Shared Flashcard Set

Details

BUS GOV MIDTERM
Business government midterm
52
Business
Undergraduate 2
03/04/2013

Additional Business Flashcards

 


 

Cards

Term
Business
Definition
Broad term encompassing a range of actions and institutions
Term
Government
Definition
refers to structures and processes in soecity that authoritatively make and apply policies and rules
Term
Society
Definition
A network of human relations that includes 3 elements
1. Ideas
2. Institutions
3. Material Things
Term
3 historical periods of government, industrial organisation, and legal doctorine
Definition
1. colonial-1860
2 Civil War-Great Depression 1929
3. Depression-2005
Term
American System
Definition
Henry Clay and John Calhoun
protectionism and federal funds for public work, which meant states and municipalities owned stocks in private companies (Baltimore Ohio Railroad, 1/3 Bank of Pennsylvania,etc)
States subsidized specific industries, regulated exports, weight measures and agriculatural harvest
Term
Colonial Business Organization
Definition
small entrepeneur vs. employees
Term
pre-1840 development stimulus favored...
Definition
eastern cities
Term
Post 1840-industrial revolution helped (2things)
Definition
reduce unit cost and encourage capitalism to turn to domestic trade
west benefited
Term
Legal doctorine (colonial (1860)-laws emphasized 2 things
Definition
1. individual liberties (property rights, corporation as business entity, gov enforced terms of contract)
2. business expansion
Term
Consitution authorized...
Definition
national government to impose taxes and establish a currency, borrow mmoney, regulate commerce, and protect IP
Term
Legal deveopments of pre civil war were essential to ________ development
Definition
US Economic
Term
Corporation
Definition
form of business organization in which ownership is usually represented by transferable stock certificates
Term
stockholders have _____ in corporation
Definition
limited liability
Term
Corporation are ____ ______ _____
Definition
independent legal entities that can make contracts, hold property, incur debt, sue and be sued
Term
Industrual revolution business organisation
Definition
large business with vertical integrationa dn horizantal merger
Term
Monopoly
Definition
when a producer has total control over an industry
Term
1870s-1880s big industrialists
Definition
Carnegie and Rockefeller
Term
Social Darwinism
Definition
industrial justification of unfair business practice
Term
Three methods of business consolidaion
Definition
1. pooling
2. trusts
3. holding companies
Term
pooling
Definition
done by railroads to fix rail fairs at high rates (companies would cheat causing this to fail)
Term
Trusts
Definition
developed by Rockefeller to bring cntrol to former competitors. If competitors did not join, he would put them out of business
Term
Holding company
Definition
hold stock in several firms in same indsutry. Owned majority stock and could dictate industry policy
Term
What effect did consolidation have on business?
Definition
business became less competitive and more consolidated, leaving power in hands of few
Term
Interstate Commcerce Act
Definition
1887-regulate railroad companies. congress create Interstate Commerce Commission to regulate interstate regulations
Term
ICC
Definition
regulates railroads by eliminating pools, rebates, and regulation rates
Term
Sherman Antitrust Act
Definition
1890=attempted to outlaw trusts
Term
How did anti trust legistlation impact business?
Definition
Limited at first because of weak worded. Did establish that government can regulate industry and break up monopoly Teddy Roosevelt what do better later
Term
Black Tuesday
Definition
October 29, 1929. Stocks took deepest dive at $15 billion in one day, while prices fell until November
Term
Causes of Great Depression(5)
Definition
-unrestrained speculation on stock market led to crash
-overproduction and low demand led to layoffs
-uneven income distribution
-high tariffs restricted foreign demand for foreign goods
-dust bowl
Term
Overproduction problem was that
Definition
more efficiency lead to drop in prices, which oversaturated the market. Caused businesses to lose money and lay off workers or shut down
Term
Income Distribution stats
Definition
1929-top 5% made 30 of income and 2/3 lived on less than $2500 a year
Term
Hawley Smoot Tariff
Definition
High tariffs made it hard for foreign nations to pay US war debt. 1920's Raised tariff rate to 59.1%, highest in history. sales faltered internationally when others retaliated
Term
First New Deal
Definition
series of programs designed to help America's economy recover and give relief to citizens
Term
3 goals of FDR New Deal
Definition
Relief
Recovery
Reform
Term
What was new deal nickname
Definition
alphabet soup
Term
Roosevelt Critics
Definition
too much deficit spending
Term
American Liberty League
Definition
1934-conservative democrats and wealthy businessmen opposing new deal
Term
Live Poultry Code
Definition
created by NIRA too fix hour in which employee could work, imposed minimum wage, and banned methods of unfair competition
Term
Schechter vs. United States
Definition
Supreme Court said code violated constitution on grounds of it being written by Executive Branch, not congress. This negated the new deal
Term
2 other new deal programs struck down were...
Definition
railroad retirement act and agriculatural adjsutment act
Term
Positives under roosevelt 3
Definition
Wagner Act/National Labor Relations Board
Keynesian Economics
Repeal of Prohibition
Term
Keynesian Economics
Definition
argues that governemnt should spend heaviily during recission (even running into deficiit) in order to jump start economy
Term
Repeal of Prohibition
Definition
December 5, 1933
Term
Wagner Act/National Labor Relations Board
Definition
recognized right of workers to organize and bargain for the first time
Term
Growth of private firms following depression led to (3)
Definition
regulation of business practices
supervising competition
Protecting society from corporate action
Term
4 characterisitcs of corporations at the end of 20th century
Definition
MNC
Product Diversification
Professional Managers
Globalisation
Term
GB (3 points)
Definition
Foreign Trade
Persnal Capitalism
Industrial Revolution
Term
Germany political unification
Definition
1871
Term
German railroad development
Definition
early 1800s
Term
German economy (3 things)
Definition
committed to employees
corporate capitalism
export oriented
Term
3 German industries
Definition
coal, iron, and machinery
Term
Meiji Restoration
Definition
1868-modernized programs with "rich nation, strong army)
Supporting users have an ad free experience!