question

The core goal of a business is to generate long-term___by delivering___to their customers.

answer

Profit, value

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__refers to the quaility and quantity of products and goods available to a population at a given time.

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Standard of Living

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A business's core goal is to generate long term profits while delivering___to its custormers

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value

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To be a successful, entrepeneurs must be comfortable risking their money and ____to start and manage a business

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time

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Entrepreneurs:

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create benefits for others while seeking profit for themselves

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The marketing era introduced ___

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the marketing concepts

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The hard sell or aggressive persuasion designed to seperate consumers from their cash emerged during the ___

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Production era

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The evolution of business included the ___

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all of the above- entrepreneurship, marketing and production era

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It was during this era that many businesses began to dominate their markets, forcing out competitors,manipulating prices, and exploiting workers leading the government to pass lawa regulating business.

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Entrepreneurship Era

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Human resources include the

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physical,intellectual,and creative contributions of individuals working withing an economy

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Entrepreneurs need economic freedom to thrive. THose freedoms include:

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freedom of choice, freedom from excess regulation, and freedom from too much taxation

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The five key dimensions of the broader business environment include

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economic, competitive, technological,social, and global

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In 1995, a renegotiation of the General Agreement on Tariffs and Trade (GATT) took bold steps to lower tariffs and to reduce trade restrictions. A tariff is:

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tax on imports

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When making a career choice, experts often advise graduating students to

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find a career you love ad the money will follow

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The economy, as a system, represents

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the flow of resources from production through consumption

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In the broadest sense, economics studies the choices that

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people, governments, and companies make in allocating resources

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A___is targeted to borrowers with low credit scores, high debt-to-income ratios or sings of a reduced ability to repay the money they borrow.

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Sub-prime mortagage loan

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Economics is divided into two core areas of study known as

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Macroeconomics and microeconomics

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___is a structure for allocating scarce resources.

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An economic system

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___refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation

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fiscal policy

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___refers to actions that shape the economy by influencing interest rates and the supply of money

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Monetary policy

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The M2 money supply includes

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all currency, most savings accounts, money market accounts, and certificates of deposit

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In the U.S., the control of the money supply is the responsibility of

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The Federal Reserve

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A basic characteristiv of ___is that both producers and consumers are free to make their own economic decisions on many basic issues.

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Capitalism

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The___is the point where the quantity demanded equals the quantity supplied

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Equilibrium Point

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The ___shows the quantity of products that producers will offer at various market prices

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Supply curve

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Compared to capitalism, in a socialist system we would expect to find

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more taxpayer-subsidized social programs inteded to promtoe a more equal distribution of wealth

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Today the economics of virtually all nations would be classified as

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mixed economies

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Most business enterprises in the U.S are privately owned, but the federal government owns a number of major enterprises (e.g US postal services). This suggests that the US economy is best classified as a:

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mixed economy

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to stimulate competition and protect both consumers and workers, the federal governement

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creates regulations to intervene in the free market

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___is the process of converting government owned businesses to private ownership

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privatization

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Two key phases of the business cycle are

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contraction and expansion

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In the business cycle, a period of rising economic growth and increasing employment is a___

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recovery

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To evaluate the impact if inflation, the government uses

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the consumer price index (CPI) and producer price index (PPI)

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Changes in the PPI can predict changes in the Consumer Price Index because

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producers often pass along price increases to consumers

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Compared to the U.S the nations of China and India have:

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larger populations and more rapid economic growth

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Imports and exports enhance international trade, while creating growing opportunities for nations. Which of the following is NOT a benefit of global trade

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Less competition

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Which of the following is a benefit of global trade to producers

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Inflow of innovative ideas

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___goes a long way towards explaining why the US economy produces jet aircraft and the South Korean economy produces electronics

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Comparative advantage

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A country has a comparative advantage in the production of a good if it can produce that good ___than other nations

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at a lower opportunity cost

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Foreign___involves a firm buying the rights to produce, promote, and use the domestic firm's trademark/patents in a defined geographical area as long as there is agreement on specific operating procedures

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franchising

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a___is an agreement among two or more companies to join forces to pursue specific opportunities without actually merging their operations

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Join venture

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When a givernment places a total restriction on trade with a particular nation with the intention to pressure the targeted country to make political changes this is an example of a(n)

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embargo

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the purpose of the General Agreement on Tariffs and Trade (GATT) was to:

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encourage worldwide trade

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The International Monetary Fund's (IMF) basic mission is to promote international economic cooperation and stable growth. To achiece these goals the IMF does all the following except

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Provides technical advice on building a functioning court system

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The 3 countries participating int the NAFTA are

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Canada, Mexico and USA

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trading blocs are groups of countries

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that have reduced or eliminated tariffs allowing for a free flow of foods among member nations

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The NAFTA is the treaty that created the free trading zone among which 3 nations:

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Canada, Mexico and USA

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The ___influences the global economy by providing technical advice to the government of developing countries for projects in a range of areas including infrastructure and education

answer

World Bank

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The function of laws in the US is to establish and enforce___that apply to everyone in society

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Ethical norms

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The goal of universal ethical standards is to

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Provide guidelines that apply to everyone across a broad spectrum of situations

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A company with international operations may rely on universal ethical standards to guide

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Decision making across a broad spectrum of issues

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Business ethics are a set of beliefs about

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what is right and wrong in a business setting

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a unifying written document that articulates a firm's ethical priorities is described as the company's

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code of ethics

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the spectrum of socially responsible behaviour of firms vary from:

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no contributions; to responsive contributions; to proactive contributions

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Stakeholders are

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groups or individuals with a personal interest in the performance and actions of a business

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___is the social movement supporting the consumer's right to be informed, to be safe, to choose, and to be heard

answer

Consumerism

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More and more businesses are systematically monitoring how well they are meeting their ethics and social responsibility objectives by performing

answer

Social Audits

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A social audit is a systematic evaluation of:

answer

how well a firm is meeting its ethical and social responsibility goals

question

A___is the systematic evaluation of how well a firm is meeting goals of ethics and social responsibility

answer

Social Audit

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