Terms
What is the state of being responsible for something?
Liability
What is the primary goal of all businesses?
To make money
What is the difference in value between a nation's imports and exports?
The balance of trade.
What form of business is owned by 2 co-owners.
Partnership
What is choosing between the welfare of the organization and the individual's advancement of personal interests.
Conflict of Interest
What is the process of dealing with or controlling things or people?
Management
What is a good or service with characteristics that provides satisfaction and benefits.
Product
What is a monopoly that exists when a country is the only source of an item.
An absolute advantage
What is it called when 2 companies combine into a new company?
Merger
What is a business's obligation to maximize its positive impact and minimize its negative impact on society.
Social Responsibility
What is the sale of goods and services to foreign markets?
Exporting
What is the study of how resources are distributed for the production of goods and services within a social system?
Economics
What is a tax levied by a nation on goods imported into the country called?
Import Tariff
What do you call a written description of a new business venture that describes all aspects of the business?
Business Plan
What are formalized rules and standards that describe what a company expects of its employees.
Company's Code of Ethics
What is being able to interact in the workplace called?
Communication
What are the funds used to acquire the natural and human resources needed to provide products.
Capital funds
What is the total amount of money being transferred into and out of a business called?
Cash Flow
What do you call a rivalry among businesses?
Competition
What are the principles and standards that determine acceptable conduct in business.
Business Ethics
What is a businesses that is owned and operated by one individual called?
Sole Proprietorship
What is an economic system in which the government owns and operates basic industries but individuals own most businesses.
Socialism
What is 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
What do you call a person who organizes and manages any enterprise?
Entrepreneur
What is the act of exposing an employer's wrongdoing to outsiders.
Whistleblowing