jobs depend on international business? 1 out of 10
the difference between a country's total exports and total imports is called the balence of trade balence of trade
which of the following is NOT acultural/social factor that affects international business? 1) language 2)religion 3) values 4)climate climate
a tax that a goverment places on a certain imported products is called a tariff
what is a free trade zone? a selected area where products can be imported duty free and then stored, assembled or useed in manufacturing
common market members have a common external duty on products being imported from non member countries
a country in which an MNC places business activities is called the host country
licensing has a low financial investment so the potential financial return is often low
what are principles of morality or rules of conduct? ethics
if a company has a code of ethics the company will more easily be able to identify proper employee behavior
which question should you not ask yourself when considering the ethics of a business situation? can i get away with this action?
goverment is mainly concerned with all the following roles except a)making a profit b)regulating utilties c)hiring public employees d)providing services to citezens making a profit
in the united states, police and fire protection is usually provided by the local goverment
antittrust laws protect consumers from all the following except a) false advetising b) deceptive packaging c)products becoming out of date too quickly d) misleading labeling products becoming out of date too quickly
in the US total goverment purchses of goods and service make up about ______ percent of all the goods and servies the country produces 20%
about how many american workers are public employees 1 out of every 9
property tax revenue is use to pay for all the following except 1)schools 2)income tax 3) property tax 4)gift tax sales tax
what percentage of the US workforce is made of contingent workers? 5 percent
every business performs all of the following activities except a)maintaining business records b)manufacturing products c)raising capital d)buying goods and services manufacturing products
proprietorships are the easiest for of business to start
which business form of ownership is the least common? partnership
a written legal doctument defining ownership and operating procedures and conditions for a corporation is called the articles of incorporation
the people who make the major policy and financial decisions for a corporation are called the board of directors
a precise statement of results a business expects to achieve is a goal
the right to make decisions about how responsibilities should be achieved is called authority
in the US about how many women own their own businesses? 6 million
entrepreneurs come from all age categories and educational backgrounds
about how many new businesses are created in the US every year 0.5 million
of all the new businesses, about one third are profitable, one third do not make a profit but continue to operate and one third loose money
acording to the SMA a small business is an independent business with fewer than ____ employees 500
small business owners usually get direct information from their customers about what they like and dislike
the most successful business owners establish good working relationships with professionals such as bankers, lawyers and accountants
which element of a business plan discusses the entrepreneurs short and long term goals for the business? description of the business
if you start a new business you need info about the competitors, goverment regulations, and customers
which one of the management functions involves analyzing info, setting goals, and making decisions about what needs to be done? planning
the staffing management function includes all the actvities involved in obtaining and compensating employees
just one person is most likely responsible for all of the management functions in a new small business
executives spend most of their time planning and controlling activities
the first level of management in a business are supervisors
the combined use of tactical and strategic management is known as mixed management
this leadership charcteristic involves making decisions carefully judgment
all leaders need to be dependable which means they follow through on commitments
managers spend much of there time dealing with customers, people from other organizations, other managers in their own organizations
sources of job satisfaction include recognition from supervisors for a job well done
ethical behavior consists of the actions of individuals and groups and the results of actions
mission statements describe the reason businesses exists and what they want to accompish
the process of talking to othe rpeople about their jobs is called networking
a natural, inborn aptitude to do certain things is called a talent
a summary of your important job related info is called a personal data sheet
you try to limit your resume to one page
prepare for a job interview by optaining more info about the job for wich you are applying, preparing answers to specific questions you might be asked, asking friends to help you practice your interviewing skills
a mentor can be best described as a career coach
if you leave your job try to tell your employer at least _______ in advance 2 weeks
wants things that add comfort and pleasure to your life
services activities that are consumed at the same time produced
entrepreneur someone who takes a risk at creating something new
scarcity not having enough resources to satisfy every need
opportunity cost value of the next best alternative that you didn't choose
command economy an economy in which resources are owned and controlled by the government
mixed economy an economy that combines elements of command and market econmy
demand the quanity of a good or service that businesses will be willing to provide
competitors the riverly among businesses to sell there good and services
domestic buying things within one country
unemployment no job in the workforce
productivity production output in relation to unit of input such as a worker
consumers person who buys and uses services
business cycle movement of economy from one condition to another and back
inflation increase in general leval of prices
capital money in a business
business surplus goverment spends less than taken in
business deficit goverment spends more than taken in
intrest cost of borrowing money
trade barrier restricitons to free trade
embargo stop export or import completely
multinational company orginization that does business in several countries
code of ethics set of rules for guiding the actions of employees or members of an orginaization
trademark world, letter symbol linked with a specific company or product
public utility orginization that supplies a service or product vital to all people
intermediary businesses involved in selling goods and services of producers
proprietorship is a business owned and run by one person
corporation seperate legal entity formed by documents filled with your state
entrepreneur someone who takes a risk in starting a business to earn a profit
innovation invention or creation thats brand new
improvement is a designed change that increases the usefulness of a product,service, process
small business adminstration goverement agency that helps small business owners devolop business plans
proprietorship easiest form of business to start
mobility able to move where you need to move for work
internship watching how to work at a job
follow up letter you write after job interview
exit where your employeer asks you questions about your work
*economic resources- natural-raw materials supplied by nature(oil,water,minerals) human- people producing goods and services (farmers,truck drivers,factory workers) capital-the products and money used in production of goods and services (buildings, equipment, supplies)
*GDP exchange rates consumer spending for food, clothing, housing, and other. business spending for buildings equipment and inventory items. goverment spending pay employees and to buy syplies. the exports of a country less inports into the country (balence of trade)
business cycle prosperity, recession, depression, recovery
inflation/deflation inflation- value of money can change, increase in general leval of prices, buying power of dollar decreases. deflation- decrease in general leval of prices, occurs during recession/depression
domestic/international business domestic- atvantages of international trade: increase in product choices and increase in sales. disatvantages: people loose jobs, dependancy
global market place geography: location and climate culture: language, religion economies: technology and education political/legal factors: goverment system
trade barriers quota- goverments limit on the quanity of a product that may be inported/exported. tariff- tax goverment places on certain imported products. embargo- stop export or import compleatly
social responsibility* refers to the duty of a business to contribute to the well being of a comunity. envormental protection, workplace diversity, job safty, employee wellness
code of ethics is this action legal? does this action violate professional or company standards? who is effected by this action and how?
business ownership* proprietorship- business owned and ran by 1 person. easiest form of business to start and end. partnership- business owned/controlled by 2 or more people. realitivly easy to start.corporation- seperate legal entility formed by documents.difficult to start
3 types of businesses producers- create products and services used by individuals.intermediaries- businesses involved in selling the goods and services of producers. service businesses- carries out activities that are consumed by customers
producers extractor- takes resources from nature manufactuers- use supplies from other producers to make products
intermediaries retaliers and wholesalers
service business dentists, doctors, laywers
businesses 6 basic activities generating ideas, raising capital, employing and training personal, buying goods and services, marketing goods and services, maintain business records
entrepenuership process of starting, organizing, managing, assuming the responsabilty of a business: persistent, inquistive, entergetic.
advantages/disatvantages of small business +: get all profits, less to manage, meet customer needs -: not having enough start up $, lack of manegemnet experience, poor location
starting a small business an idea plus experience, right place and time, team approach, preparation and research
role and work of managers planning(analyzing info), orginaizing(arrenging the work and resources), staffing(obtaining, preparing and paying employees), implementing(direct and lead people to accomplish the work), controlling(determine success)
3 levals of management top managment (set long term plans), mid managment(organizing surfing,implmenting), supervisors(first leval of managment)
managers style tatical (controlling), stretgic (less control), mixed (both tatical and stregic)
Created by: rhaskin9



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