What's an Economy?
The organized way a nation provides for the needs and wants of its population
What's an Economy?
increase productivity, decrease unemployment, and maintain stable prices
What are the three goals of a healthy economy?
competition, property ownership, risk, and the profit motive.
What are the traits of the free enterprise system?
A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services
What is an industry?
Consumer willingness and ability to buy products
What is demand?
Payments, gifts, or special favors intended to influence the outcome of a decision.
What is bribery?
Resources that are comprised of land, labor, capital, and entrepreneurship.
What are factors of production?
Output per worker hour that is measured over a defined period of time.
What is productivity
A word, name, symbol, sound, brand name, brand mark, trade name, trade character, color, or a combination of these elements that identifies a good or service and cannot be used by anyone but the owner because it is registered with the federal government and has legal protection.
What is a trademark?
A group that functions like a business but uses the money it makes to fund the cause identified in its charter.
What is a nonprofit organization?
Exclusive control over a product or the means of producing it.
What is a monopoly?
An identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical.
What is an ethical issue?
An economic system in which there is no government involvement in economic decisions
What is a market economy?
The output of goods and services produced by labor and property located within a country
What is gross domestic product (GDP)?
a type of intellectual property that gives its owner the exclusive right to make copies of a creative work, usually for a limited time
What is a copyright?
A business that buys goods from wholesalers
or directly from manufacturers and resells
them to consumers.
What is a retailer?
Business ownership by ordinary people, not the government
What is private enterprise?
Formalized rules and standards that describe what the company expects of its employees.
What is a code of ethics?
The skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business
What is entrepreneurship?
Measures wholesale price levels in the economy.
What is producer price index (PPI)?
The money earned from conducting business after all costs and expenses have been paid.
What is profit?
production/procurement
management
marketing
finance/accounting
What are the 4 major functions of business?
Government-financed agencies, such as the Environmental Protection Agency.
What is the public sector?
When a person must choose whether to advance personal interests or those of others.
What is a conflict of interest?
Money, buildings, infrastructure
What is capital
Recurring changes in economic activity.
What is the business cycle?
When supply exceeds demand
What is surplus?
The process of creating, growing, manufacturing, or improving on goods and services.
What is production?
The process buying materials, products, and supplies needed to run a business
What is procurement?
Misuse of Company Time
Abusive and intimidating behavior
Misuse of Company Resources
Conflict of Interest
What are ethical issues in Business?
The traits of the free market system.
What are Freedom to own property, freedom to compete, freedom to take risk, and freedom to make a profit.
What are the three economic questions?
What is going to be produced?
How to produce it?
For whom?
When supply equals demand.
What is equilibrium?
A business that sells its products only in its own country.
What is a domestic business?
The four P's.
What are product, place, price, and promotion.
When an employee exposes an employer’s wrongdoing to outsiders, such as the media or government regulatory agencies
What is whistleblowing