Foundation Of Business Chapter 1-4 Midterm

Front 1

To operate effectively, certain inputs called _____ systems are required for all economic systems.

Back 1

factors of production

Front 2

_____ refrer to technology, tools, information, and physical facilities.

Back 2

capital

Front 3

A company that contracts with another business to perform functions previously handled by internal staff is participating in _____.

Back 3

outsourcing

Front 4

A partnership formed to create a competitive advantage for the businesses involved is known as a(n) _____.

Back 4

strategic alliance

Front 5

A person who seeks a profitable opportunity and then devises a plan to achieve that profit is called a(n) _____.

Back 5

entrepreneur

Front 6

The ability to perceive future marketplace needs and what an organization can do to satisfy them is referred to as _____.

Back 6

vision

Front 7

A(n) _____ is a name, terms, sign, symbol, design, or combination that identifies the products of one firm.

Back 7

brand

Front 8

_____ is a collection of activities that build and maintain ongoing, mutually beneficial ties between a business and its customers and other parties.

Back 8

relationship management

Front 9

_____ involves blending different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm's chances of success.

Back 9

diversity

Front 10

_____ are businesslike establishments that have primary objectives other than returning profits to their owners.

Back 10

not-for-profit organizations

Front 11

_____ refers to the standards of conduct and moral values involving decisions made in the work environment.

Back 11

business ethics

Front 12

_____ is the unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers.

Back 12

competitive differentiation

Front 13

A formal statement that defines how an organization expects and requires employees to resolve ethical questions is a(n) _____.

Back 13

code of conduct

Front 14

When a publicly traded firm is suspected of unethical or illegal behavior, the _____ will conduct an investigation.

Back 14

Securities and Exchange Commission

Front 15

The main federal regulatory force in setting workplace safety and health standards is the _____.

Back 15

Occupational Safety and Health Administration

Front 16

The standards of conduct and moral values governing actions and decisions in the work environment is _____.

Back 16

business ethics

Front 17

A situation where a business decision may e influenced by the potential for personal gain is a(n) _____.

Back 17

conflict of interest

Front 18

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 _____.

Back 18

social responsibility

Front 19

Some companies measure social performance by conducting _____ that identify and evaluate the company's activities that relate to social issues.

Back 19

social audits

Front 20

Inappropriate actions of a sexual nature in the workplace is _____.

Back 20

sexual harassment

Front 21

Having _____ means adhering to deeply felt ethical principles in all business situations.

Back 21

integrity

Front 22

_____ requires publicly trade companies to announce major information to the general public, rather than first disclosing the information to selected investors.

Back 22

Regulation FD

Front 23

The _____ requires financial officers and CEOs to personally certify the validity of a company's financial statements.

Back 23

Sarbanes-Oxley Act

Front 24

_____ refers to the responsibility of manufacturers for injuries and damages caused by their goods.

Back 24

product liability

Front 25

A person in the _____ is able to move beyond self-interest and take into account the larger needs of society.

Back 25

postconventional stage

Front 26

_____ is an employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices of his or her employer.

Back 26

whistle-blowing

Front 27

A strategy that emphasizes a firm's commitment to environmentally safe products and production is _____.

Back 27

green marketing

Front 28

_____ measures the monthly average change in prices of goods and services.

Back 28

Consumer Price Index

Front 29

_____ results in rising prices caused by a combination of excess consumer demand and increases in the costs of raw materials.

Back 29

inflation

Front 30

Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

Back 30

monetary policy

Front 31

_____ is the amount of goods and services available at various prices.

Back 31

supply

Front 32

The market price where the supply and demand curves meet is the _____.

Back 32

equilibrium price

Front 33

If the government spends more than it collects in taxes, then a(n) _____ occurs.

Back 33

budget deficit

Front 34

The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Back 34

fiscal policy

Front 35

_____ is the sum of all goods and service produced within a country's boundaries.

Back 35

gross domestic product

Front 36

_____ refers to the willingness and ability of buyers of purchase goods and services at various prices.

Back 36

demand

Front 37

An economic system where government controls determine such things as business ownership and resource allocation is called a(n) _____.

Back 37

planned economy

Front 38

During a(n) _____, consumers frequently postpone major purchases

Back 38

recession

Front 39

_____ 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.

Back 39

pure competition

Front 40

A(n) _____ is characterized by relatively few sellers and barrier to entry due to high start-up costs.

Back 40

oligopoly

Front 41

In a(n) _____ a single seller dominates trade in a product for which buyers can find no close substitute.

Back 41

monopoly

Front 42

_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Back 42

productivity

Front 43

_____ describes the fall of currency's value relative to other currencies.

Back 43

devaluation

Front 44

A nation's _____ is the rate at which can be exchanged for the currency of another nation.

Back 44

exchange rate

Front 45

A(n) _____ is a tax levied on imported products.

Back 45

tariff

Front 46

Within a(n) _____, participating countries impose no tariff on goods imported from member countries.

Back 46

free trade area

Front 47

_____ refers to selling goods abroad at a price lower than that charged in the domestic market.

Back 47

dumping

Front 48

_____ are foreign-made products and services purchased by domestic consumers.

Back 48

imports

Front 49

A country has _____ in the marketing of a product if it has a monopolistic position or it produces the product at the lowest cost.

Back 49

absolute advantage

Front 50

_____ occurs when a foreign company hires local companies to produce, distribute, or sell goods and services.

Back 50

subcontracting

Front 51

Selling U.S. soybeans to Japan is an example of U.S. _____.

Back 51

exporting

Front 52

A(n) _____ allows a company to share risks, costs, profits, and management responsibilities with another company.

Back 52

joint venture

Front 53

A(n) _____ uses a standardized product and marketing strategy worldwide.

Back 53

global strategy

Front 54

The _____ was created to promote trade through financial cooperation, while eliminating barriers in the process.

Back 54

International Monetary Fund

Front 55

A country's _____ is the different between its exports and imports.

Back 55

balance of trade

Front 56

A(n) _____ develops and markets products to serve different needs and tastes of separate national markets.

Back 56

multidomestic strategy

Front 57

A nation can have a(n) _____ in a product if it can supply it more efficiently and a at a lower price.

Back 57

comparative advantage

Front 58

A country's _____ is the overall flow of money into and out of a country.

Back 58

balance of payments

Front 59

A limit on the amount of a particular product that a country can import during a specified time period is a(n) _____.

Back 59

quota

Front 60

_____ is the amount of goods and services available at various prices.

Back 60

gross domestic product