128 Multiple choice questions
- visual that explains the organization structure
transferring of manufacturing or other tasks - such as data processing -
to countries where labor and supplies are less expensive.
- general agreement on tariffs and trade, replaced by the WTO in 1995.
- a firm's shared values, beliefs, traditions, philosophies, rules, and role models for behavior - developed over time.
- earn a profit.
- difference between what it costs to make and sell a product and what a customer pays for it.
- balancing global brands with the needs of local consumers.
- to meet a particular customer's needs or wants
- transforming resources into goods and services. Function as a whole. The core of most organizations.
- natural, human and financial resources used to produce goods and services.
- pure cap. has less govt. reg. than mod. cap.
- provide products more efficiently, at a lower cost, greater customer satisfaction
- stiffened penalties for corporate fraud and securities fraud
- a plan used by international companies that involves customizing products, promotion and distribution.
- -39% of all high-tech jobs in it
- behavior of people and organizations in markets for particular products and services
- the purchase of goods and services from foreign countries
like a corporation but is taxed like sole proprietorships and
partnerships. shareholders (limited #), benefit of limited liability,
profits are taxed only as the personal income of the shareholder.
- percent of population that wants to work but is unable to find a job.
- an organization's purpose and philosophy
- a good or service with tangible and intangible characteristics that provide satisfaction and benefits.
- total control of a specific product
entities created by the state whose assets and liabilities are separate
from its owners. (typically owned by shareholders/stock holders. a
corporation is created, incorporated, under the laws of the state in
which in incorporates)
- 72% of the GDP in the US ex. salons, colleges, airlines
- -unlimited liability
-taxation of partnerships
- Actionable, specific. Achieve tactical plans. 1 month, 1 week, 1 day. For first line managers (supervisors).
- common goal
- mutually accountable
- loan money to underdeveloped and developing countries.
- double taxation.
- owner having a special claim to profit before stockholders do.
- distribution of resources.
- two or more persons who carry on as co-owners. Share some of the liability.
- government owns and operates basic industries but individuals own most businesses. ex. sweden, israel, india
- copeing with change.
- the differences between what a nation exports and imports.
- implementing, maintaining, and controlling technology applications in business.
- disadvantages of a sole proprietorship
agency on the federal government that offers managerial and financial
assistance to small businesses. individual owned and operated, less than
500 employees, not dominant in its field, 55% of all innovations
- legal documents that set forth the basic agreement between partners.
- undercapitalization (lack of capital to sustain past 5 years)
- not immediately affiliated with the corporation.
- strategy implementation, 1 year or less. For middle management.
- grapevine. managers can utilize as a sounding device.
- govt. determines what goods and services are produced
- -utilization of resources
or organizations trying to earn a profit by providing products that
satisfy people's needs. Entrepreneur risks wealth, time, and effort to
develop and innovative product or service with the hope of great profit.
- a group of firms or nations that group together
- the act of a country or business selling products at less than what it costs to produce them
- ethical/unethical choice
- regular dividends.
least one general partner who assumes unlimited liability and at least
one limited partner whose liability is limited to his of her investment
in the business
- government owned
ex. NASA, USPS
- owned by one or a few people closely involved in managing the business
- two companies forming one new company
- businesses obligation to maximize its positive impact and minimize its negative impact on society.
- self-contained units that can be combined or interchanged to create different products
- price at which number of products supplied equal amount of products consumers are willing to buy at a specific time.
- how a society distributes its resources to produce goods and services
- monthly stats that measure the pace of inflation or deflation.
- business remains small doing the work they love and is balanced with their lifestyle.
- one indiv. most common in US
- the sale of goods and services to foreign markets. (The US exports over $2 trillion in goods and services annually)
- individuals elected by the stockholders to oversee the general operation of the corporation. focus on long-range objectives
- segment of the economy that provides services to consumers. Economic activity in a particular activity.
basis of most international trade, when a country specializes in
products that it can supply more efficiently or at a lower cost than it
can produce other items.
- identical product. Fast, reduces production cost
- a private corporation who wishes to go "public" selling a corporations stock on public markets for the first time.
- goal of outputs to be worth more than the cost of the inputs
- legal document filled with basic info about the business. may include names and addresses of the initial board of directors.
- -explanation of business
-analysis of competition
-income/expense analysis (estimates)
- allows for the acquisition of raw materials and goods at favorable prices.
monopoly that exists when a country is the only source of an item, the
only producer of an item or the most efficient producer. Best when a
natural resource so it can be sustained.
- advantages of a sole proprietorship
- selling or borrowing against an asset
- principles and standards that determine acceptable conduct in business
- the physical facilities that support economic activities
- free enterprise. individuals own and operate majority of business. ex. australia, japan, us
- resource acquisition and coordination. Resources: people, raw materials, equiptment, money, information
- the buying, selling and trading of goods and services across national boundaries.
employees, investors, government regulators, community and society.
Those that have a stake in the success and outcomes of a business are
- -top (strategic. president, CEO CFO COO exec. director)
-middle (tactical. implement top management plans)
-first-level (operational. supervise workers, daily operations)
- a prohibition on trade for a particular product.
- Total value of final good sand services produces in a country in a given year.
trade among member nations by eliminating trade barriers, fostering
financial cooperation, providing short term loans to member countries,
functioning as a world central bank
- the activities and processes used in making tangible and intangible products
- natural, human (labor), and financial (capital).
- the activities and processes used in making TANGIBLE PRODUCTS
- a strategy that involves standardizing products for the whole world.
- international organization dealing with the rules of trade between nations
- the purchase of one company by another.
for the debts of the business is limited to the amount the limited
partner puts into the company; personal assets are not at risk.
- limited liability and taxation like a partnership but places fewer restrictions on members
- provide goods and services but do not have the fundamental purpose of earning profit.
- arrangment or relationship of positions within an organization.
- nation's economy as a whole
- integrating all parties distribution system to satisfy customers
- formalized rules and standards that describe what a company expects of its employees
- funding for new business in exchange for an ownership interest or stock.
- from bank or lending institution
- giving employees tasks, and empowering them to make committments, use resources and get the task done.
- a tax levied on a nation's goods imported into the country
- a restriction on the # of units of a particular product that can be imported into a country
- new product
- number of goods/services consumers buy at given price at a specific time.
- maintain its established quality standards through inspection and sampling.
- working as an entrepreneur within a corporation
- throughout the organization to solve specific problems
- government makes almost all economic decisions and owns almost all the major factors of production. ex. china, cuba
- a corporation whose stock anyone may buy, sell or trade
goal: facilitate communication, minimize duplication.
- Step-by-step explanation of the goals you want to achieve in business. A must for a financial institution to loan you money.
- complete sharing in both the management and liability of the business
- inflation, recession, depression.
- number of products businesses will sell at different prices at a specific time
- employed by the corporation
- achieves an organizations objectives by using resources effectively and efficiently.
- limited liability
- market largely determines what goods and services are produced, who gets them, and how the economy grows.
- labor, materials, energy converted to
between you and financial institution up to a certain sum (like a
credit card). Most small businesses financed by self, family, relatives,
- 1. define the situation
2. collect information
3. develop alternatives
4. decide which alternative is best
5. begin implementation
6. determine if it worked/follow up
- long range objectives and overall strategy, 2-10 years in future. For executive level and upper level managers.