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Bus MGMT ch 1-4
| Term | Definition |
|---|---|
| Risk | The chance an entrepreneur takes losing time and money on a business that may not be profitable |
| Example of taking risk | Big businesses take risk, but big risk may lead to big profits |
| Positives about entrepreneurship | profit and financial success |
| Benefits of Entrepreneurship | Have the freedom to make your own decisions, and potential for creating wealth. |
| Factors of production | Land ( natural resources), Labor ( workers, Capital, Entrepreneurship. Knowledge. |
| Profit | The amount of money a business earns above and beyond what it spends. |
| Revenue | Total amount of money a business takes during a given period by selling goods and services |
| Non-profit organizations | An organization on whose goals do not include making a personal profit for its owners or organizer |
| Data bases | an electrical storage file for information |
| Capitalism | An economic system in which all or most of the factors of production distribution are privately owned and operated for profits |
| Example of Capitalism | U.S or England |
| Free Market | Decisions about what and how much to produce are made by the market |
| Supply | The quality of products that manufactures or owners are willing to sell at different prices |
| Demand | The quantity of products that people are willing to buy at different prices at a specific time |
| Macroeconomics | The part of economics study' that looks at the operation of a nations economy as a whole |
| Microeconomics | The part of economics study that looks at the behavior of people and organizations in particular markets |
| Perfect competition | many sellers but none large enough to dictate a price of a product |
| Monopolistic competition | Large numbers of sellers produce very similar products, but they're perceived as different |
| Market price/ Equilibrium Point | Price determined by supply and demand |
| Comparative advantage | A country should sell to other countries the products it produces most efficiently and buy from other countries the products it cannot produce |
| Contract Manufacturing | A foreign company's production of private-land goods to which a domestic company then attaches its own brand name or trademark; part of the broad category from outsourcing |
| Importing | Buying products from another country |
| Exporting | Selling products to another country |
| Globalization | Studying foreign languages, learning about foreign cultures, taking global business courses to develop a global purpose |
| Establishing Relationships with Foreign Entities | Building business relationships with foreign companies or organizations |
| Overseas licensing | A global strategy in which a firm( licencor) allows a foreign company ( licensee) to produce its product in exchange for a fee ( royalty) |
| Ethical codes | rules and guidelines that explain how employees should behave ethically/morally |
| Compliance-based ethical codes | Emphasize preventing unlawful behavior by increasing control and penalizing wrong-doers. |
| Integrity based ethical codes | Define organizations, guiding values, create environment ethically sound, stress shared accountability amongst employees |
| Illegal/Unethical behavior | Behavior that goes against accepted standard of right and wrong |
| Cooperate Philanthropy | Includes charitable donations |
| Managers and ethics | Making decisions based on what is right and fair while setting a good example for employees |
| Ethics and Global Relationships | Following moral standards when working with businesses and people from other countries |
| Situational Ethics | Determining right and wrong based on the circumstances |
Created by:
dirtedan
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