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Vocabulary
International Business
Terms
Business & Economics
Ethics & Social Responsibility
1
A form of business organization defined as an association of two or more persons operating as co-owners.
What is partnership?
1
The difference in value between a nation's imports and exports.
What is balance of trade?
1
the state of being responsible for something
What is liability?
1
The primary goal of all businesses
What is to earn profit
1
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is conflict of interest
2
Two companies combining to form a new company.
What is a merger?
2
A monopoly that exists when a country is the only source of an item.
What is absolute advantage?
2
The process of dealing with or controlling things or people
What is management?
2
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is a product
2
A business's obligation to maximize its positive impact and minimize its negative impact on society.
What is social responsibility
3
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
What is a entrepreneur?
3
Tax levied by a nation on goods imported into the country.
What is import tariff?
3
The sale of goods and services to foreign markets
What is exporting?
3
The study of how resources are distributed for the production of goods and services within a social system
What is economics
3
Formalized rules and standards that describe what a company expects of its employees.
What is the company's code of ethics
4
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
4
the total amount of money being transferred into and out of a business
What is cash flow?
4
Being able to interact in the workplace.
What is communication?
4
The funds used to acquire the natural and human resources needed to provide products.
What is capital
4
Principles and standards that determine acceptable conduct in business.
What is business ethics
5
Rivalry among businesses.
What is competition?
5
The basis of most international trade, when a country specializes in products that it can supply more efficiently or at a lower cost.
What is comparative advantage?
5
Businesses owned and operated by one individual.
What is sole proprietorship?
5
An economic system in which the government owns and operates basic industries but individuals own most businesses.
What is socialism
5
The act of exposing an employer's wrongdoing to outsiders.
What is whistleblowing