Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
36 Cards in this Set
- Front
- Back
|
The Role Of Profit.
|
Profits are... incentives for people to start businesses,rewards for taking risks.
|
|
|
What are the factors of production?
|
Factors of production are 4 basic inputs for effective operation: natural resources,capital,human resources, and entrepreneurship.
|
|
|
The basic idea behind capitalism.
|
Capitalism is an economic system that rewardsfirms for their ability to perceive and serve the needs and demands of consumers, AKA Private Enterprise System "invisible hand concept.
|
|
|
The basic rights within a private enterprise system.
|
Basic Rights: Private Property,Competition,Profits, Freedom of Choice
|
|
|
An important role for government in a private enterprise system.
|
Government has passed laws prohibiting "cutthroat" competition,and outlawed price discrimination,fraudin financial markets,and deceptive advertising.
|
|
|
The 6 eras of U.S. economic development
|
The 6 eras are ...The Colonial Period,Industrial Revolution,Age of Industrial Entreprenuers,Production Era,Marketing Era,Relationship Era.
|
|
|
Ethics and social responsibility.
|
Business Ethics:standards of conduct and moral values involving decisions made in work enviornment. Social Responsibility:management philosophy that includes contributing resources to the community.
|
|
|
To whome do businesses have responsibilities?
|
To the employees, Investors aka financialcommunity,the general public, and the customers.
|
|
|
The different ethical challenges,eg,Loyalty vs. Truth,Integrity &Honesty,,Whistle Blowing,and Conflict of Intrest.
|
L vs. T :Want truthfullness, but when the truth isnt good ,ethical conflicts arise.
I & H : Integrity goes beyond truth, accepts responsibility. W.B. : disclosure of illegal,immoral practices C of I : Business faced w decision benifits one hurts other |
|
|
Codes of conduct.
|
Formal statement that defines how the organization expects emplyees to resolve ethical issues.
|
|
|
Corporate philantropy.
|
act of an organization making a contribution to the communitiesin which it earns profits.
|
|
|
What is the central issue of economics?
|
Understanding how activities of one industry affect those of other industries.
|
|
|
The distinction between Micro and Macroeconomics.
|
Micro: study of small economic units, such as individual consumers,families, and businesses.
Macro: study of nations overall economic issues. |
|
|
Demand and supply curves and what they show.
|
Supply:willingness & ability of sellers to provide goods & services.
Supply Curve:shows relationship between different prices and the quantities that sellers will offer for sale, reguardless of demand. Demand:willingness & ability of buyer to purchase g&s. Demand Curve:graph of amount of a product that buyers will purchase at different prices. |
|
|
The 3 main types of economic systems.Socialism, Communism, Mixed Market Economy
|
Socialism:Gov ownership and operation of large industries. Communism:all property is shared equallyby the people of the community under strong central gov. Mixed Market Economy:Draw from both types of economies.
|
|
|
The different types of unemployment.Frictional,Cyclical,Seasonal,Structural.
|
Frictional:Temporary no job,looking.
Seasonal:Not working for some months,not looking. Structural:No work due to no demand for skills. Cyclical:Not working due to economic slowdown,looking. |
|
|
How monetary policy is used.
|
Monetary policy:Gov actions to increase or decrease the money supply and change banking requirements and intrest rates to influence bankers willingness to make loans.
|
|
|
Importing & Exporting
|
Importing:foreign goods and services purchased by domestic customers.
Exporting:domestically produced goods and services sold in other countries. |
|
|
Main benifit of companies operating in foreign markets.
|
The size of the global market is oone big reason, to gain market and make a better profit.
|
|
|
Difference betweeen absolute and comparative advantage.
|
Absoluyte advantage:by making a profit for which it can maintain a monoply or that it can produce at a lower cost then any competitor.
Comparative:in a product if it can supply it more efficiently and at a lower price then it can produce other goods. |
|
|
The balance of trade.
|
The difference between a nation's exports and imports.
|
|
|
Exchange rates and their impact on a country's trade.
|
The value of our currency compaired to countries that we trade with could impact out trade,depending on if its benificial.
|
|
|
What is a "multidomestic" strategy?
|
developing and marketing products to serve different needs and tastes of seperate national markets.
|
|
|
The economic contributions of small businesses.
|
Provides 75% of all new jobs;more innovative b/c its more flexible.
|
|
|
Main reasons small businessses fail.
|
Lack of $, and the ability to raise it.
|
|
|
How the Small Business Adm helps small businesses get loans.
|
SBA is a federal agency that aids by providing mngmt training and consulting,financial assistance,and support in securing gov contracts.
|
|
|
How franchising works.
|
Look to a larger business to help start a complany.
|
|
|
Sole Proprietorships/Corporations Advantages and Disadvantages
|
Sole adv-all mine ,easy to close; Sole Disadv-same life,unlimited personal liability. Corp adv-Easy to get $,most you can lose is what you put in.Corp disadv-more complex to get started.
|
|
|
What are co-operatives?
|
Businesses woned by customers. Ex. Credit Union
|
|
|
What is management?
|
Processing of achieveing orgianizational objectives throughout other people.
|
|
|
Three levels of management and what they do?
|
Top:develope long-range goals
Middle:Focuses on specifics makes plans as well. Supervisory:impliments plans developed by middle responsible for other employee |
|
|
The skills important to managers?
|
Conceptual skills;Human skills;Technical skills
|
|
|
The main functions of management?
|
Plan,organize,direct,controll
|
|
|
The four types of planning?
|
Strategical ,operational,tactical,continguency
|
|
|
Programmed vs.non-programmed
|
Pro-Simple,common decision solution already determined. Non- More complex, bigger impact.
|
|
|
Decentralizaton?
|
decision makeup based at the lower levels of the organization.
|
