Term
|
Definition
| an organization that provides goods or services that are then sol to earn profits |
|
|
Term
|
Definition
| the difference between a business's revenues and its expenses. the rewards owners get for risking their money and time |
|
|
Term
| consume choice and demand |
|
Definition
the freedom of consumers to choose how to satisfy their wants and needs the freedom of business owners to decide how to meet those wants and needs |
|
|
Term
|
Definition
|
|
Term
|
Definition
technological environment-register political-legal environment- govonor sociocultural environment- traditions |
|
|
Term
|
Definition
a nation's system for allocating its resources among its citizens, both individuals and organizations labor: human resouces capital: financial resouces entrpreneurs: persons who risk starting a business physical resources: tangible thins used to conduct business: land, buildings |
|
|
Term
|
Definition
| a centralized government controls all of most factors of production and makes all or most productiona dn allocation decisions for the economy |
|
|
Term
|
Definition
| karl marx: individuals would contribute according to thier abilities adn receive benefits according to their needs |
|
|
Term
|
Definition
US: socialism: the governement owns and operates select major industries such as banking and transportation. smaller businesses are privately owned. peru: milk, health care |
|
|
Term
|
Definition
the willingness and ability of buyers to purchase a product the willingness and ability of producers to offer a good or service for sale |
|
|
Term
| laws of supply and demand |
|
Definition
demand: buyers will purchase more of a product as its price drops and less as its price increases supply: producers will offer more of a product for sale as its price rises and less when it drops beannie babies, webkins VCR 600 |
|
|
Term
| private enterprise system |
|
Definition
hooters allows indidivudals to pursue their own interests with minimal government restriction |
|
|
Term
|
Definition
prices are determined by supply and demand because no single firm is powerful enough to influence the price of its product -all firms in an industry are small the number of firms is large video store, farm products principals of perfect competition: -buyers view all products as identical -buyers and sellers know the prices that others are paying and receiving in the marketplace -it is easy for firms to enter or leave market -prices are set exclusively by supply and demand and accepted by B and S |
|
|
Term
|
Definition
numerous sellers trying to differentiate their products for control over price many sellers sellers can enter and leave market easy large numbers of buyers relative to sellers applies potential limits to prices detergent hamburger joints |
|
|
Term
|
Definition
boeing aircraft: industry with only a few large sellers hard to enter actions of one firm can chang price with more globalizataion more oligopolies will come |
|
|
Term
|
Definition
cable-suddenlink industry with one producer supplier has complet control over prices |
|
|
Term
|
Definition
| beliefs about what's right and wrong or good and bad |
|
|
Term
|
Definition
| behavior conforming to individual beleifs and social norms about wahts right and good |
|
|
Term
|
Definition
| behavior conforming to indivual beliefs and social norms about what is defined as wrong and bad |
|
|
Term
| sources of personal codes of ethics |
|
Definition
childhood responses to adult behavior influence of peers experiences in adulthood developed morals and values |
|
|
Term
| encouraging ethicalbehavior involves |
|
Definition
adopting written codes of conduct and establishng clear ethical positions for the conduct of business having top management demonstrate its upport of ethical standards johnsona dn johnson- cynaide and tylenol |
|
|
Term
|
Definition
| the oerall way in which a business attempts to balance its commitments to relevant groups and indivduals in its social environment |
|
|
Term
stakeholder model of responsibilty: customers environment |
|
Definition
businesses strive to treat customrs faily and honestly river burt into flames, has a responsibilty towards environment |
|
|
Term
| responsibility twoard customers |
|
Definition
pricing products fairly: no gauging rights: safe products, to be informed, heard, choose what to buy, educated about purchases, coureous serive pres. kennedy consumer bill or rights: better business bureau |
|
|
Term
|
Definition
when two or more firms agree to collaborate on such wrongful acts as price fixing responding to increased demand with overly steep adn often unwarranted price: homedeport, 5.99 gas truth in adveritsing: bait and switch |
|
|
Term
responsibility twoard employees toward investors |
|
Definition
provide protectin for whistleblowers proper financial management (no insider trading) martha stewart |
|
|
Term
Approaches to Social Responsibility |
|
Definition
|
|
Term
|
Definition
ØA company does as little as possible and may deny or cover up violations |
|
|
Term
|
Definition
ØA company does everything required of it legally but no more |
|
|
Term
|
Definition
ØA company meets its legal and ethical requirements and also goes further in certain cases |
|
|
Term
|
Definition
a company actively seeks to contribute to the well-being of groups and individuals in its social environment |
|
|
Term
| Managing Social Responsibility Programs |
|
Definition
1.Social responsibility must start at the top and be considered as a factor in strategic planning. 2.A committee of top managers must develop a plan detailing the level of management support. |
|
|
Term
[image]Small Business Defined |
|
Definition
A business that is independent (not part of a larger business) and that has relatively little influence in its market. location important has service industry: one half of small business fanagle bangles |
|
|
Term
|
Definition
| One who accepts the risks and opportunities of creating, operating and growing a new business resourceful, good customer relations, be their own boss, deal with uncertainy, rely on networks |
|
|
Term
buying existing business franchising |
|
Definition
less risk becaue already has rep established name subway disadvantages: start up costs, crispy creame 1000000 needs to has who and where customers are |
|
|
Term
| reasons for sucess and failuure |
|
Definition
poor management hardwork, drive and dedication commitment to customer sercive |
|
|
Term
|
Definition
ØSole proprietorship: Owned and operated by one person ØPartnership: Sole proprietorship multiplied by the number of partner-owners ØCorporation |
|
|
Term
|
Definition
advantage: freedom, low start up costs disadvantages: unlimited liability homebuilders:!179 |
|
|
Term
partnerships general or active partners |
|
Definition
more talent and money disagreements among partners who is usually the person who runs the business and is responsible for its survival and growth |
|
|
Term
|
Definition
ØAn artificial being, invisible, intangible, and existing only in contemplation of the law” Corporations May: ØSue and be sued ØBuy, hold, and sell property advantages: limited liability disadvanage: dobe tax of dividents |
|
|
Term
stockholders board of directs corporate officers |
|
Definition
investors who buy ownership share in the form of stock group elected by stockholders to oversee corportate management top managers hired by the board to run the corp |
|
|
Term
|
Definition
| prtners share ownership of a new enterprise |
|
|
Term
|
Definition
ØThe process by which the world’s various national economies and trading systems are fast becoming a single highly interdependent system |
|
|
Term
|
Definition
| The rate at which the currency of one nation can be exchanged for that of another vanilla mexico |
|
|
Term
|
Definition
ØWhen a country can produce something that is cheaper and/or of higher quality than any other country ØAn advantage based on possessing a scarce resource (e.g., oil) or favorable physical location saudi arabai |
|
|
Term
|
Definition
ØWhen a country can produce goods more efficiently or better than other countries can produce the same goods ØAn advantage based on superior productivity (e.g., technologically-advanced manufacturing capability US: cars and agriculture |
|
|
Term
| barriersto international trade |
|
Definition
social and cultural differences: mcdonalds legal and political different: business practices economic differences |
|
|
Term
|
Definition
ØGovernment order forbidding exportation and/or importation of a product or all products from a specific country - cuba taxes on imported goods: ford of russia- 166% tariff and pay off mafia |
|
|
Term
| 6 principals that made carpool work |
|
Definition
free student run comforable conventient rewarding for everyone nonjudgemental |
|
|
Term
| 7 keys to successful entreupreship |
|
Definition
positive thinking agressive steps stay focused surround yourself with success integrity open minded networking |
|
|
