vocabulary
What is partnership?
A form of business organization defined as an association of two or more persons operating as co-owners
What is balance of trade?
The difference in value between a nation's imports and exports.
What is liability?
the state of being responsible for something.
What is to earn profit
The primary goal of all businesses
What is conflict of interest
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is a merger?
Two companies combining to form a new company.
What is absolute advantage?
A monopoly that exists when a country is the only source of an item.
What is management?
The process of dealing with or controlling things or people
What is a product
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is social responsibility
A business's obligation to maximize its positive impact and minimize its negative impact on society.
What is a entrepreneur?
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
What is import tariff?
Tax levied by a nation on goods imported into the country.
What is exporting?
The sale of goods and services to foreign markets
What is economics
The study of how resources are distributed for the production of goods and services within a social system
What is the company's code of ethics
Formalized rules and standards that describe what a company expects of its employees.
What is a business plan?
A written description of a new business venture that describes all aspects of the business.
What is cash flow?
the total amount of money being transferred into and out of a business.
What is communication?
Being able to interact in the workplace.
What is capital
The funds used to acquire the natural and human resources needed to provide products.
What is business ethics
Principles and standards that determine acceptable conduct in business.
What is competition?
Rivalry among businesses.
What is comparative advantage?
The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost.
What is sole proprietorship?
Businesses owned and operated by one individual.
What is socialism
An economic system in which the government owns and operates basic industries but individuals own most businesses.
What is whistleblowing
The act of exposing an employer's wrongdoing to outsiders.