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Business unit1 (1-4)
| Question | Answer |
|---|---|
| 1. Why is business so important to a country’s economy? | Business is important to a country’s economy because it is its backbone. It is a constant battle for a better means of living. The economy gives individuals jobs and the ability to sustain themselves. |
| 2. In what ways are not-for-profit organizations a substantial part of the U.S. economy? What challenges do not –for-profits face | ? Non-profit organizations are not publicly traded and their primary objective is not to turn a profit. Yet they still are a large part of our economy, they focus on providing for the public. |
| 3. Identify and describe the four basic inputs that make up factors of production. Give an example of each factor of production than an auto manufacturer might use | The four basic inputs of production are natural resources, capital, human resources, and entrepreneurship |
| 4. What is a private enterprise system? What four rights are critical to the operation of capitalism? | An economic system that rewards firms for their ability to identify and serve the needs and demands of customers, (capitalism).minimizes gov’t interference in economic activity. 4 rights are private property, profits, competition, and freedom of choice |
| 5. In what ways is entrepreneurship vital to the private enterprise system? | Entrepreneurs take risks in our private enterprise system;driving economic growth and force current companies to continue to satisfy consumer’s wants.Entrepreneurs often times bring a new product or service to the market(jobs) |
| 6. Identify the six eras of business in the United States. How were business changed during each era? | 1.Clainolo 2.Industrial Revolution 3.Industrial Entrepreneurs 4.Production 5.Marketing 6.Relationship |
| 7.describe the focus of the most recent era of U.S. business. How is this different from previous eras? | ? The focus of the most recent era of U.S. business is a company’s relationship with its customers. It is focused around gaining the respect of the customer and actually considering them as an individual |
| 8.define partnership and strategic alliance how might a motorcycle dealer and a local radio station benefit from an alliance? | Strategic alliance- a partnership formed to create a competitive advantage for the businesses involved. Partnership-association of two or more persons who operate a business as co-owners by voluntary legal agreement. |
| 9.identify the major changes in the workforce that will affect the way mangers build a world-class workforce in the 21st century. Why is brainpower so important? | - Major changed include aging of the population and a shrinking labor pool, growing diversity of the workforce, the changing nature of the work, the need for flexibility and mobility, and the use of collaboration to innovate |
| 10.identify four qualities that the new managers of the 21st century must have. Why are these qualities important in a competitive business environment? | 21st century managers need vision, the ability to perceive market place needs and how to satisfy those needs, critical thinking/creativity, need to be able to deal with the rapid changes of today’s workforce. |
| 1.what do the terms business ethics and social responsibility mean? Why are they important components of a firms overall philosophy in conducting business? | Business ethics are the standards of conduct and moral values governing actions and decisions in the work environment. Social responsibility is the enhancement of societies welfare through philosophies, policies, procedures and actions. |
| 2. In what ways do individuals make a difference in a firm’s commitment to ethics? | Individuals can make a difference in a firm’s commitment to ethics by simply making morally correct decisions. Moral behavior is contagious and the acts of executives, managers, and employees do not go unnoticed by the individuals surrounding them. |
| Describe the three stages in which an individual develops ethical standards? | 1-preconventional-indivdual looking out for their interests (fear,reward)2-convntnal, indivdul considers the intrsts and expctatns of others in making dcisions.3-post conventional, individual follows personal principles for ethical dilemas |
| a. Due to the breakup with a client, an advertising agency suddenly finds itself representing rival companies | CONFLICT OF INTEREST |
| b. A newly hired employee learns that the office manager plays computer games on company time | HONESTY AND INTEGRITY |
| c. A drug manufacturer offers a doctor expensive gift as an inducement to prescribe a new brand name drug | CONFLICT OF INTEREST |
| d. An employee is asked to destroy documents that implicate his or her firm in widespread pollution- | LOYALTY VS. TRUTH |
| e. A company spokesperson agrees to give a press conference that puts a positive spin on his or her firm’s use of sweatshop labor | WHISTLE BLOWING |
| 4. Describe how ethical leadership contributed to the development of each of the other levels of ethical standards in a corporation | Ethical leadership is correct moral behavior in action. It is executives leading by example, if high-ranking employees are upholding ethical standards the other three levels will fall into place. |
| 5. In what ways do firms demonstrate their social responsibility? | providing equal employment opportunities, respecting the cultural diversity of employees, responding to environmental concerns, providing a safe and healthy workplace, and producing high quality products that are safe to use. |
| What are the four major areas in which businesses have responsibilities to the general public? | The four major areas in which businesses have responsibilities to the general public are; dealing with public health issues, protecting the environment, developing the quality of the workforce, and supporting social and charitable causes. |
| How can businesses that meet the repsonsibilites to the general public gain a competitive advantage | . Firms that consistently meet these responsibilities are much more inclined to have employees with higher morale, an enhanced company image, and improved customer relationships. |
| 7. Identify and describe the 4 basic rights that consumerism tries to protect? | 4.The right to be heard 2.The right to be informed . 3. The right to choose 1.the right be to be safe |
| 8. What are the five major areas in which companies have responsibilities to their employees? | The 5 major areas in which companies have responsibilities to their employees are; workplace safety, quality-of-life issues, ensuring equal opportunity on the job, avoiding age description, and preventing sexual harassment and sexism. |
| ?ACT? a. An employee who must care for an elderly parent- | FAMILY AND MEDICAL LEAVE ACT OF 1993 |
| ?act? . A national guard member is returning from deployment overseas | UNIFORMED SERVICES EMPLOYMENT AND REEMPLOYMENT RIGHTS ACT OF 1994 |
| ?ACT? . A job applicant who is HIV positive | AMERICANS WITH DISABILITIES ACT OF 1990 |
| ?ACT? . A person who is over 40 years old | AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967 |
| ?ACT? A woman who has been sexually harassed on the job | GENETIC INFORMATION NONDISCRIMINATION ACT OF 2008 |
| . How does a company demonstrate its responsibility to investors and the financial community | a co. demonstrates its responsibility to investors and the financial community by announcing information to the public, rather than first to selected major investors. The SEC rule of “fair disclosure” levels the playing field for all the shareholders |
| CH 3 | Q1 |
| ch 3 | q2 |
| ch 3 | q3 |
| type of comp karge dryg stores chain | oligopoly |
| type of comp yoga studio | monopolistic |
| type of comp .)Steel mill | monopolistic competition |
| type of comp Large farm whose major crop is corn | pure competition |
| type of comp-microsoft | monopoly |
| 4.distinguish between the two types of planned economies | 1.Socialism is characterized by government ownership and operation of major industries such as communications 2.Communism-is an economic system which all property would be shared by the people of a community under the direction of a strong central gov't |
| what are the four stages of the business cycle? | The stages of the business cycle are prosperity, recession, depression, and recovery |
| what is the gross domestic product | The gross domestic product or GDP is the sum of all goods and services produced within a country’s boundaries during a specific time period, such as a year |
| What is the GDP's relationship to productivity | Its relationship to productivity is simply how much we produce divided by the number of citizens in a country. |
| 7.what are the effects of inflation on an economy? | The effects of inflation on an economy result in high prices for consumer products, it is caused by a higher price of raw materials, component parts, human resources, and other factors of production |
| ? What are the effects of deflation? | Deflation is opposite to inflation, and it occurs when prices for products are much lower than what it costs to produce them. In the long run deflation can damage an economy just as much as inflation |
| How does the consumer price index work? | The CPI or consumer price index measures the monthly average change in prices of goods and services |
| what does a nations unemployment rate indicate | ? A nations unemployment rate indicates basically its economic health. The number of jobs available has a large amount to do with the economies efficiency |
| what are the 4 types of unemployment | 1.Frictional unemployment-members of thework force looking 4 a job2.Seasonal Unemployment3.Cyclical unemployment-Simply, not working due to an economic slowdown. 4.Structural unemployment-long periods of time,no hope of old job status |
| 10.what is the difference between the budget deficit and the national debt? | The budget deficit is the situation in which the government spends more than the amount of money it raises through taxes. The national debt is the money owed by the government to individuals, businesses, and government agencies |
| ch. 3 | q9 |
| ?type of unemployment? .)discharged armed forces veteran- | cyclical unemployment |
| ?type of unemployment? bus driver who has been laid ff due to cuts in his or her city’s transit budget | cyclical unemployment |
| ?type of unemployment? worker who was injured on the job and must start a new career | structural unemployment |
| ?type of unemployment? lifeguard | seasonal unemployment |
| ?type of unemployment? dental hygienist who has quit one job and is looking for another | -frictional unemployment |
| 1. how does a business decide whether to trade with a foreign country? What are the key factors for participating in the information economy on a global basis.- | business base decisions on availability, price,quality of labor, natural resources, capital, and entrepreneurship; the basic factors of production, in the foreign country.motivation can be due to a maturing of domestic markets/slowing sales growth. |
| . why are developing countries such as china and India becoming important international markets | developing countries are becoming important international markets due to their involvement in global business increases,potential to reach new consumers. China and India are so sought after because of their large markets of about 1.3 billions. |
| ch 4 | q.3 |
| Can a nation have a favorable balance of trade and an unfavorable balance of payments? | Yes, as the balance of trade is only one part of the balance of payments . Other factors also affect the balance of payments, including overseas loans and borrowing, international investments, profits from such investments, and foreign aid payments. |
| identify several potential barriers to communication when a company attempts to conduct business in anther country. | barriers include countries regulations on business, different consumer demands, economic barriers, etc. Barriers to international trade can be broken down into 3 categories; Social and Cultural barriers, economic barriers, legal and political barriers. |
| .identify and describe briefly the three dimensions of the legal environment for global business? | The three dimensions of the legal environment are; US Law, international regulations, and the laws of the countries in which they plan to trade. |
| what are the major nontariff restrictions affecting international business? | nontariff restrctions are quotas, embargoes, exchnge contrls. Quotas limit the # prodcts that can be produced.Embargoes plce a boycott on imprtng spcifc prodcts.Exchnge control places a restriction on importation of products or against certain companies. |
| Describe the difference between tariff and nontariff restrictions?- | Both tariffs and nontariff limit the importing of goods. However nontariff is a limit or barrier on an import whereas tariffs are taxation, surcharge of an import, basically a percentage of its revenue. |
| what is NAFTA? | NAFTA or the North American Free Trade Agreement is a free-trade area among the US, Canada, and Mexico. It is used to break down tariffs and trade restrictions. |
| how does NAFTA work | . It works by eliminating all trade barriers and investment restrictions which make it much more possible to trade freely. After NAFTA was set in place trade has double among its partners. |
| ch.4 | q.9 |
| . what are the key choices a company must make before reaching the final decision to go global?- | 3 key decisions a company must make before reaching the final decision to go global are determining which foreign markets to enter, analyzing the expenditures required to enter a new market, and deciding the best way to organize the overseas operations. |
| What is the difference between absolute advantage and comparative advantage? | Absolute advantage is the ability to produce something using fewer resources than other producers while comparative advantage is the ability to produce something at lower opportunity costs than other producers. |
| Example of absolute advantage : | France wine industry. China's silk production |
| Example of comparative advantage: | China is profiting from its comparative advantage in producing textiles. India offers the services of its educated, English speaking tech workers at a lower wage. |
Created by:
resler49