Vocabulary
Social Responsibility
The duty of a business to contribute to the well being of a community
What are two benefits of social responsibility?
Enhanced company image
Expanded justice for groups of a society
Improved quality of life in a community and around the world
Increased awareness of social issues among workers, consumers, and others
What level of government oversees Interstate Commerce?
Federal
How does the government raise money?
Fees, Taxes, Borrowing money(bonds)
What are the seven continents in the world?
North America, South America, Asia, Africa, Europe, Australia, Antarctica
Patent
Gives the inventor the sole right to make, use, or sell the item for 20 years.
What is the American with Disabilities Act?
Americans with Disabilities Act (ADA) states that you cannot discriminate against somebody with a disability.
Agreement
Competent Parties
Consideration
Legality
What does the government get involved in?
Regulating Utilities and Preventing unfair business practices
In the movie "Monsters Inc." , what are the monsters scared of?
Children
Monopoly
Exists when a business has control of the market for product or service
What are the four types of social responsibility?
Environment protection, Workplace diversity, Job Safety, Employee wellness
Name 4 roles of the government?
Provide services for members of society
Protect citizens and businesses
Regulate utilities and promote competition
Provide information and support to businesses
Buy goods and services
Hire public employees
Raise revenue
What percentage of goods and services does the government purchase?
20%
What is the element symbol of Gold?
Au
Laws that prevent monopolies and promote competition and fairness
Antitrust Laws
What does the code of ethics identify?
Proper Employee Behavior
What is Intellectual Property?
Purely intangible with no physical characteristics
What three ways does the government assist businesses?
Loans to small businesses
Buy goods and services
Employ workers
If you tipped 20% on a $15 bill how much would the tip be?
$3
When considering the ethics of a business situation, what steps/guidelines could you follow?
Is the action legal?
Does the action violate professional or company standards?
Who is affected by the action and how?
How long does copyrights last you for?
Lifetime plus 70 years after death
How is a monopoly not good for the economy?
What does it reduce?
Reduces consumer choices and competition
What is Pi, written out to 5 decimal places?
3.14159