Midterm 1

Question 1

Standard of living

Answer 1

Amount of goods and services you can buy

Question 2

Quality of life

Answer 2

Wellbeing if society (freedom etc)

Question 3

Factors of production

Answer 3

Land labor capital entrepreneurship knowledge

Question 4

Malthus

Answer 4

Small population needed

Question 5

Adam smith

Answer 5

Invisible hand, humans are a resource

Question 6

GDP

Answer 6

Total value of final goods and services produced in a country

Question 7

Fiscal policy

Answer 7

Govt tries to stabilize economy: taxes and spending

Question 8

Monetary policy

Answer 8

Fed manages interest rates and money supply

Question 9

Lest risky to most strategies for going global

Answer 9

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

Question 10

Licensing

Answer 10

Right to manufacture product or whatever to foreign company

Question 11

Export assistance centers

Answer 11

Small and medium businesses help

Question 12

Franchise

Answer 12

Agreement where someone spelled rights to business in An area

Question 13

Contract manufacturing

Answer 13

Foreign company makes goods and domestic attaches their name/ trademark

Question 14

Joint venture

Answer 14

Shared expertise, tech, and risk.

Question 15

Strategic alliance

Answer 15

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

Question 16

Multinational corporation

Answer 16

Must have physical presence in multiple countries

Question 17

Sovereign wealth funds

Answer 17

Investment funds controlled by govts holding large stakes in foreign companies

Question 18

Common markets

Answer 18

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

Question 19

Hedonism

Answer 19

I did what was best for me

Question 20

Conventionalism

Answer 20

Legal loophole or everyone else did it

Question 21

Organizational ethics

Answer 21

My decision matches organizational policy

Question 22

Procedural justice

Answer 22

Equality

Question 23

Distributive justice

Answer 23

Rewards and punishment assigned equally

Question 24

Compensatory justice

Answer 24

Ppl should be compensated if not fair

Question 25

Care

Answer 25

Responsibility to reduce harm or suffering, policies can have exceptions

Question 26

Justice

Answer 26

Fairness. Conflicts can be solved with logic

Question 27

Compliance based

Answer 27

Punish ppl who disobey code

Question 28

Adam smith on ethics

Answer 28

Firms will behave as ethical as required by society

Question 29

Milton Friedman on ethics

Answer 29

Business is business

Question 30

Foreign corrupt practices act

Answer 30

Can't bribe foreign officials

Question 31

Sarbanes oxley

Answer 31

Improve reliability of corporate disclosures

Question 32

Master limited partnerships

Answer 32

Traded on stock market, taxed like partnership

Question 33

Limited liability partnerships

Answer 33

Not liable for partner actions

Question 34

Limited partnership

Answer 34

One person is just funding or something

Question 35

S corporations

Answer 35

``` 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 ```

Question 36

Vertical merger

Answer 36

Merges with an element of supply chain

Question 37

Horizontal merger

Answer 37

Merge or acquire same type of company

Question 38

Conglomerate

Answer 38

Buy company in any industry

Question 39

Franchise disadvantages

Answer 39

Large startup cost, share profit, coattail effect,

Question 40

Micropreneurs

Answer 40

Balance life and business

Question 41

Intrapreneurs

Answer 41

Ppl within organizations that use resources to design and launch products

Question 42

Small business importance

Answer 42

50% of GDP, 65% of new jobs,

Question 43

Business plan

Answer 43

Super detailed statement about stuff

Question 44

Micro loans

Answer 44

Up to 35 I

Question 45

SBIC

Answer 45

Small business investment company

Question 46

SBDC

Answer 46

Small business development centers

Question 47

Guaranteed loan

Answer 47

Backed by someone even if borrower defaults

Question 48

Export loans

Answer 48

Loan to produce and supply goods

Question 49

Planning

Answer 49

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

Question 50

Operational planning

Answer 50

Pricess of setting work standards and schedules to implement tactical objectives

Question 51

Organizing

Answer 51

Allocate resources, assign tasks, establish policies and procedures

Question 52

Controlling

Answer 52

Measuring performance relative to standards. Order goes communicate results, then take corrective action

Question 53

Frederick Taylor

Answer 53

Scientific management

Question 54

Hawthorne study

Answer 54

Ppl behave differently when observed

Question 55

Mcgregor theory x

Answer 55

Ppl need punishment to be motivated

Question 56

Mcgregor theory y

Answer 56

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

Question 57

Alderfer

Answer 57

ERG theory, existence relatedness, growth

Question 58

McClelland theory

Answer 58

Needs theory: achievement, affiliation, power

Question 59

Herzberg

Answer 59

Motivators and hygiene factors

Question 60

Expectancy theory

Answer 60

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

Question 61

Smart goals

Answer 61

Specific, measurable, attainable, relevant, time oriented

Question 62

Age discrimination

Answer 62

Over 40

Question 63

Human resource inventory

Answer 63

Personnel inventory, development record

Question 64

Hr planning steps

Answer 64

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

Question 65

Selection process

Answer 65

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

Question 66

Performance appraisal process

Answer 66

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

Question 67

Vestibule training

Answer 67

Less serious than job simulation, but very similar