Vocabulary
A form of business organization defined as an association of two or more persons operating as co-owners.
Partnership
The difference in value between a nation's imports and exports.
Balance of trade
the state of being responsible for something
liability
The primary goal of all businesses
to earn profit
Choosing between the welfare of the organization and the individual's advancement of personal interests.
conflict of interest
Two companies combining to form a new company.
Merger
A monopoly that exists when a country is the only source of an item.
Absolute advantage
The process of dealing with or controlling things or people
management
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
a product
A business's obligation to maximize its positive impact and minimize its negative impact on society.
social responsibility
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
Entrepreneur
Tax levied by a nation on goods imported into the country.
import tariff
The sale of goods and services to foreign markets
Exporting
The study of how resources are distributed for the production of goods and services within a social system
economics
Formalized rules and standards that describe what a company expects of its employees.
the company's code of ethics
A written description of a new business venture that describes all aspects of the business.
A business plan
the total amount of money being transferred into and out of a business
cash flow
Being able to interact in the workplace.
Communication
The funds used to acquire the natural and human resources needed to provide products.
capital
Principles and standards that determine acceptable conduct in business.
business ethics
Rivalry among businesses.
Competition
The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost.
comparative advantage
Businesses owned and operated by one individual.
sole proprietorship
An economic system in which the government owns and operates basic industries but individuals own most businesses.
socialism
The act of exposing an employer's wrongdoing to outsiders.
whistleblowing