Economics
An equation for sales, expenses and profits
sales revenue − expenses = profit.
name one of the three sets of factors that influence the standards of behavior in an organization
Opportunity, individual factors, social factors
the ability to produce a specific product more efficiently than any other product
comparative advantage
a business that is owned (and usually operated) by one person
sole proprietorship
list 2 of the four basic functions in the management process.
Planning, organizing, [leading, motivating = directing] and controlling
Revenue is $1500; expenses are $700 - what's the profit?
$800
most effective way for a company to encourage ethical behavior
Develop and enforce a written code of ethics for the organization.
the total value of a nation's exports minus the total value of its imports over some period of time.
balance of trade
a voluntary association of two or more persons to act as co-owners of a business for profit
partnership
the establishment of an organization’s major, broad goals and objectives and the allocation of resources to achieve them
strategic planning
gross domestic product definition
total dollar value of all goods and services produced by all people within the boundaries of a country
businesses have an impact on society and their decision making takes that into account
social responsibility
complete halt to trading with a particular nation or in a particular product is called a(n):
embargo
an artificial person, created by law, with most of the legal rights of a real person, often created to sell stock to the public
corporation
the process of evaluating and regulating ongoing activities to ensure that goals are achieved
controlling
if demand goes down, what happens to the price?
also goes down
a guide to acceptable and ethical behavior as defined by the organization
code of ethics
provides a link between buyers and sellers in different countries
trading company
Both the corporation and its stockholders are taxed on profits retained and distributed. [t/f]
true
first step in the managerial decision-making process is to:
identify an opportunnity
An economic system where individuals own most businesses
capitalism
informing the press or government officials about unethical practices within one’s organization
whistle-blowing
a partnership formed to create competitive advantage on a worldwide basis
strategic alliance
the governing body of a corporation
board of directors
the ability to deal effectively with other people
interpersonal skills