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39 Cards in this Set

  • Front
  • Back

worlds largest importer

usa

worlds largest exporter

china

comparative advantage

Everyone does best when each person (or country) concentrates on the activities for which his or her opportunity cost is lowest.

differential advantage

product is more different and consumers want them because they think they cant obtain them anywhere else

absolute advantage

monopoly on producing specific product or produces products more efficiently than others



Most important advantage of free trade

competitive market

balance of trade

difference in value of a nations exports compared to it's imports. Balance of trade is a part of balance of payments

balance of payments

difference between money coming in and money leaving PLUS all other money flows

licensing

buying or renting rights to a company's brand

royalties

franchisees pay franchisor

What is foreign corrupt practices act responsible for?

controlling financial transparency and preventing bribery

two provisions under trade protectionism

quota (amount of import/export values)


embargo (total ban on importing)

three countries part of the North America Free Trade Agreement (NAFTA)

Mexico, US, Canada

what are the three questions when deciding if a decision is ethical?

is it legal? is it ethical? is it fair or balanced? how will it make me feel about myself?

Compliance based ethics code

based on rules and punishment

integrity based ethics code

creates environment that supports ethical behavior

whistle-blower is

an insider who reports illegal or unethical behavior

most important step in establishing an ethics code in the workplace

enforcement

philanthropy

charitable donations to nonprofit groups of all kinds



social initatives

more of the company actually doing social work

four basic rights proposed by JFK

right to safety




to choose




to information




to be heard



insider trading

gaining unfair private company info to further ones own fortune

social audit

systematic measurement, understanding, reporting, and ultimately improving company's ehtical and social performance

why are labor standards an ethical concern in global trade

there is no universal law regarding labor standards

carbon footprint

an entity's environmental impact

how would a new employee learn the values and culture of a company

by observing others

s corporation

no more than 100 shareholders.




taxed like sole proprietorships



c corporation

no limits on shareholders




taxed twice

who elects board of directors in organizational structure

shareholders

horizontal

merger between companies in same industry

vertical

between firms in different stages of production

conglomerate

merger between two firms who make different unrelated products

entrepreneur

takes on risk of starting buisness

micropreneur

starts home based business will remain small

intrapreneur

works ans an entrepreneur within a buisness

enterprise zones

geographic ares where gov't offers lower takes and other government support

incubator

low cost offices and other basic services like management training

when the SBA offers you small business loan they need to see

business plan

section of bushiness plan written last but is read first by investors

executive summary