Business Basics
You sold $135,000 of products this year. In business terms, what did you generate?
What is revenue?
The study of how individuals and societies make choices about limited resources.
What is economics?
This term describes the principles and values that guide what is considered right and wrong within a business environment.
What is business ethics?
The growing integration and connection of markets and businesses around the world.
What is globalization?
A business owned and operated by one person.
What is sole proprietorship
-Natural Resources
-Human Resources
-Capital Resources
-Entrepreneurship
In this type of economic system, major decisions are driven primarily by the central government rather than consumers or private businesses.
What is a command economy?
True or false: If something is legal, it is automatically ethical.
What is false?
Buying goods or services from another country.
What is importing?
Two or more people share ownership, responsibilities, profits, and risks in this type of business.
What is a partnership
Four Core Business Functions
-Management
-Operations
-Marketing
-Finance
When this specific macroeconomic indicator rises, businesses feel it instantly because the cost of borrowing capital increases.
What are interest rates?
The belief that there is no single universal moral truth and that what is right or wrong may depend on culture, values, or perspective.
What is moral relativism?
Selling goods or services to another country.
What is exporting?
The people who own shares of a corporation.
What are shareholders
The two main types of organizational structures and the differences.
Hierarchical (Multiple layers of management, defined roles, formal authority)
Flat (Fewer management levels, autonomy, faster communication).
This trade concept explains a scenario where a person, business, or country can produce a specific good or service at a lower opportunity cost than its competitors.
What is comparative advantage?
The idea that what is right or wrong may depend on the specific circumstances of a situation.
What is situational ethics?
The definition of absolute advantage.
What is to produce more efficiently than others while using the same resources. (who can produce more)
A business structure that is legally separate from its owners.
What is a corporation
A person or group with an interest in a business's success or failure. + The two different types. When they clash, what is it called?
-Stakeholder
-Internal, external
-Stakeholder conflict
Dozens of unique coffee shops competing in the same city neighborhood by using branding, decor, and marketing to sell similar drinks illustrate this specific market structure.
What is monopolistic competition?
Difference between Unethical and Amoral.
Unethical (behavior that violates accepted ethical standards)
Amoral ( A lack of concern about right and wrong)An example of Specialization in global economy.
What is: Brazil coffee seeds, Malaysia Rubber etc
This business structure generally provides limited liability while combining characteristics of corporations and partnerships.
What is an LLC