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60 Cards in this Set
- Front
- Back
To operate effectively, certain inputs called _____ systems are required for all economic systems.
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factors of production
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_____ refrer to technology, tools, information, and physical facilities.
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capital
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A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.
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outsourcing
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A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.
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strategic alliance
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A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.
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entrepreneur
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The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.
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vision
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A(n) _____ is a name, terms, sign, symbol, design, or combination that identifies the products of one firm.
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brand
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_____ is a collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.
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relationship management
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_____ involves blending different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm's chances of success.
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diversity
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_____ are businesslike establishments that have primary objectives other than returning profits to their owners.
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not-for-profit organizations
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_____ refers to the standards of conduct and moral values involving decisions made in the work environment.
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business ethics
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_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers.
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competitive differentiation
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A formal statement that defines how an organization expects and requires employees to resolve ethical questions is a(n) _____.
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code of conduct
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When a publicly traded firm is suspected of unethical or illegal behavior, the _____ will conduct an investigation.
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Securities and Exchange Commission
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The main federal regulatory force in setting workplace safety and health standards is the _____.
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Occupational Safety and Health Administration
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The standards of conduct and moral values governing actions and decisions in the work environment is _____.
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business ethics
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A situation where a business decision may e influenced by the potential for personal gain is a(n) _____.
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conflict of interest
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Management's acceptance of the obligation to consider profit, consumer satisfaction, and societal well-being of equal value in evaluation the firm's performance is _____.
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social responsibility
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Some companies measure social performance by conducting _____ that identify and evaluate the company's activities that relate to social issues.
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social audits
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Inappropriate actions of a sexual nature in the workplace is _____.
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sexual harassment
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Having _____ means adhering to deeply felt ethical principles in all business situations.
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integrity
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_____ requires publicly trade companies to announce major information to the general public, rather than first disclosing the information to selected investors.
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Regulation FD
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The _____ requires financial officers and CEOs to personally certify the validity of a company's financial statements.
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Sarbanes-Oxley Act
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_____ refers to the responsibility of manufacturers for injuries and damages caused by their goods.
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product liability
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A person in the _____ is able to move beyond self-interest and take into account the larger needs of society.
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postconventional stage
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_____ is an employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices of his or her employer.
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whistle-blowing
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A strategy that emphasizes a firm's commitment to environmentally safe products and production is _____.
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green marketing
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_____ measures the monthly average change in prices of goods and services.
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Consumer Price Index
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_____ results in rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials.
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inflation
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Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.
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monetary policy
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_____ is the amount of goods and services available at various prices.
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supply
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The market price where the supply and demand curves meet is the _____.
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equilibrium price
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If the government spends more than it collects in taxes, then a(n) _____ occurs.
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budget deficit
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The use of government tax and spending policies to bring about desired changes in the economy is called _____.
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fiscal policy
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_____ is the sum of all goods and service produced within a country's boundaries.
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gross domestic product
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_____ refers to the willingness and ability of buyers of purchase goods and services at various prices.
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demand
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An economic system where government controls determine such things as business ownership and resource allocation is called a(n) _____.
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planned economy
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During a(n) _____, consumers frequently postpone major purchases
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recession
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_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogeneous products, with no single participant having a significant influence on price.
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pure competition
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A(n) _____ is characterized by relatively few sellers and barrier to entry due to high start-up costs.
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oligopoly
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In a(n) _____ a single seller dominates trade in a product for which buyers can find no close substitute.
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monopoly
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_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.
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productivity
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_____ describes the fall of currency's value relative to other currencies.
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devaluation
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A nation's _____ is the rate at which can be exchanged for the currency of another nation.
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exchange rate
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A(n) _____ is a tax levied on imported products.
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tariff
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Within a(n) _____, participating countries impose no tariff on goods imported from member countries.
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free trade area
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_____ refers to selling goods abroad at a price lower than that charged in the domestic market.
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dumping
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_____ are foreign-made products and services purchased by domestic consumers.
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imports
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A country has _____ in the marketing of a product if it has a monopolistic position or it produces the product at the lowest cost.
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absolute advantage
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_____ occurs when a foreign company hires local companies to produce, distribute, or sell goods and services.
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subcontracting
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Selling U.S. soybeans to Japan is an example of U.S. _____.
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exporting
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A(n) _____ allows a company to share risks, costs, profits, and management responsibilities with another company.
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joint venture
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A(n) _____ uses a standardized product and marketing strategy worldwide.
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global strategy
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The _____ was created to promote trade through financial cooperation, while eliminating barriers in the process.
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International Monetary Fund
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A country's _____ is the different between its exports and imports.
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balance of trade
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A(n) _____ develops and markets products to serve different needs and tastes of separate national markets.
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multidomestic strategy
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A nation can have a(n) _____ in a product if it can supply it more efficiently and a at a lower price.
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comparative advantage
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A country's _____ is the overall flow of money into and out of a country.
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balance of payments
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A limit on the amount of a particular product that a country can import during a specified time period is a(n) _____.
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quota
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_____ is the amount of goods and services available at various prices.
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gross domestic product
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