Vocabulary
A business organization is defined as one that is associated with two or more people operating as co-owners.
What is Partnership?
The state of being responsible for something.
What is Liability?
The Difference of value between a nation's imports and exports.
what is the balance of trade?
The Main Goal of a business.
what is to earn profit?
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is Conflict of interest?
Two separate companies combining to form a new company.
What is a merger?
Process of dealing and controling things in business.
What is management?
A monopoly that exists when a country is the only the source of something.
What is an absolute advantage?
A good or service with tangible and intangible characteristics that supplies satisfaction and help.
What is a product?
the obligation of a business to maximize its positive impact and minimize its negative impact on society.
What is Social responsibility?
Someone who organizes and manages any enterprises usually with considerable initiative and risk.
What is an entrepreneur?
Selling Goods and services to foreign markets.
What is exporting?
Taxes made by a nation on goods imported into the country.
What is an Important Tariff?
Research of how resources are distributed for production services of goods within a social system.
What is economics?
Formalize rules and standards that describe what a company expects of its own employees and workers
What is the company's code of ethic?
A written description of a new business venture that describes aspects of a business.
What is a business plan?
The Ability to work well in the workplace.
What is communication?
The money total amount being transferred in and out of a business.
What is Cash Flow?
The funds used to recieve the natural and human resources needed to deliver products.
Principles and standards that regulate acceptable conducts in business.
What is Business Ethics?
Two businesses competing against each other
What is Rivalry?
A Business owned and operated by one individual.
What is sole proprietorship?
Basis of an international trade, when a country specializes in products that it can supply more efficiently or at lower costs.
What is comparative advantage?
An Economic system which the government owns and operates basic industries but individuals own most businesses.
What is socialism?
The Act of revealing an employer's wrongdoing to outsiders.
What is Whistleblowing?