EC-907 - Economic principles in business.
What is the term for the study of how individuals and societies allocate limited resources to satisfy unlimited wants?
what is economics?
What is the term for the process of exchanging information between individuals in a business setting?
what is communication
What is the term for a set of principles guiding what is right or wrong in business behavior?
What is business ethics?
What is the simplest form of business ownership, where one individual owns and operates the business?
What is sole proprietorship?
What is a plan for income and expenses?
what is a budget
in economics, what is the name of the point where the supply of a product matches its demand?
what is equilibrium
What type of communication includes facial expressions, gestures, and body language?
What is nonverbal communication?
What is the act of reporting unethical or illegal behavior within an organization called?
What is whistleblowing?
What type of business ownership involves two or more people sharing ownership, profits, and responsibilities?
What is a partnership?
What is borrowed money that must be repaid, usually with interest?
what is a loan
Which economic system is characterized by private ownership of resources and minimal government intervention?
What is a market economy?
What is the term for the ability to express thoughts clearly, concisely, and effectively in writing?
What is written communication?
Which term refers to the obligation businesses have to contribute to society in a positive way?
What is corporate social responsibility (CSR)?
What is the legal entity that is separate from its owners and provides limited liability protection to them?
What is a corporation?
What is the term for money left after all expenses are paid, which represents the financial success of a business?
what is profit
What is the term for the additional satisfaction a person gets from consuming one more unit of a good or service?
What is marginal utility?
In a business context, what is the name for a document that provides detailed information about a topic and is often used to make decisions?
what is report
What ethical principle encourages businesses to act fairly and avoid exploiting others?
What is fairness?
What is the process of planning, organizing, leading, and controlling resources to achieve organizational goals?
what is management
What is a type of expense that does not change regardless of how much a company produces or sells, such as rent or salaries?
what is field expenses
What economic principle states that as the price of a good increases, the quantity supplied also increases, assuming all other factors remain constant?
What is the law of supply?
What is the name of the communication model that includes the sender, message, channel, receiver, feedback, and potential noise?
What is the communication process model?
What is the name of the framework businesses use to evaluate whether decisions are both legal and ethical?
What is the ethical decision-making model?
What is the term for a business structure that combines the tax benefits of a partnership with the limited liability of a corporation?
What is a limited liability company (LLC)?
What financial ratio compares a company’s current assets to its current liabilities, indicating whether the company has enough assets to cover its short-term debts?
what is the current radio