Show:
Free Enterprise System
Business Opportunities
Government and Laws
Social Responsibilities and Ethics
Supply and Demand
100
What is a business ownership by ordinary people, not by the government? This is also the basis of a market-oriented economy.
Private Enterprise - Free Enterprise System
100
What is the difference between a global and a domestic business?
Domestic - within own country Global - worldwide
100
What are the 3 branches of the United States Government?
1. Legislative 2. Judicial 3. Executive
100
What are ethics?
Knowing the difference between right and wrong.
100
How does the market determine price?
Interaction of supply and demand.
200
What are the 3 basic elements of the Free Enterprise System?
1. Freedom to own property 2. Freedom to compete 3. Freedom to take risks 4. Freedom to make a profit
200
What is derived demand?
The consumer market and the organization market are interrelated because the organization market is based on the consumers demand for products and services.
200
What branch is the USDA - U.S. Department of Agriculture a part of?
Executive Branch
200
What are 6 ways a company can identify and accommodate their employees' needs outside the workplace?
1. Flextime 2. Telecommuting 3. Extended Family Leave 4. On-Site Childcare 5. Health Care Benefits 6. Time Off With Pay
200
What is the law of supply?
The economic rule that price and quantity supplied move in the same direction.
300
What is the difference between price competition and non-price competition?
Price competition focuses on the sale of a product and non-price competes based on factors not related to price (reputation, quality, serve, etc.)
300
What does NAICS stand for and what is it?
1. North American Industry Classification System 2. This is a classification system that classifies economic activity into 20 industry sectors.
300
What is the Securities and Exchange Commission?
Regulates the sale of securities (stocks and bonds).
300
What is one example of price gouging?
Hiking prices of gas after a natural disaster where the resource is desperately needed.
300
What is it called when supply exceeds demand? What is it called when demand exceeds supply?
1. Surplus 2. Shortages
400
What are the 4 intellectual property rights and how do they differ from one another?
1. Patent - own the rights to an idea or an item. 2. Trademark - a word, name, symbol, sound, or color that identifies a good or service. 3. Copyright - anything authored by an individual (song, book, etc.) 4. Trade Secret - information a company keeps and protects for its own use only.
400
What are the four major functions of business?
1. Production and Procurement 2. Marketing 3. Management 4. Finance and Accounting
400
What does the Equal Employment Opportunity Commission do?
It is responsible for the fair and equitable treatment of employees with regards to hiring, firing, and promotions.
400
What act was passed in response to the corporate scandals that involved misuse of company funds and unethical corporate governance?
Sarbanes-Oxley Act of 2002
400
What is it called when both producer and consumer are satisfied with the price?
Equilibrium
500
Individuals can invest in businesses through purchasing stocks in that company. What is the major difference between a common stock and a preferred stock?
Common Stock - have voting rights so they can influence management policies. Preferred Stocks - no voting rights, but receive payments sooner.
500
What are 4 things one should look for when doing a SWOT analysis if they are evaluating production?
1. Innovation 2. Speed to Market 3. Efficiency 4. Level of success with products
500
Why is it important to analyze the U.S. Government's role in promoting free enterprise and its abilities to enforce those principles overseas?
Governments in other countries may not provide legal protection or infrastructure necessary to ensure that businesses operate in a safe and secure manner.
500
What is a non-profit organization that promotes self-regulation among businesses?
Better Business Bureau (BBB)
500
What happens when there is a poor season for growing avocados?
The price of the avocados will rise.