Business Foundations/ Economics | Business Ethics & Social Responsibility | Business in a Global Environment | Forms of Business Ownership | Challenges of Starting a Business |
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Who are the main participants?
customers, employees, and owners in a business
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What is business ethics?
The application of ethical behavior in a business context
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What is an absolute advantage?
a nation that is the only source of a particular product, it has:
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What is a sole proprietorship?
the most common form of business ownership, accounting for nearly 72%, that is owned by only one person
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What is an entrepreneur?
someone who identifies a business opportunity and assumes the risk of creating and running a business to take advantage of it
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What is Economics?
the study of the production, distribution, and consumption of goods and services
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What is an ethical decision?
A right-vs-wrong decision that is either ethical or unethical morally or legally
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What is a balance of trade?
subtracting the value of a country's imports from its exports value, we can determine
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What are advantages?
(blank) of a sole proprietorship include complete control of business, no special income tax pay, and few government regulations
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What is a small business?
an independently owned and operated business that exerts little influence in its industry and has fewer that 500 employees
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What is Capitalism?
in a free market system, also known as (blank), business is conducted with limited government involvement
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What is a whistle-blower?
an individual who exposes illegal behavior in an organization
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What are tariffs?
taxes on imports
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What is a corporation?
Also known as a C-corp: is a legal entity that is separate from the parties who own it
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What is a business plan?
document that identifies the goals of your proposed business and explains how it will achieve them
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What are natural and legal monopolies?
the two types of monopolies in which goods/services can be categorized
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What is a triple bottom line?
companies measuring performance by profit, people, and planet are in support of this approach
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What is NAFTA?
the agreement of the US, Canada, and Mexico to open their borders to unrestricted trade
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What is a merger?
when two companies combine to form a new company
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What is a mission statement?
fundamental beliefs about what is important and what is appropriate in conducting company activities
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What is World War II?
the event that caused national debt to increase between 1940-1945
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What is a fiduciary responsibility?
Corporate has a (blank) to safeguard the company's assets and handle funds in a trustworthy manner
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What is offshoring?
when a company sets up facilities in a foreign country to replaces US manufacturing facilities that produce goods sent back to the US
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What is a hostile takeover?
assuming control that is resisted by the targeted company's management and board of directors.
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What are disadvantages?
Financial risk, stress, time commitment, and undesirable duties are a few (blank) to consider when deciding to start a business
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