Term
|
Definition
|
|
Term
|
Definition
| Another name for Private Enterprise System |
|
|
Term
| What does Private Enterprise System do? |
|
Definition
| Minimizes government interference in economic activity |
|
|
Term
| Private enterprise system |
|
Definition
| Economic system that rewards firms for their ability to identify and serve needs and demands of customers |
|
|
Term
| Examples of non-profit organizations? |
|
Definition
-Museums
-Libraries
-Charities
-Churches |
|
|
Term
|
Definition
| Business-like establishments with primary objectives other than profits |
|
|
Term
|
Definition
| Difference between revenues and expenses |
|
|
Term
|
Definition
| Rewards earned by business people |
|
|
Term
|
Definition
| Profit seeking activities and enterprises that provide goods and services |
|
|
Term
|
Definition
| Battle among businesses for consumer acceptance |
|
|
Term
|
Definition
| Most basic freedom under the private enterprise system; right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property |
|
|
Term
|
Definition
| Willingness to take risks to create and operate a business |
|
|
Term
|
Definition
| Person who sees profitable opportunity and takes necessary risks to set up and operate a business |
|
|
Term
| Basic rights within a Private Enterprise System |
|
Definition
-Private property
-Competition
-Profits
-Freedom of choice |
|
|
Term
|
Definition
| Standards of conduct and moral values regarding right and wrong actions in the work environment |
|
|
Term
| Business ethics are shaped by ____________ within an organization |
|
Definition
|
|
Term
| Common business ethical challenges |
|
Definition
-Conflict of interest
-Honesty and integrity
-Whistle blowing
-Loyalty versus truth |
|
|
Term
|
Definition
| Employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices committed by an organization |
|
|
Term
|
Definition
| Outlawed many kinds of discriminatory practices |
|
|
Term
| Title VII of Civil rights act |
|
Definition
| Prohibits discrimination in hiring, promotion, compensation, training, or dismissal on the basis of race, color, religion, sex, or national origin |
|
|
Term
|
Definition
| Biased treatment of a job candidate or employee in the workplace |
|
|
Term
| Year equal pay act came out? |
|
Definition
|
|
Term
|
Definition
| Men and women must be paid the same to do the same job |
|
|
Term
| Year civil rights act came out? |
|
Definition
|
|
Term
| Age discrimination in employment act of 1967 |
|
Definition
| Prohibits discrimination in employment of anyone age 40+ in hiring, promotion, compensation, training, or dismissal |
|
|
Term
|
Definition
| Unwelcome and inappropriate actions of a sexual nature in the workplace |
|
|
Term
|
Definition
| This act gives men and women the right to file lawsuits for intentional sexual harrassment |
|
|
Term
| There are ___ types of sexual harrassment |
|
Definition
|
|
Term
|
Definition
| Willingness and ability of buyers to purchase goods and services at different prices |
|
|
Term
|
Definition
| Willingness and ability of sellers to provide goods and services for sale at different prices |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| Market structure in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price |
|
|
Term
|
Definition
| Market situation which relatively few sellers compete and high start-up costs form barriers to keep out new competitors |
|
|
Term
|
Definition
| Market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes |
|
|
Term
|
Definition
| Economic system characterized by government ownership and operation of major industries such as communications |
|
|
Term
|
Definition
| Economic system in which all property would be shared equally by the people of a community under the direction of a strong central government |
|
|
Term
| Gross domestic product (GDP) |
|
Definition
| Value of all goods and services produced within a country's boundaries during a specific time period |
|
|
Term
| Gross national product (GNP) |
|
Definition
| Value of all goods and services by US owned companies throughout the world |
|
|
Term
|
Definition
| Economic situation characterized by rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production |
|
|
Term
|
Definition
| Domestically produced goods and services sold in markets in other countries |
|
|
Term
|
Definition
| Foreign made products purchased by domestic consumers |
|
|
Term
|
Definition
| Rate at which a nation's currency can be exchanged for the currencies of other nations |
|
|
Term
| Social and cultural differences among nations |
|
Definition
-Language
-Customs
-Educational background
-Religious holidays |
|
|
Term
|
Definition
| Second most widely spoken language in the world |
|
|
Term
| 6 most widely spoken languages in the world |
|
Definition
1. Mandarin Chinese
2. English
3. Spanish
4. Hindi
5. Arabic
6. Bengali |
|
|
Term
| Most widely spoken language in the world |
|
Definition
|
|
Term
| Reasons for barriers to international trade |
|
Definition
| Social, cultural, economic, legal, political differences |
|
|
Term
|
Definition
| Taxes, surcharges, or duties on foreign products |
|
|
Term
| There are _____ types of tariffs |
|
Definition
|
|
Term
|
Definition
1. Revenue tariffs
2. Protective tariffs |
|
|
Term
|
Definition
| Make imports more expensive for domestic buyers |
|
|
Term
|
Definition
| Generate income for the government |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Limit the amounts of particular products that countries can import during specified time priods |
|
|
Term
|
Definition
| Selling products abroad at prices below production costs or below typical prices in the home market to capture market share from domestic competitors |
|
|
Term
| Quotas help prevent what? |
|
Definition
|
|
Term
|
Definition
| Imposes a total ban on importing a specified product or even a total halt to trading with a particular country |
|
|
Term
| Company selling products abroad at prices below its cost of production |
|
Definition
|
|
Term
| Company exports a large quantity of a product at a lower price than the same product in the home market, driving down the price of the domestic prodct |
|
Definition
|
|
Term
|
Definition
| North American Free Trade Agreement |
|
|
Term
| Which countries does NAFTA involve? |
|
Definition
|
|
Term
| What is the North American Free Trade Agreement? |
|
Definition
| Agreement among the US, Canada, and Mexico to break down tariffs and trade restrictions |
|
|
Term
| Year NAFTA became effective? |
|
Definition
|
|
Term
| Population of North America |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| $15 trillion (1/4 of the total world output) |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Barter agreement whereby trade between two or more nations involves payment made in the form of local products instead of currency |
|
|
Term
|
Definition
| Court system; branch of government responsible for settling disputes among parties by applying laws |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Standards set by the government and society in the form of either legislation or custom |
|
|
Term
|
Definition
| Body of law arising out of judicial decisions |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Aspects of law that most directly influence and regulate the management of business activity |
|
|
Term
| Sherman act came out in what year? |
|
Definition
|
|
Term
|
Definition
| Set a competitive business system as a national policy goal. Act specifically banned monopolies and restraints of trade |
|
|
Term
|
Definition
| Legally enforceable agreement between two or more parties regarding a specified act or thing |
|
|
Term
| There are ____ elements of an enforceable contract |
|
Definition
|
|
Term
| The four elements of an enforceable contract are? |
|
Definition
1. Agreement
2. Consideration (payment)
3. Capacity
4. Legal and serious purpose |
|
|
Term
|
Definition
| Civil wrong inflicted on one person or the person's property by another person |
|
|
Term
|
Definition
|
|
Term
| Great depression happened what year? |
|
Definition
|
|
Term
|
Definition
| Government making programs to get people to work for the government |
|
|
Term
|
Definition
| Our relationship with earth |
|
|
Term
| Pollution is caused by (mainly)? |
|
Definition
| Factories and automobiles |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Concern about finite resources on earth |
|
|
Term
|
Definition
| When Europeans cut down trees here in US |
|
|
Term
|
Definition
| US stripping other countries of trees and stuff |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Letting coal minors strip land and leave it |
|
|
Term
| Tiger mosquito came from where? |
|
Definition
|
|
Term
|
Definition
|
|
Term
| Amendment to civil rights act stating employers must prove they didn't discriminate happened in what year? |
|
Definition
|
|
Term
|
Definition
| Group of people society singles out to discriminate against |
|
|
Term
|
Definition
| States employer must hire minorities for above entry level positions |
|
|
Term
|
Definition
| Made machines to do labor |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| World's first billionaire; oil industry |
|
|
Term
| 1900-1929 most famous entrepreneur? |
|
Definition
|
|
Term
| 1865-1900 largest industry? |
|
Definition
|
|
Term
| Anti-Sherman trust act of 1890 |
|
Definition
| Prohibits monopolistic situations |
|
|
Term
|
Definition
| Selling ownership in business for more $ |
|
|
Term
| Fast food industry happened in what year? |
|
Definition
|
|
Term
|
Definition
| Keeps quality high, prices down, innovation |
|
|
Term
|
Definition
| Words, Symbols, or other designations used by firms to identify their offerings |
|
|
Term
|
Definition
| Legal protection that guarantees an inventor exclusive rights to an invention for 17 years |
|
|
Term
| How long are patents good for |
|
Definition
|
|
Term
|
Definition
| Legal protection of written or printed material such as books, designs, cartoons, photos, computer software, music, and videos |
|
|
Term
|
Definition
| Legal way of not having to pay debts |
|
|
Term
|
Definition
One of the most significant people in 18th century to describe processes was Adam Smith in his famous (1776) example of a pin factory. Inspired by an article in Diderot's Encyclopédie, Smith described the production of a pin in the following way:
”One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head: to make the head requires two or three distinct operations: to put it on is a particular business, to whiten the pins is another ... and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which in some manufactories are all performed by distinct hands, though in others the same man will sometime perform two or three of them.”
Smith also first recognized how the output could be increased through the use of labor division. Previously, in a society where production was dominated by handcrafted goods, one man would perform all the activities required during the production process, while Smith described how the work was divided into a set of simple tasks, which would be performed by specialized workers. The result of labor division in Smith’s example resulted in productivity increasing by 24,000 percent (sic), i.e. that the same number of workers made 240 times as many pins as they had been producing before the introduction of labor division. |
|
|
