Bus Test 1

Front 1

What is the role of business in the economy?

Back 1

Business drives up the standard for living for people worldwide, contributing to a higher quality of life via more jobs, Innovation, and taxes

Front 2

Define business

Back 2

Any organization or activity that provides goals and services in an effort to earn a profit

Front 3

Define profit

Back 3

Financial reward that comes from running a business. Its the revenue minus expenses

Front 4

When do you experience loss?

Back 4

When the expenses cost more than the revenue

Front 5

Define entrepreneur

Back 5

A person who risks their time, money, and resources to start and manage a business

Front 6

Define standard of living

Back 6

Quality and quantity of goods and services to a population

Front 7

Define quality of life

Back 7

Overall sense of well-being experienced by a group or individual

Front 8

Identify how business has evolved in the US(5 stages and years)

Back 8

1. Industrial Revolution(mid1700s-mid1800s)

2. Entrepreneurship era (mid-late 1800s)

3. Production era (early 1900s)

4. Marketing era (post WWII)

5. Relationship era (present day)

Front 9

Specify the role of nonprofits in the economy

Back 9

Nonprofit benefit the economy by giving jobs and drawing additional investment into the communities around them, Museum, schools, theaters, orchestras, Etc

Front 10

Define nonprofit

Back 10

Business like establishments that employ people and produce goods and services with the goal of contributing to the community rather than financial gain

Front 11

What are the core factors of production

Back 11

Natural resources (NOT agriculture)

Capital (synthetic resources, NOT $)

Human Resources

Entrepreneurship

Front 12

Contrast the elements of the environment affecting business

Back 12

The economic environment

the competitive environment

the tech environment

the social environment

the global environment

Front 13

Identify how business Trends are impacting careers

Back 13

Business Trends affect everybody in both the broader economy and personal financial success

Front 14

Define economics

Back 14

The study of choices that people, companies, and governments make in allocating society's resources

Front 15

Define economy

Back 15

Financial and social system of how resources flow through Society, from production to distribution, to consumption

Front 16

Define macro and microeconomics

Back 16

Macro, the study of a country's overall economic Dynamics such as the employment rate, the gross domestic product, and Taxation policies.

Micro, the study of smaller economic units such as individual consumers, families, and individual businesses

Front 17

Discuss the evolving global economic crisis

Back 17

There was prosperity in the late 90s, then the.com bubble burst in 2000 and 9/11 in 2001.

Federal Reserve lowered interest rates, but there was no investment opportunities. And 2006 housing prices peaked then fell, leading to increased foreclosure

Banks were afraid to give loans

The Fed invested money in big businesses, economy still continue to suffer, Congress passed 700 billion dollar bailout plan, Obama passed 825 billion dollar stimulus package

Economy slowly grew back

Front 18

Define fiscal policy

Back 18

Government efforts to influence the economy through taxation and spending

Front 19

Define value

Back 19

The relationship between the price of a good or a service and the benefits that it offers its customers

Front 20

Define business environment

Back 20

The setting in which business operates. The five key components are economic competitive, technological, social, and global

Front 21

Define business technology

Back 21

Any tolls, especially computers, telecommunications, and other digital products, that business can use to become more efficient and effective

Front 22

Define e-commerce

Back 22

Business transactions conducted online, typically via the Internet

Front 23

Define demographics

Back 23

The measurable characteristics of a population. Demographic factors include population size and density, as well as specific traits such as age, gender, and race

Front 24

Define economic system

Back 24

A structure for allocating limited resources

Front 25

Define capitalism

Back 25

An economic system, also known as the private Enterprise or free market system, based on private ownership, economic freedom, and Fair competition

Front 26

Define supply

Back 26

The quantity of products that producers are willing to offer for sale at different market

Front 27

Define demand

Back 27

The quantity of products that consumers are willing to buy at different market prices

Front 28

Define socialism

Back 28

An economic system based on the principle that the government should own and operate he Enterprise has that directly affect public welfare

Front 29

Define communism

Back 29

An economic and political system that calls for public ownership of virtually all Enterprises under the direction of a strong central government

Front 30

Define mixed economics

Back 30

Economies that embody elements of both planned and market-based economic systems

Front 31

Define consumer price index, CPI

Back 31

A measure of inflation that evaluates a change in the weighted average price of goods and services that the average consumer buys each month

Front 32

Define producer Price Index

Back 32

A measure of inflation that evaluates the change over time in the weighted average of wholesale prices

Front 33

What is the free market system and the supply and demand relationship?

Back 33

The dynamic interaction between buyers and sellers directly affects the range of products and prices in the free market. The relationship between price and quantity from A supplier standpoint can be shown on a graph called the supply curve. When the quantity demanded equals the quantity supplied this is called the equilibrium price.

Front 34

What tools are used to evaluate economic performance?

Back 34

GDP- measures the total value of all final goods and services produced within a nation's physical boundaries over a given. Of time adjusted for inflation

Unemployment rate- anyone over the age of 16 who is looking for a job

Consumer Price Index and the producer Price Index measure inflation and evaluate the change over time in the weighted average price of goods and services and weighted average wholesale prices

Front 35

Define balance of trade

Back 35

A basic measure of the difference in value between a nation's exports and imports, including both goods and services

Front 36

Define trade surplus

Back 36

Overage that occurs when the total value of a nation's exports is higher than the total value of its Imports

Front 37

Define trade deficit

Back 37

Shortfall that occurs when the total value of a nation's Imports is higher than the total value of its exports

Front 38

Define exchange rate

Back 38

A measure of the value of one nation's currency relative to the currency of other nations

Front 39

Define countertrade

Back 39

And international trade that involves to barter of products for products rather than for currency

Front 40

Define foreign Outsourcing

Back 40

Contracting with foreign suppliers to produce products, usually at a fraction of the cost of domestic production. Also contract Manufacturing

Front 41

Define importing

Back 41

Buying products domestically that have been produced or grown in foreign Nations

Front 42

Define exporting

Back 42

Selling products in foreign Nations that have been produced are grown domestically

Front 43

Define foreign licensing

Back 43

The Authority granted by a domestic firm to a foreign firm for the rights to produce and Market its product or used its trademark or patent rights and a defined geographical area

Front 44

Define foreign franchising

Back 44

A specialized type of foreign Licensing in which a firm expands by offering businesses in other countries the right to produce and Market its products according to specific operating requirements

Front 45

Define direct investment

Back 45

When firms either acquire foreign firms or develop new facilities from the ground up in foreign countries. Also known as foreign direct investment

Front 46

Define joint ventures

Back 46

When two or more companies join forces, sharing resources risks and profits, but not actually merging companies, to pursue specific opportunities

Front 47

Define partnership

Back 47

Eva Ontario agreement under which two or more people act as co-owners for a business for profit

Front 48

Define strategic Alliance

Back 48

An agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses. Strategic alliances typically involve less formal, but less encompassing agreements than Partnerships

Front 49

Define socio-cultural differences

Back 49

Differences among cultures in language, attitudes, and values

Front 50

Define infrastructure

Back 50

A country's physical facilities that support economic activity

Front 51

Define protectionism

Back 51

National policies designed to restrict International Trade, usually with the goal of producing domestic business

Front 52

Define tariffs

Back 52

Taxes levied against Imports

Front 53

Define quotas

Back 53

Limitations on the amount of specific products that may be imported from certain countries during a given time period.

Front 54

Define embargo

Back 54

A complete ban on International Trade of a certain item, or a total halt in trade with a particular Nation

Front 55

Define free trade

Back 55

The unrestricted movement of goods and services across International borders

Front 56

Define general agreement on tariffs and trade, g a t t

Back 56

And international trade treaty designed to encourage worldwide trade among its members

Front 57

Define World Trade Organization, w t o

Back 57

A permanent Global institution to promote international trade and to settle International Trade disputes

Front 58

Define World Bank

Back 58

An international Cooperative of 188 188 member countries, working together to reduce poverty in the developing world

Front 59

Define international monetary fund, IMF

Back 59

An international organization of 188 member nations that promotes International economic cooperation and stable growth

Front 60

Define North American Free Trade Agreement, n a f t a

Back 60

The treaty among the United States, Mexico, and Canada that eliminated trade barriers and investment restrictions over 15 year period Starting in 1994

Front 61

Define the European Union, EU

Back 61

The world's largest common market, comprised of 28 European nations

Front 62

Why do nation's trade?

Back 62

Access to factors of production, reduced risk of dependence on one economy, inflow of innovation

Front 63

How do we measure trade?

Back 63

Balance of trade, balance of payments, and exchange rates

Front 64

What is balance of trade

Back 64

The basic measure of the difference between a nation's exports and imports

Front 65

What is the balance of payments

Back 65

A measure of the total flow of money into and out of a country

Front 66

How do companies reach Global markets?

Back 66

Foreign Outsourcing, importing, exporting, foreign licensing, foreign franchising, direct investment, joint ventures, partnership, strategic Alliance

Front 67

What are barriers to international trade?

Back 67

Socio-cultural differences, economic differences, political and legal differences, laws and regulations, International Trade restrictions

Front 68

What are the benefits and criticisms of the free trade movement?

Back 68

Encourages worldwide trade among members, some say it undermines local economies by introducing deep-pocket Global competitors who drive out smaller firms. Cripples poor countries in the long-term.

Front 69

Define ethics

Back 69

A set of beliefs about right and wrong, good and bad

Front 70

Define universal ethical standards

Back 70

Ethical Norms that apply to all people across a broad spectrum of situations

Front 71

Define business ethics

Back 71

The application of right and wrong, good and bad, in a business setting

Front 72

Define ethical dilemma

Back 72

A decision that involves a conflict of values, every potential course of action has some significant negative consequences

Front 73

Define code of ethics

Back 73

A formal, written document that defines the ethical standards of an organization and gives employees information they need to make ethical decisions across a range of situations

Front 74

Define whistleblowers

Back 74

Employees who report their employers illegal or unethical Behavior to either the authorities or the media

Front 75

Define social responsibility

Back 75

The obligation of a business to contribute to society

Front 76

Define stakeholders

Back 76

Any groups that have a stake, or personal interest, and the performance and actions of an organization

Front 77

Define consumerism

Back 77

A social movement that focuses on four key consumer rights:

1. The right to be safe

2. The right to be informed

3. The right to choose

4. The right to be heard

Front 78

Define corporate philanthropy

Back 78

All business donations to nonprofit groups, including money, products, and employee time

Front 79

Define cause-related marketing

Back 79

Marketing Partnerships between business and nonprofit organizations, designed to Spike sales for the company and raise money for the nonprofit

Front 80

Define corporate responsibility

Back 80

Business contributions to the community Through the actions of the business itself rather than donations of money and time

Front 81

Define sustainable development

Back 81

Doing business to meet the needs of a current generation, without harming the ability of future generations to meet their needs

Front 82

Define social audit

Back 82

A systematic evaluation of how well a firm is meeting its ethics and social responsibility goals

Front 83

What are the universal ethical standards

Back 83

Demonstrating trustworthiness, respect, responsibility, fairness, caring, and citizenship

Front 84

How does ethics relate to the individual and the organization?

Back 84

Organizational culture has a bigger influence than any other ethical variable on the conduct of individual employees

Front 85

How does social responsibility impact stakeholder groups?

Back 85

Maintain social responsibility for stakeholder groups, make them happy over the long term

Front 86

Define communication

Back 86

The transmission of information between a sender and a recipient

Front 87

Define noise

Back 87

Any interference that causes the message you send to be different from the message your audience understands

Front 88

Define communication barriers

Back 88

Obstacles to effective communication, typically defined in terms of physical, language, body language, cultural, perceptual, and organizational barriers

Front 89

Define Intercultural communication

Back 89

Communication among people with different cultural backgrounds

Front 90

Define nonverbal communication

Back 90

Communication that does not use words. Common forms of non-verbal communication include gestures, posture, facial Expressions, tone of voice, and eye contact

Front 91

Define active listening

Back 91

Attentive listening that occurs when the listener focuses his or her complete attention to the speaker

Front 92

Define communication channels

Back 92

Various ways in which a message can be sent, ranging from one-to-one in-person meetings to internet message boards

Front 93

Define bias

Back 93

A preconception about members of a particular group. Common forms of Vice include gender bias, age bias, and race ethnicity, or nationality bias

Front 94

Define active voice

Back 94

Sentence construction in which the subject performs the action Express by the verb. The active voice works better for the mass majority of business Communications. Example, the accountant did the taxes

Front 95

Define passive voice

Back 95

Sentence construction in which the subject does not do the action Express by the verb, rather the subject is acted upon. The passive voice tends to be less effective for business communication. Example, the taxes were done by our accountant

Front 96

Define dynamic delivery

Back 96

Vibrant, compelling presentation delivery style that grabs and holds the attention of the audience

Front 97

Why is excellent business communication important?

Back 97

Great communication can boost your chances of influencing the people around you

Front 98

What are the key elements of nonverbal communication?

Back 98

Eye contact, tone of voice, facial expressions, gestures and posture

Front 99

What are the different communication channels and what makes them effective?

Back 99

In-person face-to-face meetings, Internet Posting, text messaging, phone calls, Etc. The needs and expectations of the audience make them effective or ineffective

Front 100

How do you choose the right words effective communication?

Back 100

Consider the expectations, education level, and profession of your audience. Include all information, but be concise, avoid slang, avoid bias

Front 101

How do you compose effective business memos, letters, and email?

Back 101

Strike the right tone, don't make grammar mistakes, youth block paragraphs, use headings and bulleted list whenever appropriate

Front 102

How do you compose effective business memos, letters, and email?

Back 102

Strike the right tone, don't make grammar mistakes, youth block paragraphs, use headings and bulleted list whenever appropriate

Front 103

How do you deliver successful verbal presentations?

Back 103

Grab attention in opening, stick to 224 main points, be prepared for questions, give visual aids, Google presentations, handle nerves, make eye contact, deliver dynamically