Business 100 Exam 1 Review

what is Business to Consumer (B2C)?

process of selling goods and services directly between a business and consumers.

what is e-commerce?

the buying and selling of goods over the internet

what is the difference in strategy between profit and non-profit organizations?

A profit organization is when they make money, and a nonprofit organization is an organization whose goals do not include making a personal profit for its owners or organizers.

what is the difference between the balance of trade and the balance of payments?

Balance of trade is total value of a nations exports compared to its imports over a particular period . Balance of payments is the difference between money coming into a country and money leaving the country.

what is the evolution of U.S. business and how has it affected US jobs/economy?

In the 1800s, the agricultural industry led economic development.• Technology, like the harvester and cotton gin, made large-scale farming successful.• This led to fewer farmers with larger farms.• Industrialization in the 19th and 20th centuries moved jobs from farms to factories.• As technology improved productivity, fewer workers were needed in factories.

what is insourcing and what are its consequences of it?

Insourcing is when foreign companies are opening offices and factories in the United States, which is called insourcing.

What is a loss?

Loss is when a business's expenses are ore than its revenues.

what is outsourcing and what are its consequences of it?

Outsourcing is contracting with other companies (often in other countries) to do some of the functions of a firm, like production for accounting.

What is profit?

Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

what is revenue?

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

what is risk?

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

what is identity theft?

The obtaining of individuals' personal information, such as Social Security and credit card numbers, for illegal purposes.

Are US small businesses role in global trade expanding?

Yes, to help them take advantage of all potential opportunities.

what is. absolute advantage?

a country has a monopoly on producing a specific product or is able to produce it ore effieciently than all other countries.

what is comparative advantage?

a country should sell to other countries those products that it produces most efficiently.

what are the 2 kinds of tariffs?

a tax imposed on imports.

what is Business to Business (B2B)?

a transaction or business conducted between one business and another.

what is database?

an electronic storage file for information.

what is trade protectionism and why do advocates believe in it so much?

use of government regulations to limit the import of goods and services.

how do you measure global trade?

value of exports - value of imports = balance of trade.

what is product dumping?

when a company sells its exports to another country at a lower price than it sells the same product in its domestic market.