Business Now
What is the definition of a business?
What is any organization or activity that provides goods and services in an effort to earn a profit?
What is the difference between macroeconomics and microeconomics?
What is Macroeconomics studies a country’s overall dynamics (GDP, taxes, employment). Microeconomics focuses on individuals, families, and businesses?
What is the definition of opportunity cost in international trade?
What is the opportunity of giving up the second-best choice when making a decision?
What are ethics?
What is a set of beliefs about right and wrong, good and bad, that guide individual decision-making?
What is the definition of communication in a business context?
What is the transmission of information between the sender and a recipient (including listening and feedback)?
What era of American business refined the production process and created greater efficiencies in the early 1900s?
What is The Production Era?
What is fiscal policy?
What is the government efforts to influence the economy through taxation and spending?
What is the difference between a trade surplus and a trade deficit?
What is surplus is where exports are greater than imports and deficit is where imports are greater than exports?
What is an ethical dilemma?
What is a decision involving a conflict of values, where every potential course of action has some significant negative consequences?
What is active listening and why is it important?
What is where the listener gives full attention to the speaker?
Name the four factors of production.
What is natural resources, capital, Human Resources, and entrepreneurship?
What does the term equilibrium price mean in supply and demand?
What is the price point at which the quantity demanded equals the quantity supplied?
What is foreign outsourcing and why do companies use it?
What is contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production?
What is a code of ethics and why is it important in organizations?
What is a formal, written document that defines ethical standards and guides employee decision-making across situations?
What does channel richness mean in communication, and which channel became popular during COVID-19?
What is how much information a communication channel can carry & videoconferencing?
What does speed-to-market mean, and why is it important?
What is the rate at which a new product moves from conception to commercialization; faster speed provides a competitive advantage?
Define socialism and communism.
What is Socialism is where the government owns/operates key enterprises for public welfare.
Communism is where the government owns virtually all enterprises under central control?
Name two examples of barriers to international trade.
What is sociocultural differences, economic differences, political/legal differences, tariffs, quotas, voluntary export restraints, embargoes?
What does the Sarbanes–Oxley Act (2002) require of public corporations?
What is Higher ethical standards, limiting conflicts of interest, and requiring financial officers and CEOs to certify the validity of financial statements?
What is the difference between active voice and passive voice in business communication?
What is active voice subject performs the action and passive voice the subject is acted upon?
What are the five key dimensions of today's business environment?
What is economic, competitive, technological, social, and global?
What are the four phases of the business cycle (besides depression)?
What is Contraction, Recession, Recovery, Expansion?
What is the USMCA and which trade agreement did it replace?
What is The United States–Mexico–Canada Agreement; it replaced NAFTA in 2020?
What is a social audit and why do companies conduct one?
What is a systematic evaluation of how well a firm is meeting its ethics and social responsibility goals; companies self-regulate to satisfy stakeholders and avoid government legislation?
List two best practices for delivering successful verbal presentations.
What is grab attention in the opening, limit main points to 2-4, use visuals effectively, keep slides simple, handle nerves with positive focus, maintain dynamic delivery?