A Tangible products such as computers, food, clothing, cars and appliances.
What is the definition of a good?
100
The study of how society employs resources to produce goods and services for consumption among various groups and individuals.
What is the definition of Economics?
100
The standards of moral behavior. Behaviors that are accepted by society as right vs. wrong.
What is ethics?
100
A business owned, and usually managed, by one person
What is a Sole Proprietorship?
200
Intangible products that can’t be held in your hand like, education, healthcare, insurance, recreation and travel.
What is the definition of a service?
200
Concentrates on the operation of a nation’s economy as a whole.
What is macroeconomics?
200
Emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers.
What is a Compliance-Based ethics Code?
200
Two or more people legally agree to become co-owners of a business.
What is a partnership in general terms?
200
A creative person who works as an entrepreneur within a corporation.
What is an Intrapreneur?
300
A person who risks time and money to start and manage a business.
What is an Entrepreneur?
300
Concentrates on the behavior of people and organizations in markets for particular products or services.
What is Microeconomics?
300
Define the organization’s guiding values, support ethical behavior and accountability.
What is an Integrity-Based Ethics Code?
300
A legal entity with authority to act and have liability apart from its owners.
What is a Corporation?
300
A detailed written statement that describes the nature of the business, the target market, etc.
What is a Business Plan?
400
The amount of money a business earns above and beyond what it spends for salaries and other expenses.
What is considered profits?
400
When self-directed gain leads to social and economic benefits for the whole community.
What is the Invisible Hand Theory?
400
The concern businesses have for the welfare of society.
What is Corporate Social Responsibility?
400
Any debts or damages incurred by the business are your debts, even if it means selling your home, care or anything else.
What is unlimited liability?
400
A gov’t agency that advises and assists small businesses by providing mgmt. training and financial advice.
What is the Small Business Administration?
500
The total amount of money a business takes in during a given period by selling goods and services.
What is considered revenue?
500
The right to own private property.
The right to own a business and keep all that business’ profits.
The right to freedom of competition.
The right to freedom of choice.
What are the four basic rights of Capitalism?
500
Insiders using private company information to further their own fortunes or those of their family and friends.
What is Insider Trading?
500
An agreement 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.
What is a Franchise Agreement?
500
A group of experienced people from different areas of business who join to form a managerial team.