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The result of an action.
What is a consequence?
When the prices of bananas increase, the quantity of bananas offered for sale will increase. This is an example of the law of ________.
What is supply?
A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the museum’s operating expenses.
Will the museum be a business and IF SO, is it a not-for-profit or a for-profit business?
What is yes, the museum will be a not-for-profit business?
This vocabulary word means instinct or gut feeling.
What is Intuition?
Give ONE example of human resources at Chick-Fil-A.
What is: managers, drive-thru workers, cashiers, cooks, cleaners, drink operator, etc.
An issue in which you must decide whether something is right or wrong.
What is an ethical dilemma?
An indication of how changes in price will affect changes in the amounts demanded and supplied.
What is elasticity?
The process of accessing, processing, maintaining, evaluating, and disseminating business knowledge, facts, or data.
What is information management?
This is a risk-response strategy that involves assuming responsibility for the risk rather than transferring it
What is retention?
Give an example of a CAPITAL GOOD for a farmer.
What is a tractor, farming tools, barn, etc.
Patty knows that some of her bosses actions are unethical. Patty considers her boss to be a _______ and decides not to follow her bosses examples.
What is a bad role model.
A market structure in which there are relatively few sellers, and industry leaders usually determine price.
What is an oligopoly?
The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing?
This is an economic system in which all or many of the means of production and distribution are owned and controlled by the government.
What is a command economy?
Explain BOTH the Law of Supply and the Law of Demand.
LOS - As prices increase, suppliers are willing to SELL MORE
LOD - As prices increase, consumers are willing to BUY LESS
Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations.
What is integrity?
In 1890, Congress passed a law that prevents monopolies from forming and hinders price fixing. This law is called:
A. Clayton Act
B. Robinson-Patman Act
C. Sherman Antitrust Act
D. Celler-Kefauver Antimerger Act
What is the Sherman Antitrust Act?
This behavior best describes the primary business activity of operations.
What is producing goods and services?
This is a business that buys consumer goods or services and sells them to the ultimate consumer.
What is a retailer?
Explain how a company determines their profit for a given period.
**There are two key aspects to determining profit**
What is revenue - expenses?
(Income - expenses)
(Money we made - money we spent)
Jason thinks it is OK to steal a few things from work. He is lacking THIS ethical principal.
What is trustworthiness?
Arc Electric Company holds regular safety training meetings for its employees. This form of risk management is __________.
What is reduction?
In the human resource management process, this is the first task to be completed for staffing.
What is determining need?
This is short-range planning (one year) of specific actions the business will take.
What is tactical planning?
Explain how a company would demonstrate risk retention AND risk reduction in a single action.
What is anything that reduces risk, because they are reducing it but keeping it.
ex. Putting mats near doors in rainy weather
Training employees on safety
Providing hard hats to workers