Intro to Business Ch. 1-3

Joint venture

A __________ is a partnership formed to achieve a specific goal or to operate for a specific period of time.

Total receipts exceed total payments

A favorable balance of payments means that?

Import Quota

A limit on the amount of a particular good that may be brought into a country during a given period of time is called a(n) ________

Business Ethics

Copley Pharmaceutical, Inc. recently pled guilty to federal criminal charges for falsifying drug manufacturers' reports to the Food and Drug Administration. This is an example of a company that failed to exercise proper

Growing

Despite trade restrictions, international business is ________

Comparative

By definition, every country has a(n)________ advantage in some product.

Whistle Blowing

Informing the press or government officials about unethical practices within one's organization is called

Describe what to do in every ethical situation

Intel expects its code of ethics and shared values to provide all of the following benefits except

is an Independent agency of US government

The Export-Import Bank of the United States

protect national security

The United States does not sell fighter jets, such as F-16s, to Libya. The rationale for this restriction is most likely to

Social Responsibility is someone else's job

The economic model of social responsibility holds that society will benefit most when business is left alone to produce and market profitable products that socioty needs. This economic model is based on the notion that

Competition

What does the government encourage in order to protect the consumer's right to choose?

favorable balance of trade

When a country exports more than it imports, it has a(n)?

Unfavorable balance of trade

When a country imports more than it exports, it has a(n)?

Federal Deficit

When the U.S. government spends more than it receives within a fiscal year, this is called the

At the end of World War II

When was GATT first established?

Real Gross Domestic Product

Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted for inflation?

Establish and enforce a code of ethics

Which of the following is the most effective way to encourage ethical business behavior?

Bill Clinton

Which president stated that consumers have the right to service?

They will open a service business

Xavier and Yvette are discussing starting a business that will take little start-up capital but, nonetheless, meets the needs of customers. They have reviewed a variety of cconomic and business publications and found one type of businest seems to fit their capital requirements. This type of business employs 86 pereent of the nation's workforce. What type of business will they open?

Dumping

________ is the exportation of large quantities of a product at a price lower than that of the same product in the home

Human

_________ resources are the individuals who provide labor for an organization in exchange for wages.

Specialization

Refer to Home Inspirations. Mary feels that for productivity to improve, the company must practice

Demand

Refer to Satellite Cornraunications, Now that Steven plans to open his own business, he needs to look at the factors of production. Which of the following is not a factor of production?

86

Service businesses employ approximately_____ percent of the U.S. work force.

Entrepreneur

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

Market

A price at which the demanded quantity is equal to the quantity supplied of that product is called the ________ price.

Report of what a business has done and is doing about social issues

A social audit is a?

Reports illegal unethical conduct within his or her corporation

A whistle-blower is a person who?

Money

All of the following are material resources for Honda Motor Company except..

North Korea

Although changes have occurred over the years, ___________ is historically considered to have a communist economy.

Protection of the health of citizens

Arguments for the government imposing restrictions on foreign trade include

The right to safety

Glenn bought a ladder at the local hardware store. He took it home and read the instructions then set it up by following the instructions and the diagrams on the ladder itself. The ladder had been tested by the manufacturer for quality and reliability. Me used it several times over the next year, becoming more comfortable with using it each time. The last time he used it, he was painting the eves of his house and, while stretching to reach a corner, the brace on the ladder gave way causing him to fall to the ground and break his leg. Which of the basic consumer rights was violated by the ladder company?

Goods needed by the government

In a communist country such as North Korea, emphasis is placed on producing what type of goods?

Personal Goals

Marilyn, age 25, has set a personal goal of being vice president of ABX Corp. by the time she is 32. She has determined that nothing will stand in her way of her goal. She hears that the president of ABX Corp. is engaged in a business enterprise with the president of a competitor that is a conflict of interest with his role of president. She reports the business relationship to the press anonymously. Upon hearing the news, the board of directors of ABX Ccrp. calls a special meeting to investigate the charges. Finding them to be true, they terminate the president and promote the existing vice president to president and Marilyn to vice president. What individual factor most affected Marilyn's ethical decision?

Green Marketing

Method creates sustainable household products such as soaps, detergents, and household cleaners. The company does not test on animals, use biodiesel fuel to power their U.S. truck shipments, and make their core cleaning bottles from 100% recycled plastic. Method is participating in...

Refer to Manna's Colice. Before he got his job, another description for the employee who was hired over Eun-Sang would be __________

Minority

Selling

Of the following, which is not considered a basic management function necessary to be an effective manager?

What are the three sets of factors that influence the standards of behisvior in an organization?

Opportunity, individual factors, social factors

Manufacturing Businesses

Organizations that combine raw materials, machinery, and labor to produce goods are called?

Has had a little impact on climate change

Pollution does all of the following except..

_____________ is the process of developing and promoting the differences belween one's products and other similar products.

Product Differentiation

Environmental protection agency (EPA)

The federal agency charged with enforcing laws to protect the environment is the

strategic alliance

The newest forms of international business structure developed to create competitive advantage on a worldwide basis are called

Green Marketing

The process of creating, making, delivering, and promoting products that are environmentally safe is called

increase the efficiency

The purpose of specialization is to

Social Responsibility

The recognition that business activities affect society and the consideration of that impact when making business decisions is referred to as

Quality of life

The sociocconomic model of social responsibility places primary emphasis on

Industrial Revolutionist

The use of the factory system in the United States helped to usher in the _____

Refer to Landfall Service. Because the company is known for its ability to produce lawn fumiture more efficiently than any other company in the world, the company must have a(n) ___________ advantage.

absolute