Global Business
What is the term for selling products to another country?
Exporting
What is an entrepreneur?
Someone who takes the risk of starting and managing a business
What are the four functions of management?
Planning, Organizing, Leading, Controlling
What are intrinsic rewards?
Personal satisfaction for achieving a goal.
What is the purpose of Human Resource Management (HRM)?
To recruit, develop, and retain employees effectively.
What does “comparative advantage” mean in global trade?
A country should produce goods it makes most efficiently and trade for others.
Name one advantage of owning a small business.
Independence, flexibility, personal satisfaction, or close customer relationships.
What is the main difference between a tall and flat organization?
Tall has more layers of management; flat has fewer and more flexibility
According to Maslow, what is the highest level of human needs?
Self-Actualization
What is job analysis?
The process of determining a job’s duties and required skills.
What is a tariff?
A tax on imports designed to protect domestic industries.
What is the difference between a partnership and a corporation?
Partnerships share liability; corporations are separate legal entities with limited liability.
What is departmentalization?
Grouping employees by function, product, customer, or location.
What is Herzberg’s “Motivator-Hygiene” theory about?
Motivators create satisfaction; hygiene factors prevent dissatisfaction.
What is the goal of lean manufacturing?
To produce goods efficiently while minimizing waste.
What’s one risk a company faces when doing business internationally?
Currency fluctuation, cultural misunderstanding, or political instability.
What is a franchise?
A business model where an individual buys the rights to use a company’s name, products, and systems.
What’s the difference between centralized and decentralized decision-making?
Centralized = top management control; Decentralized = decisions made by lower-level managers.
What’s one difference between Theory X and Theory Y managers?
Theory X assumes workers are lazy; Theory Y assumes they are self-motivated.
What’s one method companies use to ensure product quality?
Quality control, continuous improvement, or total quality management (TQM).
What is the difference between a trade surplus and a trade deficit, and why does it matter to a country’s economy?
A trade surplus means exports exceed imports (positive balance); a trade deficit means imports exceed exports (negative balance). It affects jobs, currency value, and national economic growth
How does innovation help small businesses compete with larger corporations?
Innovation allows small businesses to offer unique products, personalize services, adapt quickly, and fill niche markets that larger firms may overlook.
How can a manager use the four functions of management to handle a sudden drop in sales?
Planning: Set new goals or adjust strategy.
Organizing: Reallocate resources or adjust staff roles.
Leading: Motivate and communicate the new direction.
Controlling: Monitor results and adjust plans as needed.
How could a manager use Herzberg’s theory to improve morale without increasing pay?
Add motivators like recognition, advancement opportunities, and meaningful work; improve hygiene factors like working conditions and supervision quality to reduce dissatisfaction.
What are two ways technology is transforming HR and operations management today?
HR uses software for recruiting, training, and performance tracking.
Operations use automation, robotics, and data analytics to improve efficiency and quality.