An economy that devotes more effort to the production of services than to the production of goods.
What is a service economy.
100
A measurement of the difference between exports and imports.
What is balance of trade?
100
A legal concept that hold a business owner personally responsible for all the debts of the business.
What is unlimited liability?
100
A concept built on the idea of eliminating waste from all of the activities required to manufacture product or to provide a service.
What is lean manufacturing.
100
Designs products to fail with limited durability in order to shorten the time between consumer purchases.
What is planned obsolescence?
200
Natural resources, capital, human resources and entrepreneurship.
What are four factors of production?
200
Outsourcing, importing, exporting, licensing, franchising and foreign direct investment are principal activities in ______.
What makes international trade?
200
A form of ownership that combines the benefits of partnership and corporation while avoiding the restrictions of those forms.
What is an LLC?
200
The total or near-total use of machines to do work.
What is automation? See the ultimate factory :)
200
Evaluates the ethical guidelines of a business. It's a comprehensive report of what an organization has done and is doing with regard to social issues that affect it.
What is a social audit?
300
Economic, competitive, technological, social and global
What are the 5 key dimensions of the broader business environment?
300
When goods and services are exchanged for other goods and services.
What is countertrade
300
An agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time
What is joint venture?
300
The ability to think in abstract terms
What are conceptual skills?
300
The ability of a good or service to satisfy a human need.
What is utility.
400
In charge of monetary policy.
What is The Federal Reserve Bank?
400
Inflow of new ideas, access to factors of production and reduced risk.
What are benefits of global trade?
400
An artificial person created by law with rights to start, operate, buy or sell property.
What is corporation?
400
Planning, organizing, leading, controlling.
What are the four basic functions of management.
400
The inner rites, rituals, heroes, and values of a firm.
What is corp culture.
500
Measures the total value of all final goods and services produced within a nation's physical boundaries.
What is Gross Domestic Product (GDP)?
500
Its the ability to produce a specific product more efficiently than any other product.
What is comparative advantage?
500
A distribution of earnings to the stockholder of a corporation.
What is dividend?
500
Benchmarking, continuous improvement, and statistical process control (SPC) are techniques used in this process of ensuring that goods and services are produced in accordance with design specifications.
What is quality control?
500
A situation where U.S. manufacturers bring manufacturing jobs back to the United States.