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busn102 final
business
| Question | Answer |
|---|---|
| Business ethics | Principles and standards that determine acceptable conduct in business |
| Social Responsibility | A business's obligation to maximize its positive impact and minimize its negative impact of society |
| Ethical issue | An identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical. |
| Bribes | Payments, gifts, or special favors intended to influence the outcome of decision |
| Plagiarism | The act of taking someone else's work and presenting it as your own without mentioning the source |
| Codes of Ethics | Formalized rules and standards that describe what a company expects of its employees |
| Whistleblower | An employee exposing an employer's wrongdoing to outsiders, such as the media or government regulatory agencies |
| Corporate Citizenship | The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders |
| Consumerism | The activities that independent individuals, groups, and organizations undertake to protect their rights as consumers |
| Federal Trade Commission | Influences business activities related to questionable practices that create disputes between businesses and their customers |
| Uniform Commercial Code(UCC) | Set of statutory laws covering several business law topics |
| Express (written) Warranty | Stipulates the specific terms the seller will honor |
| Implied Warranty | Imposed on producer or seller by laws, although it may not be written document provided at the time of sale |
| Tort | Private or civil wrong other than the breach of contract |
| Fraud | Purposeful unlawful act to deceive or manipulate in order to damage others |
| Chapter 7 Bankruptcy | Requires a business be dissolved and its assets liquidated to pay off its debt |
| Chapter 11 | Let's a business reoganize and work a payment plan with its creditors to return to normal |
| Chapter 13 | Same as Chapter 11 but limits it to individuals and small businesses |
| International Business | The buying, selling, and trading of goods and services across national boundaries |
| Absolute Advantage | A monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item |
| Comparative Advantage | The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items |
| Outsourcing | The transferring of manufactering or other tasks-such as data processing-to countries where labor and supplies are less expensive |
| Exporting | The sale of goods and services to foreign markets |
| Importing | The purchase of goods and services from foreign sources |
| Balance of Trade | The differences in value between a nation's exports and its imports |
| Trade Deficit | A nation's negative balance of trade, which exists when that country imports more products than it exports |
| Balance of Payments | The difference between the flow of money into and out of the country |
| Infrastructure | The physical facilities that support a country's economic activities |
| Exchange Rate | The ratio at which one nation's currency can be exchanged for another nation's currency |
| Import Tariff | A tax levied by a nation on goods imported into the country |
| Exchange Controls | Regulations that restrict the amount of currency that can be bought or sold |
| General Agreement on Tariffs and Trade | A trade agreement, originally signed by 23 nations in 1947, that provided a forum for tariff negotiations and a place where international trade problems could be discussed and resolved |
| World Trade Organization | International organization dealing with the rules of trade between nations |
| North American Free Trade Agreement (NAFTA) | Agreement that eliminates most tariffsand trade restrictions on agricultural and manufactured products to encourage trade amoung Canada, the United States, and Mexico |
| European Union(EU) | A Union Of European nations established in 1958 to promote trade amoung its members; one of the largest single markets today |
| Asia-Pacific Economic Cooperation(APEC) | International trade alliance that promotes open trade and economic and technical cooperation amoung member nations |
| World Bank | An organization established by the industrialized nations in 1946 to loan money to underdeveloped and developing countries |
| International Monetary Fund(IMF) | Organization established in 1947 to promote trade amoung member nations by eliminating trade barriers and fostering financial cooperation |
| Countertrade Agreements | Foreign trade agreements that involve bartering products for other products instead of for currency |
| Trading Company | Firm that buys goods in one country and sells them to buyers in another country |
| Licensing | Trade agreement in which one company-the licensor-allows another company -the licensee- to use its company name, products, patents, brands, trademarks, raw materials, and/or production processes in exchange for a fee or loyalty |
| Franchising | Form of licensing in which, instead of a fee/loyalty, would conduct business in accordance with the franchiser's standard of operations |
| Contract Manufacturing | Hiring of a foreign company to produce a specified volume of the initiating company's product to specification |
| Joint Venture | The sharing of the costs and operation of a business between a foreign company and a local partner |
| Strategic Alliance | Partnership formed to create competitive advantage on a worldwide basis |
| Direct Investment | Ownership of overseas facilities |
| Multination Corporation (MNC) | Corporation that operates on a worldwide scale, without significant ties to anyone or region |
| Multinational Strategy | Plan, used by international companies, that involves customizing products, promotion, and distribtuion according to cultural, technological, regional, and national differences |
| Global Strategy (Globalization) | Strategy that involves standizing products for the whole world, as if it were a single entity |
Created by:
bja34
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