Role Economics
Value of the next-best alternative that you did not choose
Opportunity Cost
protects the creative work of authors, composers, and artists
What is the National Debt?
Department responsible for managing the use of company funds, obtaining needed funds and creating a financial plan
Owned or controlled exclusively by a particular individual, company, or organization
What is proprietary
Name given to a product or service to distinguish it form other similar and competitive items
What is a brand?
Descriptions of the way work is to be done
What is procedures?
Short striking phrase used in advertising.
What is a slogan?
Private ownership of resources by individuals, rather than by the government
Capitalism
Provides services for members of society
Number of people in the labor force who are not working
What is the Unemployment rate?
Businesses which change raw or processed goods into finished goods
Who are manufacturers?
Decisions are guided by beliefs and how the business should succeed
What is "mission-driven"
legal action by one party on behalf of a group of people who all have the same grievance
What is a class action suit?
A group of people who join to do some activity that benefits the public.
What is a non-profit?
An attempt to communicate a brand, product, or concept to the general public by creating a strong message.
What is an idea?
oil, mineral, crops
What are natural resources?
17 years
How long does a patent last?
Decrease in the general level of prices, stock investments, and bonds
What is deflation?
Occurs internally and includes enjoyment and accomplishment.
What is intrinsic motivation?
What are primary stakeholders?
Right to choose from a variety of goods
What is the Right to Choose?
Type of business that is run by a board of directors that make decisions for the business.
What is a corporation?
Strategy involves offering a discounted price when buying multiple items
What is multiple unit pricing?
Market Economy
An organization that supplies a service or product vital to all people
Public Utility
The total dollar value of all final goods and services produced in a country during a year
Gross Domestic Product (GDP)
System used to record, classify, summarize and report the financial position of a business
What is Accounting
Situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity
What is conflict of interest?
Involve a consumer agency
Legal documents that define ownership, operating procedure, and conditions for the business.
What are articles of incorporation?
Strategy that can help extend a product's life cycle by attracting new customers.
What is exploring new markets?
By purchasing and consuming goods and services
How do people satisfy their wants and needs?
It improves long-term productivity and reduces health care costs.
What is the strategic benefit of an employee wellness program?
Stock
What represents ownership in a corporation?
4 functions of business
What are HR, Management, Finance, and Marketing
An approach to global business ethics that considers local laws and customs when making decisions
What is cultural relativism?
Examples of this are motor vehicle repairs and health and diet gimmicks.
What are some common consumer complaints?
Does not pay taxes.
What is a non-profit?
What is the growth stage?