Vocabulary
What is a partnership?
A form of business organization defined as an association of two or more persons operating as co-owners.
What is a balance of trade?
The difference in value between a nation's imports and exports.
What is a liability?
the state of being responsible for something
What does 'to earn a profit' mean?
The primary goal of all businesses with more money coming in than going out.
What is a conflict of interest?
Choosing between an individual's personal interests and the business interest owed to their employer.
What is a merger?
Two companies combining to form a new company.
What is a competitive advantage in business?
When a business offers better and greater value and/or may have a monopoly.
What is management?
The process of dealing with or controlling things or people/being in charge.
What is a product?
Goods or a service that is sold to a customer.
What is social responsibility?
A balance between profit making activities with activities that benefit society.
What is an entrepreneur?
A person who sets up a business or businesses, taking on financial risks in the hope of making a profit.
What is import tariff?
Tax levied by a nation on goods imported into the country.
What is exporting?
The sale of goods and services to foreign markets.
What is economics?
The social science that studies the production, distribution and consumption of goods and services.
What is a company's code of ethics?
Rules and standards that describe what a company expects of its employees.
What is a business plan?
A written description of a new business venture that describes all aspects of the business including financial and commercial.
What is cash flow?
The total amount of money being transferred into and out of a business
What is communication in the workplace?
Being able to interact with other employees.
What is capital?
The financial assets needed for a business to produce the goods and services it offers to its customers.
What is business ethics?
The principles and values that companies follow when making decisions or taking action.
What is competition?
Rivalry between businesses.
Name 2 important factors for success in international trade?
1. Producing goods that are in high demand in foreign countries.
2. Internet availability.
What is sole proprietorship?
Businesses owned and operated by one person.
What is socialism?
An economic system in which the government owns and operates basic industries but individuals own most businesses.
What is whistleblowing?
The act of exposing an employer's wrongdoing to outsiders.