EC-907
What ethical principle is demonstrated when a person is honest and consistently does the right thing, even when no one is watching?
What is Integrity?
What type of business sells goods or services directly to the final consumer for personal use?
What is a Retailer?
Machinery, tools, and conveyor belts used to make other products are classified as what type of good?
What are Capital Goods?
Under the NC Business Essentials curriculum, what is the maximum employee threshold for a business to be considered a "small business"?
What is fewer than 500 employees?
What employer-provided document is filled out by job candidates to share personal details, work history, and references?
What is a Job Application?
What term describes a business being open, clear, and upfront about its operations and financial records?
What is Transparency?
What type of business purchases merchandise in bulk primarily to resell it to other businesses?
What is a Wholesaler?
What happens to the price of a good when demand is high but supply is low?
What is the price increases? (Creating a Seller's Market)
What 1890 federal law was created to prevent monopolies and stop anti-competitive practices like price-fixing?
What is the Sherman Antitrust Act?
What federal agency enforces laws against workplace discrimination based on race, age, religion, or disability?
What is the EEOC (Equal Employment Opportunity Commission)?
True or False: If an action is legal, it is automatically ethical.
What is False? (An action can be legal but still unethical.)
A haircut, a lawn-mowing service, and a car wash are all examples of what type of business output?
What are Intangible Services (or Service Businesses)?
Gasoline for daily commuters is considered to have what type of demand elasticity because buyers must purchase it regardless of price increases?
What is Inelastic Demand?
What market structure exists when a market is dominated by only a few large, powerful sellers?
What is an Oligopoly?
While competence is developed through training and practice, what term refers to a person's natural talent or potential to learn a skill?
What is Aptitude?
What type of situation occurs when a person faces a choice where any available action may harm others or conflict with ethical principles?
What is an Ethical Dilemma?
What broad economic sector encompasses both wholesaling and retailing businesses?
What is the Trade Industry?
What market state occurs when the quantity of a product supplied exceeds the quantity demanded by consumers?
What is a Surplus?
Buying a commercial liability insurance policy is an example of what type of risk management strategy?
What is Risk Transfer?
What type of worker organization uses collective bargaining to negotiate wages and safety conditions with employers?
What is a Labor Union?
Why is automatically copying the actions of a manager or supervisor a potential ethical risk?
What is because supervisors can be bad role models? (Authority figures can still behave unethically.)
When a company uses recyclable packaging to help the environment, what concept is it demonstrating?
What is Corporate Social Responsibility?
What economic term describes the alternative you give up whenever you choose one option over another?
What is a Trade-off?
What type of economy relies primarily on long-standing customs and changes very slowly over time?
What is a Traditional Economy?
What term describes a sequence of mid-level career milestones that lead toward a long-term professional goal?
What are Stepping-stone Goals?