True or False: Competition is what a person uses to make or obtain what they need or want.
False: Resources
100
What is supply and demand?
Supply: the amount of goods and services that producers will provide at various prices
Demand: the amount or quantity of goods and services that consumers are willing to buy at various prices
100
What is the difference between Ethics and Business Ethics?
Ethics are a set of moral principles people go by to conduct themselves morally, socially, or professionally. Business ethics are a set of laws followed by a business to conduct itself.
100
An example of a product and of a service
Product: Cell Phone
Service: Cleaning company
200
Factors of production
All the components necessary to produce a society's goods and services
200
What is the role of a consumer?
To select, purchase, use, or dispose of goods and services
200
What are the four types of resources?
Natural Resources
Human Resources
Capital Resources
Entrepreneurial Resources
200
What are some important ethical questions? Be specific
Is this illegal? What if someone did this to me? What if everyone did this? Am I sacrificing long term consequences for short term gain?
200
Entrepreneurial Resource
Bill Gates and Microsoft
300
Social Responsibilty
the duty to do what is best for the good of a society
300
What is the difference between a product and service?
Product: something tangible or a material that you can see and touch
Service: a task that people or machines perform
300
The economy of many countries is based on ________.
Natural Resources
300
An ethical question in the business will occur when there is a _____ social well being and profits.
Conflict of Interest
300
Example of a command economy
Communism in China
400
Economics
the study of how society chooses to use resources to produce and distribute goods and services for people's consumption
400
What is the purpose of a business?
To satisfy wants and needs.
400
What are the three basic economic questions?
1. What should be produced?
2. How should it be produced?
3. Who should share in what is produced?
400
Professional groups such as doctors, lawyers, and journalists own _____.
A Code of Ethics
400
Give an example of a situation where you would use the important ethical questions?
If someone in your office is constantly taking from the supply closet and tells you it is fine but you are not sure if this is allowed or not
500
What is a private enterprise?
Another term for market economy meaning resources are privately owned
500
List the steps of the decision making process
1. Identify the problem
2. List the alternatives
3. Determine the pros and cons
4. Make a decision
5. Evaluate your decision
500
Explain the three economic systems
Market Economy: economic decisions are made in the marketplace according to the laws of supply and demand
Command Economy: a central authority is usually the government, or state
Mixed Economy: a combination of a market and command economy
500
Name five consequences of unethical behavior.
Fines, loss of license, jail-time, to be fired, gain bad reputation
500
A situation where OSHA, EPA, and FDA would come in?
OSHA: If a factory does not store harmful chemicals properly and employees are becoming sick
EPA: A factories waste is seeping into the surrounding soil
FDA: A meatpacking company is not cleaning their utensils for packaging meat