Chapters #1-2
The definition of business
What is "all profit-seeking activities and enterprises that provide goods and services necessary to an economic system"?
The definition of economics?
What is "the study of how societies manage scarce resources to produce, distribute, and consume goods and services"?
A small business needs this number of employees or less to be called a small business
What is 500?
The three hierarchy levels of management
What is top, middle, and supervisory?
What are three different team characteristics? (Name two!)
The four factors of production?
What is land, labor, capital and entrepreneurship?
Definition of a supply curve?
What is "graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand"?
"Nearly ___ out of ____ new businesses survive at least two years. About 50% make it to the five-year mark." Fill in the blanks.
What is "7" out of "10"?
The four managerial functions (name two!)
What is planning, organizing, directing and controlling?
Two types of conflict in teams?
What is cognitive and affective?
What are the three developmental stages of moral reasoning?
What is preconventional, conventional, and postconventional?
The four types of competition in business
What is pure competition, monopolistic competition, oligopoly, and monopoly?
What percent of small businesses are home-based businesses?
What is 50%?
Four different types of planning (name two!)
What is strategic, tactical, operational and contingency?
What are the five basic types of teams? (name three!)
What is self-managed, problem-solving, work, cross-functional, and virtual?
The four common ethical challenges within business?
What is conflict of interest, honesty and integrity, whistleblowing, and loyalty versus truth?
The difference between a nation's balance of trade and balance of payments
What is "The difference of imports and exports vs. the flow of money in and out"?
The three types of entrepreneurs are.... (name at least two)
What is classic, serial, and social?
The four types of organization structures (name two!)
What is line, line-and-staff, committee, and matrix?
What are the 5 basic forms of communication? Name at least 4.
What is oral/verbal, written, formal, informal, and non-verbal communication?
What are the four different consumer rights?
What is the right to be safe, the right to be heard, the right to choose, and the right to be informed?
Definition of devaluation
What is "drop in a currency’s value relative to other currencies or to a fixed standard"?
What are four different characteristics of entrepreneurs? (There are eight!)
What is vision, high energy level, need to achieve, self confidence/optimism, tolerance for failure, creativity, tolerance for ambiguity, and internal locus of control?
The layers of Maslow's Hierarchy of Needs (from top to bottom, all 5!)
What is self-actualization, esteem, social, safety, and physiological?
What are the five stages of team development? Name them in order from the 1st to the 5th.
What is forming, storming, norming, performing and adjourning?