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Intro to Business Exam 1

What is the primary focus of a profit organization?
To make a profit.
What are the four functions of management?
Planning, organizing, controlling, and leading
What are the factors of production used to make goods and services?
quality products, efficient operations, social responsibility, and business ethics.
What is Communism?
Owned and operated by by government. No competition, the government owns and operates everything. Excess income goes to the government. Consumers have limited choice of goods and services, prices usually high. Little choice in career choice, most work for government-owned farms and industries.
What is Socialism?
Gov owns and operates major industries, individuals own small businesses. Restricted in major industries, encouraged in small business. Profits earned in small business may be reinvested in business, profits from gov owned industries go to gov. Consumers have some choice of goods and services, prices determined by supply and demand. Some choice of careers, many work in gov jobs.
What is Capitalism?
Individuals own and operate all business. Encouraged by market forces and government regulations. People are free to keep profits and use them as they wish. Consumers have wide choice of goods and services, prices determined by supply and demand. Unlimited choice of careers.
What is pure competition?
Many small businesses in same product market.
What is monopolistic competition?
small number of businesses little difference in products.
What is oligopoly?
Very few businesses selling a product.
What is a monopoly?
The market structure that exists when there is only one business providing a product in a given market.
What is economic expansion?
Economy is growing and consumers are spending money.
What is a depression?
unemployment very high; consumer spending low; business output sharply reduced
What is a recession?
Decline in production, employment, and income
What is economic contraction?
spending declines, layoffs, economy slows down.
What is inflation?
Condition characterized by continuing rise in prices.
What is importing?
the purchase of goods and services from foreign sources
What is exporting?
the sale of goods and services to foreign markets
What is a budget deficit?
the condition in which a nation spends more than it takes in taxes
What is a negative balance of trade?
A country who brings more in than they are sending out
What is a positive balance of trade?
A country who sends out more than they are bringing in
What is an entrepreneur?
an individual who risks his or her wealth, time and effort to develop for profit an innovative product or way of doing things.
What are business ethics?
principles and standards that determine acceptable conduct in business
What is the primary reason for the Sarbanes-Oxley Act?
help restore confidence in corporate America by the public
How should someone determine the best way to handle an ethical decision?
Look through the viewpoint of stakeholders
What is conflict of interest?
Most common ethical issue identified by employees. Put own interest before interest of customer.
What is a code of ethics?
Formalized rules and standards that describe what a company expects of it’s employees
What is plagiarism?
The act of taking come else’s work and presenting it as your own without mentioning the source
What is whistleblowing?
The act of an employee exposing an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies.
Studies indicate that organizations that are profitable also practice ________.
Social Responsibility
What are the arguments for Social Responsibility?
Businesses helped create many of the social problems that exist today, so they should help fix them. They have the financial and technical resources to help solve problems. As members of society, businesses should do their fair share to help others. It’s necessary to ensure economical survival.
What are the arguments against Social Responsibility?
Sidetracks managers from the primary goal of business. Participation give businesses greater power, perhaps at the expense of particular segments of society. People question whether business has expertise needed to assess and make decisions about social problems. People believe that social problems are the responsibility of gov agencies and officials, who can be held accountable by voters.
What are the environmental concerns of today’s society?
Animal rights, pollution, and going green.
What are the benefits of technology?
Improved global access, faster productivity growth, improved efficiency, and reduced costs.
What is MIS?
Management Information System- Collect, store, update, process and present data.
What is intranet?
a network of computers similar to the Internet that is available only to people inside an organization
What is extranet?
a network of computers that permits selected companies and other organizations to access the same info and may allow collaboration and communication.
What is the Internet?
Global information system that links many computer networks together.
What is the World Wide Web?
a collection of interconnected websites or pages of text.
What is the largest focus for future legislation of business conducted in the Internet?
personal privacy
What are the three components of Sarbanes-Oxley?
Criminalized fraud, strengthened penalties for fraud, and created the Accounting Oversight Board.
What six barriers should organizations research prior to conducting business outside its own country?
Overly aggressive financial or business objectives, abusive and intimidating behavior, conflict of interest, fairness and honesty, communication, and business relationships.
What is identity theft?
criminals obtain personal information allowing them to impersonate others in order to use their credit card to obtain financial accounts and make purchases.
What countries are parties of NAFTA?
Canada, US, and Mexico
What is licensing?
manufacturing and production
What is franchising?
service businesses, selling the ability to produce but not actually doing it yourself.
What is Business to Business?
use of the Internet for transactions and communications between organizations
What is Business to Consumer?
delivery of products and services directly to individual consumers.
What is Consumer to Consumer?
market in which consumers market goods and services to each other through the Internet.
What is joint venture?
a partnership established for a specific project or for a limited time.
What is strategic alliance?
a partnership formed to create competitive advance on a worldwide basis.
What is an absolute advantage?
a monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of an item.
What is a comparative advantage?
the basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost than it can produce other items.
What is an embargo?
a prohibition on trade in a particular product
What is a dumping?
the act of a country or business selling products at less than what it costs to produce them.
What is a quote?
What is globalization strategy?
a strategy that involves standardizing products for the whole world, as if it were a single entity
What is multinational strategy?
a plan, used by international companies, that involves customizing products, promotion, and distribution according to cultural, technological, regional, and national differences.
What is low hanging fruit?
business opportunity that is easily within reach.
What is job spill?
worktime exceeding standard or agree-upon limits
knowledge management
company’s approach to capturing, organizing, and disseminating internal or proprietary information.
milker
consultant who intentionally stalls a project in order to keep getting paid.
mind share
proportion of a target demographic familiar with a company’s products or services.
corporate culture
company’s shared values and norms
download
to communicate all known information on a given project or topic.
drill down
to inquire rigorously esp. to discover root causes and effects
ego wall
wall in executive’s office displaying self-congratulatory material as in degrees, certifications, awards, and plaques.
externalities
secondary or unintended consequence of business activities which impacts unassociated entities.
face time
in-person communication, especially in contrast to remote discourse via electronic interface
future proof
characterizing a product or service that will not be rendered obsolete by subsequent technological or social advancements.
golden handcuffs
benefits preferred to keep employees in otherwise unsatisfying or problematic jobs.
globalization
development of an increasingly interdependent multinational economy resulting from free flow om capital goods and services.
geek gap
disparity in technical knowledge between those who create or implement computer systems and those who acquire them.

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