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Flashcards in Midterm 1 Deck (67):
1

Standard of living

Amount of goods and services you can buy

2

Quality of life

Wellbeing if society (freedom etc)

3

Factors of production

Land labor capital entrepreneurship knowledge

4

Malthus

Small population needed

5

Adam smith

Invisible hand, humans are a resource

6

GDP

Total value of final goods and services produced in a country

7

Fiscal policy

Govt tries to stabilize economy: taxes and spending

8

Monetary policy

Fed manages interest rates and money supply

9

Lest risky to most strategies for going global

License, exporting, franchise, contract manufacture, international joint venture/ alliance, foreign direct investment

10

Licensing

Right to manufacture product or whatever to foreign company

11

Export assistance centers

Small and medium businesses help

12

Franchise

Agreement where someone spelled rights to business in An area

13

Contract manufacturing

Foreign company makes goods and domestic attaches their name/ trademark

14

Joint venture

Shared expertise, tech, and risk.

15

Strategic alliance

Don't share costs/ risks/ management. Do share expertise in markets

16

Multinational corporation

Must have physical presence in multiple countries

17

Sovereign wealth funds

Investment funds controlled by govts holding large stakes in foreign companies

18

Common markets

Regional groups that agree to eliminate tariffs among them and coordinate laws to improve trade

19

Hedonism

I did what was best for me

20

Conventionalism

Legal loophole or everyone else did it

21

Organizational ethics

My decision matches organizational policy

22

Procedural justice

Equality

23

Distributive justice

Rewards and punishment assigned equally

24

Compensatory justice

Ppl should be compensated if not fair

25

Care

Responsibility to reduce harm or suffering, policies can have exceptions

26

Justice

Fairness. Conflicts can be solved with logic

27

Compliance based

Punish ppl who disobey code

28

Adam smith on ethics

Firms will behave as ethical as required by society

29

Milton Friedman on ethics

Business is business

30

Foreign corrupt practices act

Can't bribe foreign officials

31

Sarbanes oxley

Improve reliability of corporate disclosures

32

Master limited partnerships

Traded on stock market, taxed like partnership

33

Limited liability partnerships

Not liable for partner actions

34

Limited partnership

One person is just funding or something

35

S corporations

Look and act like regular but taxed like a sole proprietor or partner, 100 shareholders, one class stock, less than 25% of income from
Passive

36

Vertical merger

Merges with an element of supply chain

37

Horizontal merger

Merge or acquire same type of company

38

Conglomerate

Buy company in any industry

39

Franchise disadvantages

Large startup cost, share profit, coattail effect,

40

Micropreneurs

Balance life and business

41

Intrapreneurs

Ppl within organizations that use resources to design and launch products

42

Small business importance

50% of GDP, 65% of new jobs,

43

Business plan

Super detailed statement about stuff

44

Micro loans

Up to 35 I

45

SBIC

Small business investment company

46

SBDC

Small business development centers

47

Guaranteed loan

Backed by someone even if borrower defaults

48

Export loans

Loan to produce and supply goods

49

Planning

Setting goals, developing strategies, determine resources needed, set standards

50

Operational planning

Pricess of setting work standards and schedules to implement tactical objectives

51

Organizing

Allocate resources, assign tasks, establish policies and procedures

52

Controlling

Measuring performance relative to standards.

Order goes communicate results, then take corrective action

53

Frederick Taylor

Scientific management

54

Hawthorne study

Ppl behave differently when observed

55

Mcgregor theory x

Ppl need punishment to be motivated

56

Mcgregor theory y

Managers need to motivate employees the right way cuz they want to work

57

Alderfer

ERG theory, existence relatedness, growth

58

McClelland theory

Needs theory: achievement, affiliation, power

59

Herzberg

Motivators and hygiene factors

60

Expectancy theory

Can I do this, what's the reward, is the reward worth effort

61

Smart goals

Specific, measurable, attainable, relevant, time oriented

62

Age discrimination

Over 40

63

Human resource inventory

Personnel inventory, development record

64

Hr planning steps

HR inventory, job analysis, assess future HR demand, asses future labor supply, establish HR strategic plan

65

Selection process

Application forms, interviews, tests, background check, physical exams, probationary period

66

Performance appraisal process

Establish standards, communicate standards, evaluate, discuss results, corrective action, results to make decisions

67

Vestibule training

Less serious than job simulation, but very similar