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Business Terms
Chapter 1-4
18
Business
Undergraduate 4
02/10/2011

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Term
Capitalism
Definition
a system where individuals own and operate the majority of the business
Term
Business
Definition
an organized effort to produce and sell goods and services for a profit
Term
Entrepreneur
Definition
a person who takes the risk and invests in a business
Term
Gross domestic profit
Definition
value of all goods and services produced within a country during a year-one period
Term
Barter
Definition
system of exchange
Term
Whistle-blowing
Definition
informing the press or government officials about unethical practices within one's organization
Term
Pollution
Definition
the contamination of water, air, or land
Term
Code of ethics
Definition
A guide of acceptable and ethical behavior as defined by the organization
Term
Business ethics
Definition
an application of moral standards to business situations
Term
Caveat emptor
Definition
a latin phrase meaning "let the buyer beware"
Term
Exporting
Definition
selling and shipping raw materials or products to other nations
Term
International business
Definition
all business activities that involve exchanges across national boundries
Term
Balance of trade
Definition
the total value of a nation's exports minus the total value of its imports over some period of time
Term
Limited partner
Definition
a person who invests only capital in a partnership
Term
Dividend
Definition
a distribution of earnings to the stockholders of a corporation
Term
Partnership
Definition
it is an association of two or more business owners
Term
Sole proprietorship
Definition
this type of ownership is the easiest type of business to start
Term
Unlimited liability
Definition
the concept of being personally reponsible for all debts of a business
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