Chapter 1: Foundations of Business & Economics
This is the point at which buyers' demand for a product and sellers' supply of it are in balance
What is the equilibrium price?
About 80 percent of small businesses in the United States are concentrated in this sector rather than goods-producing.
What is the service-producing sector?
Under this form of business ownership, any money borrowed by the business is legally loaned to the owner personally
What is a sole proprietorship?
A decision that is unmistakably unethical or illegal—such as outright stealing or fraud—is referred to by this term.
What is an ethical lapse?
This campus center visited us to talk about student tutoring resources.
What is the Academic Success Center?
This functional area of business is primarily responsible for converting resources into finished goods or services while ensuring high quality.
What is operations?
Small-business owners rarely work a casual 40-hour week; instead, they usually fall into this time commitment category.
What is working more than 40 hours a week?
This business structure protects personal assets with limited liability, but a major disadvantage is that managers and shareholders may have conflicting goals.
What is a corporation?
An employee who recognizes unethical behavior in the workplace and chooses to report it is known by this title.
What is a whistleblower?
This guest speaker shared insights on entrepreneurship.
Who is Tyler Thompson?
This traditional factor of production does not belong on the list: land, labor, capital, or advertising
What is advertising?
An entrepreneur who frequently comes up with new ideas and launches businesses with the intention of selling each one and starting another is known by this title.
What is a serial entrepreneur?
When a corporation distributes a portion of its income to its shareholders in the form of cash payments, it is called this.
What are dividends?
This infamous company became a textbook case study for a massive scandal involving fake bank accounts driven by intense sales quotas.
What is Wells Fargo?
Brandi Schur came from this campus location to help with your group project.
What is the library?
If the quantity demanded for cars is lower than the quantity supplied, basic economics dictates that this will happen to the price.
What is decrease?
This 1- to 3-page section of a business plan provides an overview of the entire venture and is written after the rest of the plan is completed.
What is the executive summary?
This tax disadvantage is frequently associated with traditional C-corporations because earnings are taxed at both the corporate and individual levels.
What is double taxation?
Karen sells all her stock after learning confidentially from a coworker that her pharmaceutical company's top drug will be pulled. This illegal action is called this.
What is insider trading?
This specific online research tool was demonstrated by Brandi for your group project.
What is a LibGuide?
Macroeconomics looks at the big picture, whereas this branch of economics studies the economic choices made by individual consumers or businesses.
What is microeconomics?
Affiliated with the SBA, this organization provides free, individualized business mentorship from experienced volunteer executives
What is SCORE (Service Corps of Retired Executives)?
This type of organization focuses on educational, charitable, or religious purposes rather than generating a financial profit for owners.
What is a not-for-profit corporation?
The “triple bottom line” approach measures a company’s overall success using profit, planet, and this third pillar.
What is people?
Tyler Thompson focused his entrepreneurial talk primarily on this industry.
What is real estate?