Business & Economics
The ultimate objective of every successful firm is to do this for its customers.
What is satisfy customer needs?
This is the application of moral standards to business situations.
What is business ethics?
This term describes business activities that involve exchanges across national boundaries.
What is international business?
This form of business ownership has a single owner who usually operates the business.
What is a sole proprietorship?
This is the process of coordinating people and other resources to achieve the goals of an organization.
What is management?
This factor of production refers to the time and effort people use to produce goods and services.
What is labor?
These three types of factors can influence the level of ethical behavior within an organization.
What are individual, social, and opportunity factors?
This activity involves selling and shipping products or raw materials to another country.
What is exporting?
This type of partner invests in a business but does not participate in management and generally has financial risk limited to the amount invested.
What is a limited partner?
These are the four main types of resources that managers coordinate in an organization.
What are material, human, financial, and informational resources?
In this economic system, individuals own and operate the majority of businesses that provide goods and services.
What is capitalism?
This written guide explains the acceptable and ethical behavior expected by an organization.
What is a code of ethics?
This is the difference between the value of a nation's exports and the value of its imports over a specified period.
What is balance of trade?
This document explains the duties of the partners, their investments, how profits and losses will be divided, and what happens if a partner leaves or dies.
What are articles of partnership?
This management function involves establishing organizational goals and deciding how those goals will be accomplished.
What is planning?
This measure represents the total dollar value of all goods and services produced within a country’s boundaries during a one-year period.
What is gross domestic product (GDP)?
This term describes the actions taken to protect the rights and interests of consumers.
What is consumerism?
This is a tax placed on products entering a country and may be used to protect domestic industries from foreign competition.
What is a tariff?
This party in a franchise relationship provides the business name, training, materials, and method of doing business.
What is the franchisor?
This analysis examines a firm's strengths, weaknesses, opportunities, and threats.
What is SWOT analysis?
Name the four phases of the business cycle.
What are peak, recession, trough, and recovery?
These are the four steps a business should take to implement an effective program of social responsibility.
What are securing the commitment of top executives, planning, appointing a director, and preparing a social audit?
A company allows a foreign firm to produce and market its products. What method of international business is being used?
What is licensing?
An entrepreneur raises money online by asking people to contribute to a business or project. What financing method is being used?
What is crowdfunding?
These smaller-scale plans are developed to implement a company's strategy and generally cover a one- to three-year period. What are they called?
What are tactical and operational plans?