Vocabulary
Rivalry among businesses.
Competition
The difference in value between a nation's imports and exports.
What is balance of trade?
the state of being responsible for something
What is liability?
The primary goal of all businesses
What is to earn profit
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is conflict of interest
A form of business organization defined as an association of two or more persons operating as co-owners.
What is partnership?
one major company runs the whole business...think board game!
Monopoly
The process of dealing with or controlling things or people
What is management?
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is a product
A business's obligation to maximize its positive impact and minimize its negative impact on society: hint...CSR
What is social responsibility
Two companies combining to form a new company.
What is a merger?
Tax levied by a nation on goods imported into the country.
What is import tariff?
The sale of goods and services to foreign markets
What is exporting?
The study of how resources are distributed for the production of goods and services within a social system
What is economics
Formalized rules and standards that describe what a company expects of its employees.
What is the company's code of ethics
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
What is a entrepreneur?
the total amount of money being transferred into and out of a business
What is cash flow
Being able to interact in the workplace. Generic term
What is communication?
These laws (two of them) are the go up and down
What is supply and demand
Principles and standards that determine acceptable conduct in business.
What is business ethics
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
When was NASDAQ founded?
Businesses owned and operated by one individual.
What is sole proprietorship?
This was the year the NYSE was founded...
1792
The act of exposing an employer's wrongdoing to outsiders.
What is whistleblowing