Intro to Business Test#1

______ is the only resource that has been produced.

Capital

Both for-profit and nonprofit organizations can earn _________.

revenues

Companies today are held to___________ than ever before. Consumer and other groups consider not only the quality and price of a company's products but also its commitment to environmental and social concerns.

higher standards

_________ is one of the most common examples of a corporation engaged in unethical behavior.

Bribery

_____________ regulate(s) actions and behaviors that lie beyond control from government and applies to all aspects of business conduct relevant to an entire organization and individual actions.

Business Ethics

What is business ethics?

Business ethics refers to contemporary standards or values that govern the actions and behavior of individuals in the business organization and the actions of the business as a whole

A business's positive impact on the environment and stakeholders is encouraged through _____________ strategies.

Corporate Social Responsibility

Corporate philanthropy, cause-related marketing, and sustainability are examples of ______________ programs.

Corporate Social Responsibility

What is a code of ethics?

Corporations and professional organizations, particularly licensing boards, will usually have a written "Code of Ethics" that governs standards of professional conduct expected of all in the field.

Businesses are most likely to hire new employees during which stage of the economic cycle?

Expansion

_________ are an important source of revenue for many countries.

Exports

Compared to International Business, _______is broader.

Globalization

___________ are based on private enterprise, which means economic decision-making happens through markets.

Market economies

What are external forces that affects businesses?

The external factors affecting a business comprise of such factors as technology, government, and its policies, economic forces and elements, socio-cultural factors, and international factors.

What are internal forces that affects businesses?

The internal factors that affect a business are such factors as employees, competitors, customers, suppliers and the culture of the organization.

What do natural resources include?

They are found in nature and They can be used for the production of goods and services. A key feature of natural resources is that people can't make them?.

Periods of increasing and decreasing real GDP describes _______

a business cycle.

Sweatshop refers to a factory that is guilty of some sort of labor abuse or violation, such as unsafe working conditions, employment of children, mandatory overtime, payment of less than the minimum wage, unsafe working conditions, abusive discipline, sexual harassment, or violation of labor laws and regulations.

any manufacturing facility guilty of to or more abuses cited above.

What is cause-related marketing?

corporations associating the sales of its product to a program of donations or support for a charitable or civic organization.

Managing multiple and varying currencies is an _________ in a global business environment.

economic challenge

When higher prices result in a lower quantity demanded, economists call this relationship the _______.

law of demand

Excess supply occurs when the actual price in some market is ________ · the equilibrium price.

less/greater than

For a for-profit business, the primary goal is to _________ profits for owners.

maximize

A non-profit business is a business that provides goods or services to consumers but whose primary goal is________ profit to the owners.

not to return

In a _________, government determines the prices for goods and services, and government also determines what goods will be produced.

planned economy

During an economic peak, business is booming, prices are high, and it is difficult to hire new workers because _______

virtually everyone is already employed.