Role of Business
create value by providing goods and services, generating economic growth, and fostering global connectivity through trade and innovation, while also contributing to the well-being of communities and the planet.
What is the primary function of businesses in a global society?
involves the exchange of goods and services within a single country's borders, involves the exchange of goods and services between different countries.
What is the difference between domestic trade and world trade?
bring goods or services into a country from abroad for sale.
What are imports?
demonstrating appropriate behavior, including respect, responsibility, and ethical conduct, while upholding company standards and maintaining a positive attitude and demeanor.
What does it mean to conduct oneself professionally in the workplace?
speaking clearly and concisely, actively listening, understanding nonverbal cues, and adapting your message to the audience, all while maintaining confidence and empathy.
What are effective oral communication skills?
economic growth by creating jobs, driving innovation, fostering competition, generating tax revenue, and attracting investment, all of which boost productivity, consumer spending, and overall economic activity.
How do businesses contribute to economic growth in various countries?
crude petroleum, cars, broadcasting equipment, computers, packaged medication, pharmaceuticals, medical equipment and supplies, furniture, lighting, signs, plastics, gems and precious metals, and organic chemicals.
Give an example of a product that is commonly imported into the U.S.
boost the U.S. economy by creating jobs, stimulating growth, and increasing revenue, while also fostering innovation and improving overall economic competitiveness.
How can exports help improve the U.S. economy?
Reliability Communication Integrity
Accountability Honesty Respect
Ethics Organization Positive attitude
Name three characteristics of a professional demeanor.
fosters better communication, builds trust, enhances problem-solving, and improves collaboration, ultimately leading to more effective decision-making and stronger relationships.
Why is active listening important in business discussions?
Economic Growth:
Job Creation:
Supporting Local Businesses:
Community Engagement:
Infrastructure Investment:
Name one way businesses can positively impact local communities.
taxes on imported goods, typically levied by a government to increase the price of foreign products and protect domestic industries, potentially affecting world trade by raising costs and reducing trade volume.
What are tariffs, and how do they affect world trade?
occurs when a country imports more than it exports.
What is a trade deficit?
emonstrates respect, enhances professionalism, fosters trust, and boosts productivity by ensuring smooth workflows and meeting deadlines.
focus on clarity, conciseness, and audience awareness, use active voice, and always proofread before sending.
How can written communication be improved in a business setting?
business approach where companies integrate ethical practices, sustainability efforts, and social impact into their operations.
What is corporate social responsibility (CSR)?
opportunity to expand their market reach and access a larger customer base, potentially leading to increased sales and revenue.
Describe one advantage of engaging in international trade for U.S. businesses.
distort a nation's balance of trade and devalue its currency
Describe one negative impact of relying heavily on imports.
conveying competence, respect, and attention to detail, ultimately boosting credibility and confidence both internally and externally.
How can dressing appropriately impact one's professionalism?
requiring a detailed response and encouraging the respondent to elaborate on their thoughts and experiences. They are useful for fostering deeper understanding, uncovering insights, and promoting meaningful conversations in various fields like research, education, and customer service.
What are open-ended questions, and why are they useful?
lobbying, political contributions, and by leveraging their economic power to shape trade agreements and regulations that favor their business interests, often influencing national and international organizations.
How do multinational corporations influence global economic policies?
difference between a country's total exports and imports of goods and services over a specific period.
What is the concept of trade balance, and why is it important?
influencing the price of a country's exports and imports, making them more or less competitive in foreign markets
How do exchange rates affect international trade?
A professional worker in a customer service setting will speak clearly and politely to customers and colleagues and have a neat and clean appearance. In an office setting, a professional employee will work productively with others and strive for a high standard and constant improvement.
Describe a scenario where professionalism could affect a business deal.
how an audience perceives and interprets a message, often conveying more than the words themselves, through elements like body language, facial expressions, and tone of voice.
Describe how non-verbal communication can impact a message in a presentation.