What is...
What is a tariff?
a tax or duty to be paid on a particular class of imports or exports.
What are the 4 factors of production?
land, labor, capital, and entrepreneurship.
What is an exchange rate?
the value of one currency for the purpose of conversion to another.
What is a quota?
a limited quantity of a particular product which under official controls can be produced, exported, or imported.
What are some characteristics of a sweatshop?
A sweatshop is characterized by poor working conditions, unfair wages, long hours, and other labor law violations.
Why is this important when trading with other countries?
allows countries to specialize in producing goods and services where they have a comparative advantage, leading to increased global efficiency and higher overall production.
What is a copyright?
a law that gives the work an ownership or a property of an owner.
What are the three steps to Merchandise Planning?
post-season analysis, pre-season planning, and in-season adjusting.
What is the term used to describe the relationship between the value of a country’s imports and exports?
balance of trade
What is the FLSA and the purpose for it?
to ensure fair compensation for employees, protect children from hazardous work, and establish consistent standards across the country.
What are the two main challenges with merchandise planning?
accurately forecasting consumer demand and effectively managing inventory across both online and brick-and-mortar channels.
Why may it be important to be informed about a country’s culture?
fostering understanding, respect, and effective communication, both personally and professionally.
What is the FTC in charge of?
enforcing federal consumer protection laws and antitrust laws.
What do retailers analyze?
sales performance, inventory levels, customer behavior, marketing campaign effectiveness
Define Corporate Social Responsibility.
means companies operate ethically, considering their impact on society and the environment, beyond just making money.