Industrial Revolution
Describe the working conditions during the Industrial Revolution.
Unsafe, Unlimited Hours, 7-days a week. No benefits, vacation, or paid leave. Often women and children working. Many people were seriously injured or killed.
What is an example of social responsibility in business?
Buy one give one campaigns.
Why does the united states operate under a mixed-economic system?
Belief in capitolism with some goverment oversight for consumer protection.
What is an example of a joint venture?
Starbucks and Stanely. It is when two established brands leverage their joint strengths.
Define scarcity.
An economic term that is when there is more supply than demand.
What invention revolutionized work during the Industrial Revolution?
What is the definition of business ethics?
The decision making framework of the company. Important to note that the guiding framework of a company is different than the moral compass of the employees, which can cause conflict.
China, North Korea.
What is a NPO? What makes it unique?
Non Profit Organization. Motivated by cause, not making money.
Define equalibrium.
An economic term that means when supply and demand are equal and the market is balanced.
What was the main purpose of the Laborer's Union?
Establish the 40-hour work week, benefits, etc.
When faced with a challenging task, what is an effective leadership approach?
Inspire, lead with vision. Lead with the why, backfill with the what.
How are price and demand related in economics?
Inversely related.
What is a retailer?
A business that sells direct to the consumer.
Define stockholder.
A person who has a monetary stake in a company by purchasing stock.
Where were people groups moving from -- to?
From the countries to the cities.
Why is a mission statement important for an organization?
It is the guiding statement to reinforce the principals and values of an organization.
How does inflation affect the purchasing power of the consumer?
Inflation diminishes the purchasing power.
What is a wholesaler?
A business that sells to the retailer. A middleman of sorts.
What are the stages of the product lifecycle?
1. Introduction
2. Growth
3. Maturity
4. Decline