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Business 202 Chapters 1-4 Detailed Questions
And Expert Answers
Business - ANS any activity that seeks to provide goods and services to others while operating at a profit business environment - ANS the surrounding factors that either help or hinder the development of businesses Climate Change - ANS the movement of the temperature of the planet up or down over time database - ANS an electronic storage file for information demography - ANS the statistical study of human population with regard to its size, density, and other characteristics such as age, are, gender, and income e-commerce - ANS the buying and selling of goods over the internet empowerment - ANS giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
entrepreneur - ANS a person who risks time and money to start and manage a business factors of production - ANS The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. goods - ANS tangible products such as computers, food, clothing, cars, and appliances greening - ANS the trend toward saving energy and producing products that cause less harm to the environment identity theft - ANS the obtaining of individuals' personal information, such as social security and credit card numbers, for illegal purposes loss - ANS when a business's expenses are more than its revenues nonprofit organization - ANS an organization whose goals do not include making a personal profit for its owners or organizers Outsourcing - ANS Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks. productivity - ANS the amount of output you generate given the amount of input(e.g., hours worked)
technology - ANS Everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, and productive. brain drain - ANS the loss of the best and brightest people to other countries business cycles - ANS the periodic rises and falls that occur in economies over time capitalism - ANS an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit Command Economies - ANS economic system in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow Communism - ANS An economic and political system in which the government makes almost all economic decisions and owns almost all of the major factors of production Consumer Price Index (CPI) - ANS monthly statistics that measure the pace of inflation or deflation core inflation - ANS CPI minus food and energy costs Deflation - ANS A situation in which prices are declining
demand - ANS The quantity of products that people are willing to buy at different prices at a specific time Depression - ANS A severe recession, usually accompanied by deflation Disinflation - ANS a situation in which price increases are slowing (the inflation rate is declining) Economics - ANS The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals fiscal policy - ANS The federal governments efforts to keep the economy stable by increasing or decreasing taxes or government spending free market economy - ANS economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows Gross Domestic Product (GDP) - ANS The total value of final goods and services produced in a country in a given year Gross Output (GO) - ANS A measure of total sales volume at all stages of production
monopolistic competition - ANS The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different monopoly - ANS A degree of competition in which only one seller controls the total supply of a product or service, and sets the price national debt - ANS The sum of government deficits over time Oligopoly - ANS A degree of competition in which just a few sellers dominate the market perfect competition - ANS The degree of competition in which there are many sellers in the market and none is large enough to dictate the price of a product Producer Price Index (PPI) - ANS an index that measures the change in prices at the wholesale level recession - ANS two or more consecutive quarters of decline in the GDP resource development - ANS The study of how to increase resources and to create the conditions that will make better use of those resources
socialism - ANS an economic system based on the primise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people stagflation - ANS The situation when the economy is slowing the prices are going up anyhow state capitalism - ANS A combination of freer markets and some government control supply - ANS The quantity of products that manufactures or owners are willing to sell at different prices at a specific time unemployment rate - ANS The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks absolute advantage - ANS The advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries balance of payments - ANS The difference between money coming into a country and money leaving the country plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment
embargo - ANS A complete ban on the import or export of a certain product, or the stopping of all trade with a particular country exchange rate - ANS The value of one nations currency relative to the other currencies of other countries exporting - ANS selling products to another country Foreign Direct Investment (FDI) - ANS The buying of permanent property and businesses in foreign nations foreign subsidiary - ANS A company owned in a foreign country by another company, called the parent company free trade - ANS The movement of goods and services among nations without political or economic barriers general agreement on tariffs and trade (GATT) - ANS A 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions importing - ANS buying products from another country import quota - ANS A limit on the number of products in certain categories that a nation can import
joint venture - ANS A partnership in which two or more companies, often from different countries, join to undertake a major project licensing - ANS A global strategy in which a firm, the licenser, allows a foreign company, the license, to produce its product in exchange for a fee, a royalty multinational corporation - ANS an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management North American Free Trade Agreement (NAFTA) - ANS agreement that created a free trade area among the United States, Canada, and Mexico Sovereign Wealth Funds (SWFs) - ANS investment funds controlled by governments holding large steaks and foreign companies strategic alliance - ANS A long-term partnership between two or more companies establish to help each Company build competitive market advantages tariff - ANS tax imposed on imports trade deficit - ANS and unfavorable balance of trade, occurs when the value of a countries imports exceeds that of its exports
Corporate Social Responsibility (CSR) - ANS A business is concerned for the welfare of society ethics - ANS standards of moral behavior, behavior accepted by society has right versus wrong insider trading - ANS an unethical activity in which insiders use private company information to further their own fortune are those of their family and friends integrity-based ethics codes - ANS ethical standards that define the organizations guiding values, create environment that supports ethically sound behavior, and stress a shared accountability among employees social audit - ANS A systematic evaluation of an organizations progress towards implementing socially responsible and responsive programs whistleblowers - ANS insiders report illegal or unethical behavior
