Economics
What is an export?
A good produced in one country that is sold to another
What is self-esteem?
How much one appreciates themselves and values their own self-worth
What is the time value of money?
The concept that money now is worth more than money in the future due to the erosion of value from inflation, and the loss of potential interest gained
What is the purpose of OSHA?
To protect workers by enforcing health and safety regulations that corporations are required to comply with
What is moderate decision-making?
A form of decision-making in the workplace when more than one person contributes equally to make a decision, but not all team members are included
What is economic utility, and what are its four types?
The total amount of satisfaction a customer experiences when they consume a particular product or service
1. Possession
2. Form
3. Place
4. Time
What is integrity?
The quality of abiding by a moral and ethical code (e.g., doing the right thing, being honest)
What is a cash flow statement?
A monthly statement that tracks the inflow and outflow of cash, providing insights into a company's financial health and operational efficiency
What are intangible assets?
The resources of a company with economic value that are not physical in nature (i.e. a company's brand and trademarks)
What is the guest life cycle?
The stages a guest goes through when interacting with a lodging establishment
What is comparative advantage?
An economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners
What is good office politics?
Consists of activities that are designed to influence others with the goal of helping an individual without harming their organization
What is the Commerce Clause?
The Commerce Clause is a clause in the Constitution; under this clause, the government can regulate all forms of interstate commerce
What is production?
The process of combining various inputs, both material and immaterial, in order to create output (ideally output that has value and contributes to the utility of individuals)
What is data mining?
The process of companies searching and analyzing a large batch of raw data in order to identify patterns and extract useful information about potential and current clients
What is GDP per Capita, and what is it used for in business
The total market value of final goods and services produced in a country divided by the total population
Used by businesses to measure the stability of a market and make economic decisions
What is organizational culture?
Organizational Culture is the collection of values, expectations, and practices that guide and inform the actions of all team members
What is an income statement?
A financial statement that is often called the "profit and loss statement," it is used to calculate revenue, costs and expenses
What is ethical purchasing?
Ethical Purchasing is a company's procurement-related code of conduct and its commitment to all environmental, social and legal issues related to purchasing and procurement
What is CRM? (Give the acronym, the definition, and the definition of the technology that is used to aid this process)
Customer Relationship Management
The strategic process that a company follows when interacting with its clients/customers with the purpose of improving customer relations
CRM technology is used to help businesses conduct CRM processes; they are technology products (often in the cloud) that are used to record, report, and analyze interactions between a company and user
List three possible shifters of the supply curve
Any three of the following five are acceptable answers:
- Price of Resources/Inputs
- Changes in Technology
- Changes in regulations/Government Involvement
- Number of Sellers
- Changes in Expectations
What is the Privacy Act of 1974?
One of the main laws that influence a business's ethical considerations when providing information; it prohibits the disclosure of a record about an individual from a system of records without the written consent of the individual
What is the Sarbanes-Oxley Act?
A law meant to protect investors by mandating certain practices in financial record keeping. Its purpose is to uphold corporate accountability and financial transparency.
List three main resources that are needed for project
Any three of the following six resources are correct:
- Labor
- Equipment and Materials
- Money
- Space
- Services
- Time
What is an ethical dilemma?
A scenario that is described as "knowing the right thing to do, but institutional or other constraints make it difficult to pursue the desired course of action." A famous example of this was the 1970 Ford Pinto case