Economics Systems and decision making 1
What is an economic system?
An economic system is a set of rules and principles that govern the production, distribution, and consumption of goods and services in a society.
What is a command economic system?
A command economic system is one in which the government has complete control over the economy.
What is ethical behavior in business?
Ethical behavior in business refers to actions that are morally right.
What is stakeholder theory?
Stakeholder theory is the idea that a company has obligations to all of its stakeholders, not just shareholders.
What is a franchise?
A franchise is a business model in which a company licenses its brand and business model to a third party.
What are the main types of economic systems?
The main types of economic systems are market, planned, and mixed.
What is a traditional economic system?
A traditional economic system is one based on agriculture and bartering.
What is social responsibility in business?
Social responsibility in business refers to a company's obligations to society and the environment.
What is a sole proprietorship?
A sole proprietorship is a business owned and run by one individual.
What is entrepreneurship?
Entrepreneurship is the process of starting and running a new business venture.
What is a market economic system?
A market economic system is one in which buyers and sellers freely interact.
What is a modern economic system?
A modern economic system is one based on the use of money and markets.
What is corporate social responsibility?
Corporate social responsibility (CSR) is a type of business self-regulation that aims to benefit society and the environment.
What is a partnership?
A partnership is a business owned and operated by two or more people.
What is the marketing function?
The marketing function is responsible for promoting and selling products or services.
What is a planned economic system?
A planned economic system is one in which the government plays a central role in resource allocation.
What is a market failure?
A market failure is a situation in which the market does not allocate resources efficiently.
What is environmental sustainability?
Environmental sustainability refers to meet present needs without compromising future generations.
What is a corporation?
A corporation is a legal entity separate from its owners, with the ability to issue stocks and bonds.
What is the finance function?
The finance function is responsible for managing a company's financial resources.
What is a mixed economic system?
A mixed economic system is one that combines elements of both market and planned economic systems.
What is a government failure?
A government failure is a situation in which government intervention leads to a less efficient allocation of resources.
What is corporate governance?
Corporate governance is the system of rules and processes by which a company is directed and controlled.
What is a cooperative?
A cooperative is a business owned and operated by a group of individuals for their mutual benefit.
What is the human resources function?
The human resources function is responsible for managing a company's employees.