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BUS 102 exam 1
| Question | Answer |
|---|---|
| Business: | Organization or activity that provides goods and services in an effort to earn a profit |
| Profit: | Money earned in sales/revenue, minus expenses |
| Loss: | When expenses are greater than revenue |
| Value: | the relationship between the price of a good or a service and the benefits that it offers its customers |
| Entrepreneurs- | people who risk their time, money, and other resources to start and manage a business |
| Standard of living- | the quality and quantity of goods and services available to a population |
| Quality of Life- | the overall sense of well-being experienced by either an individual or a group |
| Non-profits- | Business-like establishments that employ people and produce goods and services with fundamental goal of contributing to the community rather than generating financial gain |
| Business Environment- | the setting in which business operates. The five key components are economic environment, competitive environment, technological environmentr, social environment, and global environment |
| Business Technology- | any tools especially computers, telecommhnications, and other digital products that buisnesses can use to become more efficient and effective |
| Demographics- | the measurable characteristics of a population. |
| What is the role of business in the economy?- Add jobs | • Improve the standard of living • Improve the quality of life • Generate tax revenue for municipalities |
| What is the role of nonprofits in the economy?- | Business-like establishments whose primary goal is not profits. • Employ 1 out of 10 workers. • Contribute to the economy • Work with businesses to improve quality of life |
| What are the core factors of production?- | Natural resources – Capital – Human resources – Entrepreneurship |
| What are the elements of the environment affecting business?- | Global environment, social environment , competitive environment, economic environment, and technological environment |
| Economy- | A financial and social system of how resources flow through society, from production to distribution, to consumption |
| Economics- | The study of the choices that people, companies, and governments make in allocating society’s resources |
| Macroeconomics- | The study of a country’s overall economic dynamics, such as the employment rate, the gross domestic product, and taxation policies |
| Microeconomics- | The study of smaller economic units such as individual consumers, families, and individual businesses |
| Economic System- | A structure for allocating limited resources |
| Capitalism- | An economic system—also known as the private enterprise or free market system—based on private ownership, economic freedom, and fair competition |
| Supply- | The quantity of products that producers are willing to offer for sale at different market prices |
| Demand- | The quantity of products that consumers are willing to buy at different market prices |
| Socialism- | An economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare |
| Communism- | An economic and political system that calls for government ownership of virtually all enterprises, managed with strong centralization |
| Mixed Economies- | Economies that embody elements of both planned (government-controlled) and market-based economic systems |
| Gross Domestic Product (GDP)- | Total value of all final goods and services produced within a nation’s physical boundaries over a given period of time |
| Balance of trade- | is a basic measure of the difference between a nation’s exports and imports |
| Trade surplus- | overage that occurs when the total value of a nation’s exports is higher than the total value of it’s imports |
| Trade deficit- | shortfall that occurs when the total value of a nation’s imports is higher than the total value of it’s exports |
| Exchange rates- | measure the value of one nation’s currency relative to the currency of other nations |
| Importing- | buying products from overseas that have already been produced, rather than contracting with overseas manufacturers to produce special orders |
| Exporting- | is the most basic level of international market development |
| Infrastructure- | a country’s physical facilities that support economic activity |
| Tariffs- | taxes levied against imports |
| Quotas- | limitations on the amount of specific products that may be imported from certain countries during a given time period |
| Embargo- | a complete ban on international trade of a certain item, or a total halt in trade with a particular nation |
| Free trade- | the unrestricted movement of goods and services across international borders |
| World Trade Organization ( WTO) - | a permanent global institution to promote international trade and to settle international trade disputes |
| United States-Mexico-Canada Agreement- | the treaty among the United States, Mexico, and Canada that eliminated trade barriers and investment restrictions over a 15 year period starting in 1994 |
| European union ( EU) - | the world’s largest common market, composed of 27 European nations |
| Ethics- | A set of beliefs about right and wrong, good and bad − Related to individuals and their day-to-day decision making |
| Universal Ethical Standards- | Ethical norms that apply to all people across a broad spectrum of situations − Trustworthiness − Respect − Responsibility − Fairness − Caring − Citizenship |
| Business Ethics- | The application of right and wrong, good and bad, in a business setting |
| Whistle Blowers- | Employees who report their employer’s illegal or unethical behavior to either the authorities or the media |
| Code of Ethics- | A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations |
| Stakeholders- | Any groups that have a stake—or a personal interest—in the performance and actions of an organization |
| Consumerism- | A social movement that focuses on four key consumer rights: (1) the right to be safe, (2) the right to be informed, (3) the right to choose, and (4) the right to be heard |
| Corporate Philanthropy- | All business donations to nonprofit groups, including money, products, and employee time |
| Cause Related Marketing- | Marketing partnerships between businesses and nonprofit organizations, designed to spike sales for the company and raise money for the nonprofit |
| Corporate Responsibility- | Business contributions to the community through the actions of the business itself rather than donations of money and time |
| Social Audit- | A systematic evaluation of how well a firm is meeting its ethics and social responsibility goals |
| Communication- | The transmission of relevant information between a sender and a recipient |
| Nonverbal Communication- | Communication that does not use words |
| Active Listening- | when the listener focuses his or her complete attention on the speaker |
| Communication Channels- | The various ways in which a message can be sent, ranging from one-on-one in-person meetings to internet message boards |
| Dynamic Delivery- | Vibrant, compelling presentation delivery style that grabs and holds the attention of the audience |
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