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franchisee

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person who buys a franchise

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limited partner

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owner who invests money in the business buy does not have any management responsibility or liability for losses beyond the investment

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mission statement

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outlines the fundamental purposes of an organization

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tariff

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tax imposed on imports

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autocratic leader

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makes managerial decisions without consulting other

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embargo

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complete ban on the import or export of a certain product or the stopping of all trade with a particular country

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business

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any activity that seeks to provide goods and services to other while operating at a profit is considered a

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conceptual skills

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involve the ability to picture the organization as a whole and the relationship among its various parts. they enable a leader to develop a vision

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consumer priceindex

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statistical measure of the pace of inflation or deflation

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corporate responsibility

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dimension of social responsibility that includes everything from hiring minority workers to making safe products

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demography

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statistical study of the human population with regard to its size, density, and other characteristics such as age race gender and income

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enterprise zones

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specific geopgraphic areas to which governments try to attract private business investment by offering lower taxes and other government support

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incubators

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centers that offer new businesses low-cost offices with basic business services

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insider trading

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an unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends

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monopoly

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degree of competition in which only one seller controls the total supply of a product or service, and sets the price

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acquisition

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one companys purchase of the property and obligations of another company is called an

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market

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people with unsatisfied wants and needs who have both the resources and the willingness to buy make up a

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productivity

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the amount of output generated given the amount of input

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quality of life

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general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide

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stakeholders

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all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

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tactical planning

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process of developing detailed short-term statements about what is to be done, who is to do it and how it is to be done

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corporate policy

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dimension of social responsibility that refers to the position a firm takes on social and political issues is referred to as corporate policy

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recession

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when the economy experiences two of more consecutive quarters of decline in the GDP it has entered into a recession

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fiscal policy

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when the federal government makes an effort to keep the economy stable by increasing or decreasing taxes or government spending it is exercising

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vision

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working with management and employees a CEO uses conceptual skills to develop a what of where the company can be in the future

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loss

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a business incurs a what if its costs and expenses exceed its revenues

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risk

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what is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable

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entrepreneur

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an what is a person who assumes the risk of starting a business

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quality of life

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is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom safety education and a clean environment

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standard of living

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the amount of goods and services people can buy with the money they have is called their

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businesses owned by minority women are going at a faster rate than businesses owned by men

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how is the profile of business owners changing

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factors of production

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the resources that contribute to the creation of wealth are known as

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knowledge

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which of the following is a factor of production

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entrepreneurship and knowledge

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two factors of production that seem to contribute the most to a nations ability to create wealth are

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minimal government spending because it keeps taxes to a minimum

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businesses favor

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economics

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is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals

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resource development

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study of how to increase the amount of available resources and create conditions that will make better use of these resources is known as

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overpopulation

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economist thomas malthus believed that what would limit economic progress

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invisible hand

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adam smith believed that countries would prosper if businesspeople were free to start and run their own businesses. businesspeople would make a profit by providing the goods services and ideas that others in the economy wanted and they would hire others to help increase those profits leading to social and economics benefits for many this idea was called the

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capitalism

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most of the means of production and distribution are privately owned and operated for profit

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market

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free market is one in which decisions about what to produce and in what quantities are made by

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perfect competition

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the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product

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oligopolies

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the markets for laundry detergents soft drinks and automobiles are dominated by just a few sellers economists would classify these markets as examples of

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right to own private property

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patrick lives in a nation whose government embraces capitalism. he owns his own home and car as well as his own business and building patrick maintains ownership due to

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product differetiation

answer

on its website papa johns pizza compares itself to the competition with the following message "better ingredients better pizza" the company wants to achieve

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exporting

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selling of products to another country

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comparative advantage

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a nation has a what in the production of a good or service if it can produce that good or service more effectively or efficiently than it can produce other goods

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absolute advantage

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occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries

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value of imports is less then the value of exports

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a favorable balance of trade occurs when the value of

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balance of payments

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the what is the difference between money flowing into a country from exports and money leaving the country for imports plus money flows coming from other factors such as tourism foreign aid military expenditures and foreign investment

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trade deficit

answer

since 1975 the U.S. has had a

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dumping

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the president of auto parts of america corporation recently testified before congress urging them to limit the flow of imported automobile parts into the united states he contended that these imports were priced lower than foreign producers were charging for them in their own countries he believes foreign producers are

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licensing

answer

granting a foreign company the right to manufacture your product or to use your firms trademark in return for a fee is called

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culture

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which of the following terms describes the set of values beliefs rules language and institutions held by a specific group of people

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ethical behavior

answer

obeying the law is the first step towards

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ethics

answer

refers to standards of moral behavior

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is it balanced

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which of the following questions will help individuals and organizations when deciding if their decisions are ethical

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learned by observing the actions of others in the organization

answer

corporate values are

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compliance

answer

a what based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers

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whistleblower

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which of the following terms describes someone who reports illegal or unethical behavior

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integrity

answer

a what based ethics code defines corporate values creates a supportive environment and stresses shared accountability among employees

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corporate philanthropy

answer

we describe charitable donations by corporations to nonprofit organizations as

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social audit

answer

purpose of an what is to evaluate an organizations progress towards implementing programs that are socially responsible and responsive

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sole proprietorship

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the what is the most common form of business ownership

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general partnership

answer

zach and mac own an auto repair business which they operate as coowners both take an active role in the management of the business and each accepts unlimited liability zach and mac operate as a

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conventional corporation

answer

a what is a state chartered legal entity with authority to act and to have liability separate from its owners

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stockholder

answer

owner of a corporation is known as a

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limited liability of owners

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which of the following is an advantage of the corporate form of business when compared to sole proprietorships and partnerships

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merger

answer

a what is two firms combining to form one company

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vertical

answer

a what merger unites firms at different stages of related businesses

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conglomerate merger

answer

when two companies in completely unrelated industries agree to become one firm the result is called a

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micropreneurs

answer

business owners who prefer to maintain their businesses at a manageable size are called

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intrapreneur

answer

a creative person working within a corporation to launch new products and generate new profits is known as a

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planning financing

answer

two key management functions that need particular attention when starting a business

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business plan

answer

written document that details the business idea the target market and the businesss competitive advantage financial resources available for the business and the qualitfication of the management

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executive summary

answer

bankers and potential investors are likely to read what first

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venture capitalist

answer

firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a

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swot

answer

analysis used to help companies evaluate their internal strengths and weaknesses and develop an awareness of external threats and opportunities

key terms intro to business – Flashcards

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