Economic Resources and Systems
Name 4 factors of production.
1) Natural Resources
2) Human Resources
3) Capital Resources
4) Entrepreneurial Resources
Non-Consequential
Intrinsic to the action, not on
its consequences Duties, Rights, Justice, Virtues.
Partnership
A business owned and controlled by two or more people who have entered into a written agreement.
What is a Boycott
Organized actions of consumer groups seeking to increase their influence on business practices by not buying a product.
What is Accounting
the action or process of keeping financial accounts.
What is Economics?
The study of how society uses resources to produce and distribute goods and services for people's consumption.
Consequential
Results based
The end justifies the means
Sole Proprietorship
A business owned and operated by one person
What is Social Responsibility
This is the concern about the consequences of actions on others.
What is Finance
management of large amount of money
What are Natural Resources?
Raw materials found in nature & they become factors of production when used to produce goods.
Utilitarianism
According to utilitarianism, an action is morally right if the outcome results in the greatest amount of good for the greatest number of people affected by the action.
Corporation
A separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors.
What are Ethics
Moral principles or values based on honesty and fairness.
What is Production
the action of making of manufacturing from components or raw materials, or the process of being so manufactured.
What are Capital Resources?
The things used to produce goods and services, like building materials, and equipment.
What are Fair Wages?
The basis for determining fair wages is commonly the expectations placed on the employee and their performance towards goals.
Unlimited liability
The owner is personally and fully responsible for all losses and debts of the business.
Better Business Bureau
This is a consumer protection agency sponsored by businesses to assist with business practices.
What is Marketing?
the action or business of promoting and selling products or services sales; the action of selling something
What are the factors of production?
All the components necessary to produce a society's goods and services.
Due Process and Layoffs
Ethical considerations in the process of downsizing Right to know well ahead of the actual point of the redundancy
that their job is on the line
Compensation packages employees receive when laid off.
Limited liability
financial responsibility of business owners only for what they invested in a business.
Food and Drug Act
This was created to control the content and labeling of food and drug products.
What is Management
the process of dealing with or controlling things or people.