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Business Midterm
| Question | Answer |
|---|---|
| Definition of profit | Revenue exceeds expenses |
| Definition of loss | Expenses exceed revenue |
| Definition of income | Money received (before expenses) |
| Definition of value | What something is worth to you personally based on benefits and usefulness |
| Definition of goods | Tangible products (bread, books, clothing) |
| Definition of services | Intangible actions performed for others (repairs, tech support) |
| What is scarcity | Limited resources but unlimited wants, societies can never satisfy all wants |
| What is opportunity cost | The value of the next best alternative given up when making a choice, applies to time, money, and resources |
| What is globalization | Expands business beyond national borders, increases global sourcing, selling, and cultural exchange |
| Definition of absolute advantage | Ability to produce more of a good using fewer resources |
| What is comparative advantage | Ability to produce a good at a lower opportunity cost, basis for international trade |
| Definition of tariffs | taxes on imports |
| What is included in trade policies | Tariffs and trade agreements |
| Definition of trade agreements | shape international economic relationships |
| Social challenges in global business | Cultural differences, communication styles, work-life balance expectations |
| What are macroeconomics | Economy-wide issues. inflation, unemployment, national growth |
| What are microeconomics | individual businesses and consumers. pricing decisions, individual employment |
| What is law of demand | When price decreases, quantity demanded increases. When price increases, quantity demanded decreases |
| Definition of market | buyers and sellers of a product |
| Definition of industry | group of similar businesses |
| What is a partnership | shared ownership, profits, losses, and management. governed by a partnership agreement |
| What does a LLP stand for | Limited Liability Partnership |
| What is an LLP | protects partners from liability caused by other partners' malpractice |
| What is franchising | buying a brand name and business model |
| Definition of license | permission to use technology or product |
| Who is an entrepreneur | Someone who starts and operates a business, assuming risk |
| What are traits of successful entrepreneurs | willingness to take calculated risks, adaptability and learning, innovation |
| What motivations should an entrepreneur have | control over work-lie balance and independence |
| What are startup funding options | Bank loans and SBA loans |
| What is the criteria for a SBA Small Business | Independently owned, fewer employees, lower annual revenues |
| What do small businesses represent | the majority of U.S. businesses |
| What are operations | producing goods and services, quality control |
| Definition of finance | managing money |
| Definition of marketing/sales | Promoting and selling products |
| Definition of management | Planning, organizing, leading |
| What are the types of law | Statutory Law and Common Law |
| What is statutory law | laws passed by legislatures (minimum wage) |
| What is common law | court decisions based on precedent |
| What is a tort | civil wrongs causing harm (slip and fall, privacy violations) |
| What is product liability | Manufacturers can be used for defective products and includes negligence and strict liability |
| What is included in damages | Compensatory and punitive |
| Definition of punitive | punish wrongdoer |
| Definition of compensatory | restore victim |
| What is ethical culture | set by organizational leadership |
| What is the code of ethics | professional standards, violations can result in loss of membership |
| What are conflicts of interest | personal interests interfere with professional judgment |
| What is bribery | offering something of value to influence a decision |
| Definition of opportunity cost | what must be given up to obtain something thatʼs desired |
| Definition of social factors | encompasses the values, attitudes, beliefs, wants, and desires of the consuming public as well as demographics |
| Definition of tech factors | businesses must constantly reconsider the tools they use to reach customers, produce their products, and provide their services |
| Definition of demand | the quantity of a good or service that people are willing to buy at various prices |
| Definition of depression | a prolonged and severe period of decreased economic activity |
| Definition of recession | decline in GDP that lasts for two consecutive quarters (each a three-month period) |
| Definition of balance of trade | the difference between the value of a countryʼs exports and the value of its imports during a specific time |
| Definition of export | goods and services made in one country and sold to others |
| Definition of import | goods and services that are bought from other countries |
| Definition of joint ventures | establishes a new business that is jointly owned by two or more otherwise independent businesses |
| Definition of franchise | a business model that involves one business owner licensing trademarks and methods to an independent entrepreneur for a certain period of time |
| Definition of outsourcing | an agreement to contract a business process to be completed by an external company |
| Definition of barter | exchange (goods or services) for other goods or services without using money. |
| Definition of cryptocurrency | a form of digital currency that operates on a decentralized network using cryptography for secure transactions |
| Definition of copy right | gives creators of literary, dramatic, musical, artistic, and intellectual works the exclusive right to their original work for a limited time whether the work is published or not |
| Definition of patents | gives the holder of the patent the exclusive right to the invention for a limited period of time |
| Definition of ethics | a set of moral standards that govern the conduct of a person |
| Definition of bribery | the act of giving money, goods, or other forms of compensation in exchange for a benefit to the giver that the recipient would otherwise not choose to give |
| Definition of green washing | corporations exaggerating or misstating the impact of their environmental actions or promoting products as being environmentally friendly when in fact theyʼre not |
| What are the factors of production | land, labor, capital, and entrepreneurship |
| Definition of gross domestic product | the total market value of all final goods and services produced within a nationʼs borders each year |
| Definition of sole proprietorship | the simplest and most common legal structure that consists of an unincorporated business owned and run by one individual in which there is no distinction between the business and the owner |
Created by:
lauren.brodsky16