Intro to Intro
The ultimate objective of every firm.
What is satisfying needs?
The study of right and wrong and of the morality of the choices individuals make.
What is ethics?
The ability to produce a specific product more efficiently than any other nation.
What is absolute advantage?
A business that is owned (and usually operated) by one person.
What is a sole proprietorship?
The road that leads to FRC.
What is Golden Eagle Avenue?
An economic system in which individuals own and operate the majority of businesses that provide goods and services.
What is capitalism?
When a businessperson takes advantage of a situation for his or her own personal interest rather than for the employer’s interest.
What is "conflict of interest"?
The ability to produce a specific product more efficiently than any other product.
What is comparative advantage?
A legal concept that holds a business owner personally responsible for all the debts of the business.
What is unlimited liability?
FRC was the CCCAA state champions in 2019 and 2022 in this sport.
What is volleyball?
A term created by Adam Smith to describe how an individual’s own personal gain benefits others and a nation’s economy.
What is the "invisible hand"?
A law enacted in 2002 which deals with corporate responsibility, conflicts of interest, and corporate accountability.
What is the Sarbanes-Oxley Act of 2002?
Selling and shipping raw materials or products to other nations.
What is exporting?
A type of business organization that is an artificial person created by law, with most of the legal rights of a real person.
What is a corporation?
Your instructor for this class.
Who is Mr. Leonhardt?
In this type of economy, the key industries are owned and controlled by the government.
What is socialism?
An individual who informs the press or government officials about unethical practices within an organization.
What is a whistle-blower?
Purchasing raw materials or products in other nations and bringing them into one’s own country.
What is importing?
The owners of a corporation.
What is a stockholder?
FRC was the national champions in 2016 in this sport.
What is Rodeo?
The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period
What is GDP?
The recognition that business activities have an impact on society and the consideration of that impact in business decision making.
What is social responsibility?
A partnership formed to achieve a specific goal or to operate for a specific period of time.
What is a joint venture?
A form of business ownership that combines the benefits of a corporation and a partnership.
What is an LLC?
The year Feather River College was founded.
What is 1968?