Chapter 1
True or False: Greening is defined as the movement of the temperature of the planet up or down over time.
FALSE:
climate change is The movement of the temperature of the planet up or down over time.
Greening is The trend toward saving energy and producing products that cause less harm to the environment. This helps climate change.
A tax imposed on imports is called?
Tariff
insiders who report illegal or unethical behavior are called?
whistleblowers
An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory. This is a?
franchise agreement
A general rise in the prices of goods and services over time is called?
inflation
What term is defined as:
The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
quality of life
When a company is selling products in a foreign country at lower prices than those charged in the producing country, this is called?
Dumping
Which key term is defined as the Standards of moral behavior; that is, behavior accepted by society as right versus wrong?
ethics
DOUBLE POINTS- Must get both right!
1. A company that develops a product concept and sells others the rights to make and sell the products is a?
2. A person who buys a franchise is called?
1. franchisor
2. franchisee
what is the phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
invisible hand
The two major types of e-commerce transactions are?
B2C - Business-to-consumer
B2B - Business-to-Business
An unfavorable balance of trade; occurs when the value of a country’s imports exceeds that of its exports.
trade deficit
A business’s concern for the welfare of society, not just for its owners is called?
corporate social responsibility (CSR)
A business owned and controlled by the people who use it—producers, consumers, or workers with similar needs who pool their resources for mutual gain. This is a?
cooperative (co-op)
DOUBLE POINTS - Must get both right!
1. The part of economics study that looks at the operation of a nation’s economy as a whole.
2. The part of economics study that looks at the behavior of people and organizations in particular markets.
1. macroeconomics
2. microeconomics
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. this is the definition of what key term?
stakeholders.
DOUBLE POINTS - both questions have to be right!!
1. A favorable balance of trade; occurs when the value of a country’s exports exceeds that of its imports.
2. An unfavorable balance of trade; occurs when the value of a country’s imports exceeds that of its exports.
1. trade surplus
2. trade deficit
An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends. This is called?
insider trading
____ is defined as the responsibility of business owners for all of the debts of the business.
unlimited liability
what key term is defined as Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle?
micropreneurs
What are the five factors of production? Must get all 5 right for points.
Land, labor, capital, entrepreneurship, and knowledge.The resources are used to create wealth.
The international organization that replaced the General Agreement on Tariffs and Trade, and was assigned the duty to mediate trade disputes among nations. - This organization's name is?
World Trade Organization (WTO)
Ethical standards that define the organization’s guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees. What key term is this?
integrity-based ethics codes
What are the three major types of corporate mergers?
Vertical, Horizontal, Conglomerate.
what are the Centers that offer new businesses low-cost offices with basic business services called?
incubators