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Vocabulary
Terms
Business & Economics
Ethics & Social Responsibility
100
A form of business organization defined as an association of two or more persons operating as co-owners.
What is partnership?
100
the state of being responsible for something
What is liability?
100
The primary goal of all businesses
What is to earn profit
100
Choosing between the welfare of the organization and the individual's advancement of personal interests.
What is conflict of interest
200
Two companies combining to form a new company.
What is a merger?
200
The process of dealing with or controlling things or people
What is management?
200
A good or service with tangible and intangible characteristics that provides satisfaction and benefits.
What is a product
200
A business's obligation to maximize its positive impact and minimize its negative impact on society.
What is social responsibility
300
A person who organizes and manages any enterprise, usually with considerable initiative and risk.
What is a entrepreneur?
300
The sale of goods and services to foreign markets
What is exporting?
300
The study of how resources are distributed for the production of goods and services within a social system
What is economics
300
Formalized rules and standards that describe what a company expects of its employees.
What is the company's code of ethics
400
A written description of a new business venture that describes all aspects of the business.
What is a business plan?
400
Being able to interact in the workplace.
What is communication?
400
The funds used to acquire the natural and human resources needed to provide products.
What is capital
400
Principles and standards that determine acceptable conduct in business.
What is business ethics
500
Rivalry among businesses.
What is competition?
500
Businesses owned and operated by one individual.
What is sole proprietorship?
500
An economic system in which the government owns and operates basic industries but individuals own most businesses.
What is socialism
500
The act of exposing an employer's wrongdoing to outsiders.
What is whistleblowing