Chapter 7
Includes the processes or functions of planning, organizing, leading, and controlling.
What is management?
What is international trade?
Gives artists the legal right to own their creations.
What is copyright?
A standard of value and a means of exchange or payment.
What is money?
Divides responsibility among specific units, or departments.
What is departmentalization?
Planning, Organizing, Leading, and Controlling
What are the four functions of management?
The price at which one currency can buy another currency.
What is exchange rate?
A legal grant for the sole right to own an invention.
What is a patent?
A firm that manages money.
What is a financial institution?
Occurs when there are few or no limits on trade between countries.
What is free trade?
What is leading?
The practice of the government putting limits on foreign trade to protect businesses at home.
What is protectionism?
A name, a symbol, or a characteristic that identifies a product.
What is a trademark?
A rate that the bank pays customers for keeping their money.
What is interest?
Business that takes place between states.
An organizational structure in which managers on one level are in charge of those beneath them.
What is line authority?
A tax placed on imports to increase their price in the domestic market.
What is a tariff?
Occurs when one party fails to live up to the terms of a contract.
What is a breach of contract?
Property or goods pledged by a borrower to use a security against a loan if it is not repaid.
What is collateral?
Business that takes place within states.
What is intrastate commerce?
A beginner-level position.
What is an entry-level job?
A ban on the import or export of a product.
What is an embargo?
A group of companies that band together to form a monopoly and cut out competition.
What is a trust?
The money taken out of a bank account.
What is a withdrawal?
The money put in a bank account.
What is a deposit?