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Exam 20 chapters
Final exam
26
Business
Undergraduate 4
05/19/2015

Additional Business Flashcards

 


 

Cards

Term

why should nations trade with other nations?

 

Ch 3

Definition

(1) No country is self-sufficent

(2) other countries need products that prosperous countries produce

(3) natural resources & technologial skills are not distributed evenly around the world. 

Term

Comparative Advantage 

 

Ch 3

Definition

Contends that a country should make and then sell those products it produces most efficently but buys those it cannot produce as efficiently

Term
Absolute Advantage
Definition

 Exists if a country produces a specific product more efficiently than any other country.

 

Term

What terms are imporant in inderstanding world trade?

 

 

 

Definition

Exporting, selling products to other countries

Importing, Buying products from other countries 

Balance trade, relationship of exports and imports

Balance payments, balance of trade plus of other flows such as tourism and foreign aid.

Dumping, is selling products for less in foreign country than in your oen country.

Term

Companies engage in global business 

Definition

Licensing, exporting, franchising, contract manufacurng, joint ventures & strategic alliances and direct foreign investment. 

Term

Mulinational corportaions Vs. Other companies that participate in global business

 

 

Definition

 They have manugfacturng facilities or other physical presence abroad. 

Term
What are some of the forces that can discourage participation in global business?
Definition

Sociolocultural forces, economic & financial forces, legal & reuglatory forces and physical & environmetal forces.

Term
Protectionism
Definition

 Trade protectionism is the use of government regualations to limit the import of goods & services. 

Advocators beleieved it allowed doemestic producers to grow, producing more jobs.

Key Tools: Tariffs, import quotas & embargos 

Term

Tariffs

Definition

Taes on foerign products, protective tariifs taxes raise the pric of foreign products and protect demoestic industries: revenue tariffs raise money ofor the government.

Term
Emabrgo
Definition

Prohibts tge importing or exporting certain prducts

Term
Is trade proctectionism good for domestic producers?
Definition

That is debatable, because it offers pluses and minuses

Term

Whe do governments continue such practices?

 

Ch 3

Definition

The theory of mercentilism started the practice of trade protectionism and it has persisted, through in a weaker form, ever since.

Term

What is offshore outsourcing? why is ita major concern for the future?

 

ch 3

Definition

Outsourcing= is the purchas of goods & sevices frm outside a firm rather than providing them inside the company.

There are more businesses that are outsourcing manufactuig and services offshore.

Many fear that growing numbers of jobs in the U.S will be lost dure to offshore outsourcing and that the quality of products produced could be inferior. 

Term

How is legality different from ethics? 

 

Ch 4

Definition

Ethics= goes beyond obeying laws to include abiding by the moreal standards accepted by society. Reflects people's proper relationships with one another.

 

Legality= more limiting; refers only to laws written to protect people from fraud, theft and violence.

Term
How can we tell if our business decisions are ethical?
Definition

asking questions:

(1) Is i legal?

(2) Is it balanced?

(3) How will it make me feel?

Term
What is management's role in setting ethical standards?
Definition

Often set formal ethical standards, but more important are the messages they send through their actions.

Tolorance or intolerance of ethical misconduct influences empoyees more than any written ethics codes. 

Term
Difference b/w compliance-based & integrity based ethics
Definition

Compliance- based ethics codes are concerned with avoiding legal punishment.

Integrity based ethics codes define the organizationization's guiding value, create an environment that suports ethically sound behavior and stress a shared accountability among employees. 

Term
Definition

Resource development: study how to increase resources & to create the conditions that will make better use of those resources. Invisible hand: (Adam Smith) describe the process that turns self-directed gain into social & economic benefits for all.

Competition with free markets: (1) Perfect competition: many sellers in the market & none is larger enough to dictate the price of product. (2) monopolistic: larger number of sellers produce very similar products that buyers nevertheless perceive as different. (3) Oilgopoly: few sellers dominate the market. (4) Monopoly: one seller controls the total supply of a product or service and sets the price.  Keynesian economic theory: the theory that a government policy of increasing spending could stimulate the economy in a recession. Monetary policy: the management of the money supply & interest rates by the Federal Reserve.

Comparative advantage theory: country should sell to other countries those products that it produces most effectively & efficiently & buy from other countries products that it cannot produce as effectively efficiently.

Absolute advantage: country produces a specific product more efficiently than all other countries. Balance trade: total value of a nation’s exports compared to the imports measured over a period of time. Trade surplus: value or country’s exports exceeds that of its imports.

Trade deficit: unfavorable balance, occurs when the value of a country’s exports are less than it’s imports.

Balance payments: difference b/w money coming into a country and money leaving the country.

General Agreement on Tariffs & Trade (GATT): negotiating mutual reductions in trade regulations.

World Trade Organization (WTO): general agreement on tariffs & trade.

Common market: countries that have common external tariff, no internal tariffs (trading bloc=laws facilitate trade). Corporate social initiatives: enhanced forms of corporate philanthropy directly related to the company’s competencies (social charitable donations).

Venture capitalist: individual companies that invest in new businesses in exchange for partial ownership of those businesses.

Management: planning, leading, organizing, controlling. Four types of planning: strategic (outlines goals of the organization), tactical(short-term planning that has objectives), operational (sets specific timetables & standards), contingency (developing alternatives set of plans in case something does not work.

Three levels of management corporate hierarchy: (1) top management (2) middle management (3) supervisory management. Leaders: Communicate a vision and rally others around that vision, Establish corporate values, promote ethics, embrace change, stress accountability & responsibility. Transparency= company’s facts & figure in a way that is clear & appreciate to all stakeholders. Autocratic leadership= making managerial decisions without consulting others.

Participative leaders ship & free-rein leadership. Enterprise resource planning: finance, human resources, order fulfillment single software program. 

Term
Definition

Resource development: study how to increase resources & to create the conditions that will make better use of those resources. Invisible hand: (Adam Smith) describe the process that turns self-directed gain into social & economic benefits for all.

Competition with free markets: (1) Perfect competition: many sellers in the market & none is larger enough to dictate the price of product. (2) monopolistic: larger number of sellers produce very similar products that buyers nevertheless perceive as different. (3) Oilgopoly: few sellers dominate the market. (4) Monopoly: one seller controls the total supply of a product or service and sets the price.  Keynesian economic theory: the theory that a government policy of increasing spending could stimulate the economy in a recession. Monetary policy: the management of the money supply & interest rates by the Federal Reserve.

Comparative advantage theory: country should sell to other countries those products that it produces most effectively & efficiently & buy from other countries products that it cannot produce as effectively efficiently.

Absolute advantage: country produces a specific product more efficiently than all other countries. Balance trade: total value of a nation’s exports compared to the imports measured over a period of time. Trade surplus: value or country’s exports exceeds that of its imports.

Trade deficit: unfavorable balance, occurs when the value of a country’s exports are less than it’s imports.

Balance payments: difference b/w money coming into a country and money leaving the country.

General Agreement on Tariffs & Trade (GATT): negotiating mutual reductions in trade regulations.World Trade Organization (WTO): general agreement on tariffs & trade.

Common market: countries that have common external tariff, no internal tariffs (trading bloc=laws facilitate trade). Corporate social initiatives: enhanced forms of corporate philanthropy directly related to the company’s competencies (social charitable donations).

Venture capitalist: individual companies that invest in new businesses in exchange for partial ownership of those businesses.

Management: planning, leading, organizing, controlling. Four types of planning: strategic (outlines goals of the organization), tactical(short-term planning that has objectives), operational (sets specific timetables & standards), contingency (developing alternatives set of plans in case something does not work.

Three levels of management corporate hierarchy: (1) top management (2) middle management (3) supervisory management. Leaders: Communicate a vision and rally others around that vision, Establish corporate values, promote ethics, embrace change, stress accountability & responsibility. Transparency= company’s facts & figure in a way that is clear & appreciate to all stakeholders. Autocratic leadership= making managerial decisions without consulting others.

Participative leaders ship & free-rein leadership. Enterprise resource planning: finance, human resources, order fulfillment single software program.

Term
Definition

Resource development: study how to increase resources & to create the conditions that will make better use of those resources. Invisible hand: (Adam Smith) describe the process that turns self-directed gain into social & economic benefits for all.

Competition with free markets: (1) Perfect competition: many sellers in the market & none is larger enough to dictate the price of product. (2) monopolistic: larger number of sellers produce very similar products that buyers nevertheless perceive as different. (3) Oilgopoly: few sellers dominate the market. (4) Monopoly: one seller controls the total supply of a product or service and sets the price.  Keynesian economic theory: the theory that a government policy of increasing spending could stimulate the economy in a recession. Monetary policy: the management of the money supply & interest rates by the Federal Reserve.

Comparative advantage theory: country should sell to other countries those products that it produces most effectively & efficiently & buy from other countries products that it cannot produce as effectively efficiently.

Absolute advantage: country produces a specific product more efficiently than all other countries. Balance trade: total value of a nation’s exports compared to the imports measured over a period of time. Trade surplus: value or country’s exports exceeds that of its imports.

Trade deficit: unfavorable balance, occurs when the value of a country’s exports are less than it’s imports.

Balance payments: difference b/w money coming into a country and money leaving the country.

General Agreement on Tariffs & Trade (GATT): negotiating mutual reductions in trade regulations.World Trade Organization (WTO): general agreement on tariffs & trade.

Common market: countries that have common external tariff, no internal tariffs (trading bloc=laws facilitate trade). Corporate social initiatives: enhanced forms of corporate philanthropy directly related to the company’s competencies (social charitable donations).

Venture capitalist: individual companies that invest in new businesses in exchange for partial ownership of those businesses.

Management: planning, leading, organizing, controlling. Four types of planning: strategic (outlines goals of the organization), tactical(short-term planning that has objectives), operational (sets specific timetables & standards), contingency (developing alternatives set of plans in case something does not work.

Three levels of management corporate hierarchy: (1) top management (2) middle management (3) supervisory management. Leaders: Communicate a vision and rally others around that vision, Establish corporate values, promote ethics, embrace change, stress accountability & responsibility. Transparency= company’s facts & figure in a way that is clear & appreciate to all stakeholders. Autocratic leadership= making managerial decisions without consulting others.

 

Participative leaders ship & free-rein leadership. Enterprise resource planning: finance, human resources, order fulfillment single software program.

Term
Definition

Resource development: study how to increase resources & to create the conditions that will make better use of those resources. Invisible hand: (Adam Smith) describe the process that turns self-directed gain into social & economic benefits for all.

Competition with free markets: (1) Perfect competition: many sellers in the market & none is larger enough to dictate the price of product. (2) monopolistic: larger number of sellers produce very similar products that buyers nevertheless perceive as different. (3) Oilgopoly: few sellers dominate the market. (4) Monopoly: one seller controls the total supply of a product or service and sets the price.  Keynesian economic theory: the theory that a government policy of increasing spending could stimulate the economy in a recession. Monetary policy: the management of the money supply & interest rates by the Federal Reserve.

Comparative advantage theory: country should sell to other countries those products that it produces most effectively & efficiently & buy from other countries products that it cannot produce as effectively efficiently.

Absolute advantage: country produces a specific product more efficiently than all other countries. Balance trade: total value of a nation’s exports compared to the imports measured over a period of time. Trade surplus: value or country’s exports exceeds that of its imports.

Trade deficit: unfavorable balance, occurs when the value of a country’s exports are less than it’s imports.

Balance payments: difference b/w money coming into a country and money leaving the country.

General Agreement on Tariffs & Trade (GATT): negotiating mutual reductions in trade regulations.World Trade Organization (WTO): general agreement on tariffs & trade.

Common market: countries that have common external tariff, no internal tariffs (trading bloc=laws facilitate trade). Corporate social initiatives: enhanced forms of corporate philanthropy directly related to the company’s competencies (social charitable donations).

Venture capitalist: individual companies that invest in new businesses in exchange for partial ownership of those businesses.

Management: planning, leading, organizing, controlling. Four types of planning: strategic (outlines goals of the organization), tactical(short-term planning that has objectives), operational (sets specific timetables & standards), contingency (developing alternatives set of plans in case something does not work.

Three levels of management corporate hierarchy: (1) top management (2) middle management (3) supervisory management. Leaders: Communicate a vision and rally others around that vision, Establish corporate values, promote ethics, embrace change, stress accountability & responsibility. Transparency= company’s facts & figure in a way that is clear & appreciate to all stakeholders. Autocratic leadership= making managerial decisions without consulting others.

 

Participative leaders ship & free-rein leadership. Enterprise resource planning: finance, human resources, order fulfillment single software program.

Term
Definition

Resource development: study how to increase resources & to create the conditions that will make better use of those resources. Invisible hand: (Adam Smith) describe the process that turns self-directed gain into social & economic benefits for all.

Competition with free markets: (1) Perfect competition: many sellers in the market & none is larger enough to dictate the price of product. (2) monopolistic:

larger number of sellers produce very similar products that buyers nevertheless perceive as different.

(3) Oilgopoly: few sellers dominate the market.

(4) Monopoly: one seller controls the total supply of a product or service and sets the price. 

 Keynesian economic theory: the theory that a government policy of increasing spending could stimulate the economy in a recession.

Monetary policy: the management of the money supply & interest rates by the Federal Reserve.

Comparative advantage theory: country should sell to other countries those products that it produces most effectively & efficiently & buy from other countries products that it cannot produce as effectively efficiently.

Absolute advantage: country produces a specific product more efficiently than all other countries.

Balance trade: total value of a nation’s exports compared to the imports measured over a period of time.

Trade surplus: value or country’s exports exceeds that of its imports.

Trade deficit: unfavorable balance, occurs when the value of a country’s exports are less than it’s imports.

Balance payments: difference b/w money coming into a country and money leaving the country.

General Agreement on Tariffs & Trade (GATT): negotiating mutual reductions in trade regulations.

World Trade Organization (WTO): general agreement on tariffs & trade.

Common market: countries that have common external tariff, no internal tariffs (trading bloc=laws facilitate trade).

Corporate social initiatives: enhanced forms of corporate philanthropy directly related to the company’s competencies (social charitable donations).

Venture capitalist: individual companies that invest in new businesses in exchange for partial ownership of those businesses.

Management: planning, leading, organizing, controlling.

Four types of planning: strategic (outlines goals of the organization), tactical(short-term planning that has objectives), operational (sets specific timetables & standards), contingency (developing alternatives set of plans in case something does not work.

Three levels of management corporate hierarchy: (1) top management

(2) middle management

(3) supervisory management. Leaders: Communicate a vision and rally others around that vision, Establish corporate values, promote ethics, embrace change, stress accountability & responsibility.

Transparency= company’s facts & figure in a way that is clear & appreciate to all stakeholders. Autocratic leadership= making managerial decisions without consulting others.

 

Participative leaders ship & free-rein leadership.

Enterprise resource planning: finance, human resources, order fulfillment single software program.

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