Midterm Flashcards
(180 cards)
1
Q
the system fo business in which individuals are free todecide what to produce how toproduce it and at what price to sell it
A
free enterprise
2
Q
a system that recongnizes and respects the differences among people because of their age race ethnicity gender sexual orientation and ability
A
cultural diversity
3
Q
the organized effort of individuals ot produce and sell for a profit the goods and services that satisfy society need
A
business
4
Q
the. organized effort of individuals to produce and steel for a profit the goods and services that satisfy society need through te facilities available on the internet
A
e business
5
Q
what remains after all business expenses have been decusted from sales revune
A
profit
6
Q
all different peopel or grops of peopel who are affected by an organizations policies decision and activiteis
A
stakeholders
7
Q
the study of ow wealth is creaded and distrubited
A
economics
8
Q
the study fo the decisions made by individual and business
A
microeconomic
9
Q
the stude of the national economy and the global economy
A
macroeconmic
10
Q
teh way in which peopel deal with the creation and distribution of wealth e
A
economy
11
Q
teh way in which people dela with the creation and distribution of wealht
A
economy
12
Q
imputs and resources used ot rpoduce goods and services
A
factors of production
13
Q
a economic system in which individuals own and operate the majority of business that provide goods nd services
A
captialism
13
Q
a person who risks itme effort and money to start and operate a busines
A
entrereneu
14
Q
a term created by adam smith to describe how an individuals personal gain benefits other and a nations economy
A
invisible hand
15
Q
an economic system in which business and individuals decide what ot produce an d buy and the market determines prices and quantities sold
A
markey economy
16
Q
an econoy that exhibits eleetns of both cpaitalsm and socialism
A
mixed economy
17
Q
goods and services purchased by individuals for personal consumption
A
consumers products
18
Q
an economic systems in whhc the government decides what goods andservices will be produced how they will produced for whom available goods nad services will be produced and who owns and controls the major factors of production
A
command economy
19
Q
the average level fo output per worker per hour
A
productivity
20
Q
te totoal dollar value of all goods and services produced by al people within the boundaries of a country during a specified time period usually a one year period
A
fross domestic product
21
Q
a genral rise in the lefal of prices
A
inflation
22
Q
a general decrease in th elevel of prices
A
deflation
23
Q
the recurrence of period of growth and recession in a nations economic activity
A
business cycle
24
two or mor econsecutive three months periods of decline in a country GDP
recession
25
a sever recession that lasts longer htan a typical recession ad has a larger decine in business activity when compared to a recession
depression
26
feedrela reserves actiosn to promot maximum employemen stabize prices and increases or decreases interest rates
monetary policies
27
government influence on the amount of savinga nd expenditures
fiscal policy
28
a shortfall created when teh federal govenrmetn spends more in fiscal year the it receives
fedreal deficit
29
the total of all rederal deficits
national debts
30
revialry amoung business for sales to potention cusoters
compteion
31
the marked situation inwhich there are may buyes andsellers of a product and no single buyer or seller si powerful enough to affect the price of hat procue
perfect copetition
32
33
the quantity of a product that producers ar eiwllign to sell at each of various prices
supply
34
teh quantity of a product that butes are willing to purchase at teach of various prices
demand
35
the price at which thequanittu demanded is exactly equal to the quantity supplied
market price
36
a market situation in whihc htere are many buyers aongi wht a relatively large number of seller who differentiate their product formth products of comeption
monopolistic comeption
37
the process fo develpoing and promotin difference between a company products and all competitive proccute
producti differntiation
38
a market i which htere a fe sellers
oligopoly
39
a markey with only one seller adn customers can only buy the product or service form that seller
monopoly
40
a loose subjective measure of how ell off a individual or a society si mainly in terms fwant satisfaction through goods and servcies
stanadard of livng
41
a mtehod of manufacturing in whihc an entrepreneur distributed raw materials to various homes where families would process them into finished goods otbe offoerd for sale by the enterpreneur
domestic system
42
a systemof manufacuring in which allthe material machinery nd owrers required ot manufacture. product are assembled in one place
factor syste
43
the separatin of a manufacturin process into distinct tasks and theassignemtn of different task s to different inividual
specializaiton
44
an econommy in whihc mor effort is devoted ot the production of services that to the production fo goods
service economy
45
the online interactinthat lloows people na businesses to communicate andhsare ideas personal information and information about products or services
social media
46
teh abiity crate and maintain conditions under which presn and future generation can exist in productive harmony and permit fulfilling the social economic and other requirement of future and present generations
sustainability
47
the study of righ an dworng and of the morality of choice individu make
eithics
48
teh applicaiotn of maorl standard ot busines situaiton s
business ethics
49
knowling takeing osmeone elses ideas words
plageisn
50
when business peopel take adavatnge of situation for their own person interest rather than for employers interes
conflict of interest
51
provide sweeping legal protection for meployees who report corporate iscondt
sarbanes oxley act of 2002
52
a guide to acceptabel and ethical behavior as defined by the organization
code of ethics
53
informing the press or govnerment officisals anout unethical practices iwhtih ones organzinat
whistleblwoing
54
adopitn a stategic approach to fulfilling ecoomic ethical environmental and social responsibilites
corporate citizenship
55
a latin phrase let the buyer sbeware
caveat emptor
56
teh view htat society will benefit most when business is left alone to rocdie a market profitable products that tsoicety needs
economi c model fo social responsiblity
57
all activities undretaken to protect te right of consumer
consumris
58
a plan designed ot increase th enumber of employees form underrepresented groups at all levels wiht n an organization
affirmative action program
58
a govnerment agency wth power ot investigat complain fo emplymetn discriminating ant h power ot sue firms that practiceit
equal employeme opeutunity commissino
59
workers with llittel educaito vocaitonal traiing and a long history of unemployemt
hardocre unemployed
60
a contaminatin of wate air or lan htorugh theactiosn of people in an industriazed osieyt
pllution
61
convertin used material into new procut or ocmpeonte for new proecutn in order t recent their uncnesary disposal
recycling
62
the proces of creatin making deliverin and promotion procuts that are environmentally safe
green marketing
63
a comprehensive report of what na organizaotn has done andis doing with regard ot social issues that affect it
socia audit
64
all business activities tha tinvolve exchanges acrss national budnaries
international business
65
thebailti ot procue a specific product more efficity than nay both er nation
absolute adavanage
66
teh abitli ot produce a specific product more efficitely than nay both e rpoduct
comparative advantge
67
selling and hsippign raw material or products to other nation
exporting
68
purhcasing ra matorral or product in othe r naotin s and bring them into ones own country
importantin
69
the total vale of nations export minus the etoatl value ofits import offer a specified period of time
balance of trade
70
a negative balance of trade
trade deficti
71
the toal flow of moeny into a country minusth etoal flow of money out ftha tcoutnry over a specified period of time
balance of paymets
72
provides a link between buyers and sellers in different countries
tradign ocmpany
73
an internation barter tranxacitn
coutner trade
74
a contractual agreement in which one firm permits another
to produce and market its product and to use its brand name in return for a royalty or other compensation
licnesing
75
an arrangement in which one firm contracts with another business, often in another country, to manufacture products or product components to its specifications
contraactin manufacturing
76
an arrangement
in which one firm contracts manufacturing or other activities
to a firm in another country that specializes in those activities and can offer them at a lower cost than domestic firms
outsourcing
77
a partnership formed to create competitive advantage on a worldwide basis
strategic allaince
78
a firm that operates on a worldwide scale without ties to any specific nation or region
multinatinoal corporaton
79
a tax levied on a particular foreighn product entering a country
tariff
80
81
exportation of large quantities of a product at a price lower than that of the same product in the home market
dumping
82
nontax measure imposed by a government to favor domestic over foreign suppliers
nontaraiff barrier
83
a limit on the amount of a particular good that may be imported into a country during a given period of tim
import quoata
84
a complete halt to trading with a particular nation or of a particular product
embargo
85
a restriction on the amount of a particular foreign currency that can be purchased or sold
exchange ocntrol
86
the reduction of the value of a nation’s currency relative to the currencies of other countries
currency devaluation
87
an international organization of nations dedicated to reducing or eliminating tariffs and other barriers to world trade
general agreement of tariffs adn trade
88
powerful successor to GATT that facilitates world trade among member nations by mediating disputes and fostering efforts to reduce trade barriers
world trade organziation
89
an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies
economic community
90
an independent agency of the U.S. government whose function is to assist
in financing the exports of American firms
export import ban of the united states
91
an internationally supported bank that provides loans to developing countries to help them grow
multilateral devlepoment bank
92
a cooperative banking institution with 189 member countries
world bank
93
an international bank
that makes short-term loans to developing countries experiencing balance-of-payment deficit
intermantion monteary fund
94
a business that is owned (and usually operated) by one person
sole proprietorship
95
a legal concept that holds a business owner personally responsible for all the debts of the business
unlimite dliabiltity
96
a voluntary association of two or more persons to act as co-owners of a business for prof
partnership
97
a person who assumes full or shared responsibility for operating a busines
geeral partners
98
a person who invests money in a business but has no management responsibility or liability for losses beyond the amount they invested in the partnership
limited partner
99
(sometimes referred to as a regular or a C corporation) an artificial person, created by law, with most of the legal rights of a real person
xoroporation
100
the shares of ownership of a corporation
stock
101
a person who owns a corporation’s stock
stockholder
102
(sometimes referred to as a private corporation) a corporation whose stock is owned by relatively few people and is not sold to the general publi
closed coropoartion
103
sometimes referred to as a public corporation) a corporation whose stock can be bought and sold by any individua
open corporation
104
a corporation in the state in which it is incorporated
domestic corporation
105
a corporation in any state in which it does business except the one in which it is incorporated
foreign corporation
106
a corporation chartered by a foreign government and conducting business in the United States
alien corporation
107
he most basic form of corporate ownership and whose owners may vote on corporate policies
common stock
108
tock owned by individuals or firms who usually do not have voting rights but whose claims on dividends are paid before those of common-stock owners
preferred stock
109
a distribution of earnings to the stockholders of a corporatio
dividend
109
a legal form listing issues
to be decided at a stockholders’ meeting and enabling stockholders to transfer their voting rights to
proxy
110
the top governing body of a corporation, the members of which are elected by the stockholders
board of directors
111
the chairperson of the board, president, executive vice presidents, corporate secretary, treasurer, and any other top executive appointed by the board of directors
corporate officers
112
a feature of corporate ownership that limits each owner’s financial liability to the amount of money that they have paid for the corporation’s stock
limited liability
113
a corporation that is taxed as though it were a partnership
S corporation
114
a form of business ownership
that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership
limited liability company (LLC)
115
(sometimes referred to as nonprofit) a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit
not-for-profit corporation
116
an agreement between two or more groups to form a business entity in order
to achieve a specific goal or to operate for a specific period of time
joint venture
117
a temporary association of individuals or firms organized to perform a specific task that requires a large amount of money
syndicate
118
the combining of two corporations or other business entities to form one business
merger
119
a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the merger
hostile takeover a
120
money that is invested in small (and sometimes struggling) firms that have the potential to become successful
venture captial
121
privately owned firms that provide venture capital to small enterprises that meet their investment standard
small-business investment companies (SBICs)
122
a group of businesspeople who volunteer their services to small businesses through the SBA
Service Corps of Retired Executives (SCORE
123
groups of senior and graduate students in business administration who provide management counseling to small businesses
small-business institutes (SBIs
124
124
university-based groups that provide individual counseling and practical training to owners of small businesses
small-business development centers(SBDCs) un
125
the process of coordinating people and other resources to achieve the goals of an organization
managemnt
126
establishing organizational goals and deciding how to accomplish th
planning
127
a statement of the basic purpose that makes an organization different from others
mission
128
the establishment of an organization’s major goals and objectives and the allocation of resources to achieve them
strategic planning process
129
an end result that an organization is expected to achieve over a one- to ten-year period
goal
130
a specific statement detailing what an organization intends to accomplish over a shorter period of time
objective
131
he identification and evaluation of a firm’s strengths, weaknesses, opportunities, and threats
SWOT analysis
132
approaches and processes that a company performs well that may give it an advantage over its competitors
core competencies
133
an outline of the actions by which an organization intends to accomplish its goals and objectives
plan
134
an organization’s broadest plan, developed as a guide for major policy setting and decision making
strategic plan
135
smaller-scale plan developed to implement a strategy
tactical plan
136
a type of plan designed to implement tactical plans
operational plan
137
a plan that outlines alternative courses of action that may be taken if an organization’s other plans are disrupted or become ineffective
contingency plan
138
the grouping of resources and activities to accomplish some end result in an efficient and effective manne
organizing
139
the process of influencing people to work toward a common goal
leading
140
the process of providing reasons for people to work in the best interests of an organization
motivating
141
the combined processes of leading and motivating
directing
142
the process of evaluating and regulating ongoing activities to ensure that goals are achieved
controlling
143
an upper-level executive who guides and controls the overall fortunes of an organization
top manager
144
a manager who implements the strategy and major policies developed by top management
middle manager
145
a manager who coordinates and supervises the activities of operating employees
first-line manager
146
a manager who is primarily responsible for an organization’s financial resources
financial manager
147
a manager who manages the systems that convert resources into goods and services
operations manager
148
a manager who is responsible for facilitating the exchange of products between an organization and its customers or clients
marketing manage
149
a person charged with managing an organization’s human resources programs
human resources manage
150
a manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership
administrative manager
151
the ability to think in abstract terms
conceptual skills
152
the ability to identify problems correctly, generate reasonable alternatives, and select the “best” alternatives to solve problems
analytic skills
153
specific skills needed to accomplish a specialized activity
technical skills
153
he ability to deal effectively with other people
interpersonal skills
154
he
ability to speak, listen, and write
effectively
communication skills
155
the ability to influence
others
leadership
156
a group of two or more people working together to achieve a common set of goals
organization
157
a diagram that represents the positions and relationships within an organizatio
organization chart
158
he line of authority that extends from the highest to the lowest levels of an organization
chain of command
159
structuring the tasks and activities required to accomplish a firm’s objectives into specific jobs so as to foster productivity and employee satisfaction
job design
160
the separation of all organizational activities into distinct tasks and the assignment of different tasks to different people
job specialization
161
the systematic shifting of employees from one job to another
job rotation
162
he process of grouping jobs into manageable units
departmentalizatio
163
grouping jobs that relate to the same organizational activdepartmentalization by function
departmentalization by function
164
grouping activities related to a particular product or servic
departmentalization by
produ
165
grouping activities according to the defined geographic area in which they are performed
departmentalization by locatio
166
grouping activities according to the needs of various customer populatio
departmentalization by custome
167
assigning part of a manager’s work and power to other workers
delegation
168
the duty to do a job or perform a tas
responsibility
169
the power, within an organization, to accomplish an assigned job or ta
authority
169
he obligation of a worker to accomplish an assigned job or task
accountabilit
170
he obligation of a worker to accomplish an assigned job or task
decentralized organization
171
an organization that systematically works to concentrate authority at the upper levels of the organization
centralized organization
172
he number of workers who report directly to one manager
span of management (or span of contro
173
the number of layers, or levels, of management in a firm
organizational height
174
n organizational structure in which the chain of command goes directly from person to person throughout the organization
line structure
