business

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1.

3 main things a business needs

Management skills to organize and plan to make products people will buy Marketing expertise Financial resources : a monopoly that exists when a country is the only source of an item, the only producer of an item, or the most efficient producer of the item. father of capitalism, first described freemarket system the one who acts on behalf of the principal to accomplish the task. deals with review the case that has already went to court by reading the transcript, and decide whether the judge made a mistake or not. submission of a dispute one of more third partys come, this decision must be followed.

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cartel

a group of firms of nations that agrees to act as a monopoly and not compete with each other, in order to generate competitive advantage in world markets. Competition, supply, and demand determine which goods and services are produces, and how they are produced and distributed. The people (through the gov) own and operate all business and factors of production. Central government decides what goods and services society needs, and how they are distributed central planning determines what goods/services, how there produced, and how there distributed. Other individuals supply other goods based on demand defines all laws not classified as criminal, and specifies the rights and duties of individuals and organizations. : prohibits price discrimination, tying and exclusive agreements, and acquisition of stock in another corporation where the effect may be to substantially lessen competition or tend to create a monopoly. formalized rules and standards that describe what a company expects of it's employees First described by Karl Marx as a society in which the people, without regard to class, own all the nations resources. : the basis of most international trade, when a country specializes In products that it can supply more efficiently or at a lower cost than it can produce other items. rivalry among businesses for consumers money. Creates efficiency and low prices Improves quality of goods the activities that independent individuals, groups, and organizations, undertake to protect their rights as consumers. : the hiring of foreign company to produce a specified volume of the initiating company's product to specification' the final product carries the domestic firm's name. protect ownership rights

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absolute advantage

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characteristic of capitalism

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adam smith agent appellate court

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characteristics of communism

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characteristics of socailism

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arbitration

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Asia-Pacific Economic Cooperation (APEC)

an international trade alliance that promotes open trade and economic and technical cooperation among members of other nations. Different because of it's commitment to facilitate business and it's practices of allowing the business to participate in a wide range of activities. : the difference in value between a nations exports and imports . the difference between the flow of money into and out of country.

civil law

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clayton act

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balance of trade balance payments breach of contract bribe budget deficit business

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codes of ethics

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failure or refusal of a party to a contract to live up to promises. : payments, gifts, or special favors intended to influence the outcome of a decision. the condition in which a nation spends more than it takes from taxes. individuals or organizations who try to earn a profit by providing products that satisfy people's needs : principles and standards that determine acceptable conduct in business organizations. An individual or work group's decision that society evaluates as right or wrong. : rules and regulations that govern the conduct of business economic system in which individuals own and operate the majority of business that provide goods and services
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communism

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comparative advantage

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competition

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business ethics

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consumerism

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business law capitalism/free enterprise

contract manufacturing

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copyright

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corporate citizenship

: the extent to which business meet the legal, ethical, economic and voluntary responsibilities placed on them by their stakeholders. foreign trade agreements that involve bartering products for other products instead of for currency not only prohibits a certain kind of action, but enforces a punishment downword spiral of prices the number of goods and services that consumers are willing to buy at different prices at specific times condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced. the ownership of overseas facilities. May include the development and operation of new facilities. (Starbucks in Japan) the act of a country of business selling products at less than it cost to produce them (tariffs are set for this reason). Allows for quick entry into a market, market is better overseas. economic development exchange rates : a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers. the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment describes how a particular society distributes its resources to produce goods and services. study of how resources are distributed for the production of goods and services. : equal distribution of income and social services : prohibition on trade in a particular product. (religion, political, economic, or health reasons) individual who risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something.

46.

equilibrium price

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countertrade agreements criminal law deflation demand

the price at which the number of products that businesses are willing to supply equals the amount of products consumers are willing to buy at a specific point in time (where demand and supply curve intersect) : an identifiable problem, situation, or opportunity that requires a person to choose from among several actions that may be evaluated as right or wrong, ethical or unethical physical threats, false accusations, profanity, insults, yelling, harshness, being unreasonable, and ignoring someone. influence actions, leak secrets, and meet obligations and responsibility. false and misleading advertisement, and deceptive selling tactics. most common, occurs when a person mush choose to advance his or her own personal interests or those of others. disclosure of potential harm (BPA free)

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ethical issue

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depression

ethical issues in abusive and intimidating behavior ethical issues in business relationships ethical issues in communications ethical issues in conflict of interest ethical issues in fairness and honesty ethical issues in misuse of company resources ethical, legal, and political barriers European Union

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direct investment

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dumping

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economic barriers economic contraction

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embezzling funds to excessive us of e-mail even time theft (long lunch)

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economic expansion

laws and regulations tariffs and trade restrictions exchange control political stability : a union of European nations established in 1958 to promote trade among it's members; one of the largest single markets today. Trying to standardize regulations and requirements, import duties, value-added taxes; elimination of custom checks; and the creation of standardized currency. American society- gov can step in to reduce inflation by cutting economic growth regulations that restrict the amount of currency that can be bought or sold the ratio at which one nation's currency can be exchanged for another nation's currency

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economic system economics egalitarianism embargo

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example of modified capitalism in the US exchange controls exchange rates

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entrepeneur

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export agent

handle international transactions for other firms. Purchase products outright and mark up prices to sell back, also responsible for storage and transpiration. Have to deal with foreign currencies, paying tariffs, and paperwork. the sale of goods and services to foreign markets. stipulates the specific terms of the seller will honor Individual standards and values Managers' and co-workers' influence Opportunity to engage in misconduct

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General Agreement on Tariff and Trade (GATT) global strategy (Globalization)

a trade agreement originally signed by 23 nations in 1947, that provided a forum for tariff negotiations and a place where international trade problems could be discussed and resolved. a strategy that involves standardizing products (also promotion and distribution as much as possible) for the whole world as if it were a single entity. (Starbucks, clothing) : creating a positive association with environmental issues for an unsuitable product, service, or practice. the sum of all goods and services produced in a country during a year by buying products that have been imported and reselling them within their own business

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exporting express warranty factors in business that influence business ethics factors of production Federal trade commission (FTC) finance financial resources fixed tariff four dimensions of social responsibility four types of competition

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greenwashing

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gross domestic product (GDP) how do businesses first get involved with international business human resources implied warranty import tariff importing infastructure

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natural, human, and financial resources that lead to products ): influences business activities related to questionable practices that create disputes between business and their customers. all activities concerned with obtaining money and using it effectively. the funds used to acquire the natural and human resources needed to provide products (capital) specific amount of money levied on each unit of product. Economic Legal Ethical Voluntary pure competition monopolistic competition oligopoly monopoly : a form of licensing in which a company (the franchiser) agrees to provide a franchisee a name, logo, methods of operation, advertising, products, and other elements associated with a franchiser's business. In return for a financial commitment and the agreement to conduct business in accordance with the franchiser's standard of operations. : purposeful unlawful act to deceive or manipulate in order to damage others. provides and opportunity for a business to succeed of fail on the basis of market demand. a agreement that is underway that will progressively eliminate trade barriers and create the world's largest free trade zone.

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physical and mental abilities that people use to produce goods and services (Labor) imposed on the producer or seller by law although it may not be a written document presented at the time of the sale a tax levied by a nation on goods imported into the country the purchase of goods and services from foreign sources. the physical facilities that support a country's economic activities such as railroads, highways, ports, airfields, utilities and power plants, schools, hospitals, communication systems, and commercial distribution systems. : involves attempting to enhance a firm's profitability in a manner that is inconsistent with past practice, guidelines, or industry practice. a condition characterized by a continuing rise in prices : foreign companies transferring jobs to U.S. companies property such as musical works, artwork, books, and computer software. : the buying, selling, and trading of goods and services across national boundaries

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franchising

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inflating earnings

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inflation insourcing intellectual property international business

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fraud free enterprise Free Trade Area of the Americas

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International Monetary Fund (IMF)

organization established in 1947 to promote trade among member nations by eliminating trade barriers and fostering financial cooperation. Also makes short-term loans to member countries, and provides foreign currency to member nations. Can also help countries get out of debt by lending them money. economic ethical. legal, and political social and cultural technological What goods/services, how much of each, will it satisfy? How will goods/services be made, who will make them, with what resources will they be made from How will goods/services be distributed the sharing of the cost and operation of a business between a foreign company and a local partner. Many LCD's do not permit investment by foreign countries by individuals. So if a company wants to do business in another country they must set this up. legal power of a court through a judge to interpret and apply the law and make a decision in a particular case. businesses must obey the laws of the hose country. : one person takes another to court to solve a dispute. characterized by lower per-capita income, meaning that people are less likely to buy non-essential items : people who got loans with no or little collateral, bad credit. : a trade agreement in which one company (the licensor) allows the other company (the licensee) to use it's company name, products, patents, brands, trademarks, raw materials, and/or production processes in exchange for a fee or royalty. Good when small manufacturers want to launch a well-known brand internationally (Yoplait) Coordination of employees to achieve firms goal Acquiring, developing, and using resources (including ppl) effectively and efficiently Making decisions to achieve long-term and short-term goals

100.

main elements of marketers

Gather information and conduct research see what ppl want Plan and develop products, decide what to charge, and when/ where they will be available Advertise products : when the U.S sets us factories in Mexico because of the low labor costs and proximity. : form of negotiation to resolve a dispute by bringing a third party in to help resolve it. (gives suggestions) both parties agree to present a summarized version of their case to an independent third party. : economies made up of elements from more then one economic system. Most nations have this : government will intervene and regulate business to some extent (laws) the market structure that exists when there are fewer businesses than in a purecompetition environment and the differences among the products are small. (aspirin, vacuum cleaners) : the market structure that exists when there are very few businesses selling a product. Individual businesses have power of their product's price because each business supply much product to the marketplace, but the prices are usually similar. Exist when it is expensive to enter the marketplace(airlines) corporation that operates on a worldwide scale, without significant ties to any one nation or region. : a plan, used by international companies that involves customizing products, promotion, and distribution according to cultural, technological, regional, and national differences. (McDonalds changing menu to serve religious purposes in India) land, forests, minerals, water, and other things not synthetic. organizations that may provide goods or services but do not have the fundamental purpose of earning profits (red cross, special Olympics)

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Maquiladoras

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international trade barriers issues all economic systems must address

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mediation

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mini-trial

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mixed economics modified capitalism monopolistic competition

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joint venture

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jurisdiction

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monopoly

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laws and regulation barriers lawsuits lessdeveloped countries (LCD'S) liar loans licensing

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multinational corporation (MNC) multinational strategy

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natural resources nonprofit organizations

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main elements of management

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north american free trade agreement (NAFTA)

agreement that eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade among Canada, the U.S., and Mexico. This protects intellectual property, requires equal treatment of U.S firms in both countries, and simplifies country-of-origin rules. : the relocation of business processes by a company or subsidiary to another country. is different than outsourcing because the company retains control of the processes. Companies choose this because: lower wages, skilled labor, and time zones. : the market structure that exists when there are very few businesses selling a product. Individual businesses have power of their product's price because each business supply much product to the marketplace, but the prices are usually similar. Exist when it is expensive to enter the marketplace(airlines) : the transferring of manufacturing or other tasks such as data processing to countries where labor and supplies are less expensive. : the act of taking someone else's work and presenting it as your own without mentioning the source (copying reports or taking business ideas) businesses must consider stability of a country, or any sudden change in power that will create a hostile environment. one who wises to have a specific task completed : business legal responsibility for any negligence in the design, production, sale and consumption of goods. a good or service (or idea) with tangible and intangible characteristics that provide satisfaction and benefits the difference between what it costs to make and sell a product and what a customer pays for it : make sure that businesses are ethical

124.

pure competition

the market structure that exists when there are many small businesses selling one standardized product. (agriculture) Prices determined by supply and demand restriction on the number of units of a particular product that can be imported into a country. real estate and everything permanently attached to it. decline in production, employment, and income. right to safety right to be informed right to choose right to be heard criminalized securities fraud and strengthened penalties for corporate fraud, chef of executive officer has to sign off on every statement. : passed in 1890 to prevent business from restraining trade and monopolized markets. businesses have to remember the cultural beliefs and the traditions in the host country o This includes the differences in written words and meanings. o differences in body language and personal space. o Family roles (children not in ads) : a business's obligation to maximize it's positive impact and minimize it's negative impact on society. Impact of the ENTIRE business on society. : economic system where the government owns and operates basic industries (postal service, banking, utilities) but individuals own most business First was a agricultural After industrial revolution became a manufacturing Soon after became a marketing economy Now it's a digital economy groups that have a stake in the success and outcomes of a business a partnership formed to create competitive advantage on a worldwide basis. International competition is so fierce that many firms do not have the resources to do it alone so they join together. (cars) : the number of products that businesses are willing to sell at different prices at a specific time.

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quota

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offshoring

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real property recession rights that are granted to consumers sarbanesoxley act

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oligopoly

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outsourcing

sherman antitrust act social and cultural barriers

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plagiarism

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political barriers principal product liability products

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social responsibility

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socialism

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profit

stages of american economy

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public accounting oversee board pure capitalism/ free-market system

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stakeholders strategic alliance

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all economic decisions are made without government intervention

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supply

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sustainablility

: conducting activities in a way that allows for the long-term well-being of the natural environment, including all biological entities. involves the assessment and improvement of business strategies, economic sectors, work practices, technologies, and lifestyles so that they maintain the health of the natural environment. cell phone companies are Turning toward a market where land lines are not set in Africa, China, and India. : a nation's negative balance of trade, which exists when that country imports more products than it exports. : brand that is registered with the U.S. patent and Trademark office. allow more expensive domestic goods to compete with foreign ones.

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what has to happen for free enterprise to occur? what is the central issue of economics? what would happen is a true communism society existed? whistleblowing

4 basic rights have to be in place creating motivation to succeed and an open exchange of goods. how fulfill and unlimited demand for goods with a limited amount of resources No real society exists according to these standards, when applied it causes low standard of living, shortages, high prices, and no freedom

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technological barriers trade deficit

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trademark trades and tariff restrictions barrier trading company

the act of an employee exposing an employer's wrongdoing to outsiders such as the media or government regulatory agencies. an organization established by industrialized nations in 1946 to loan money to underdeveloped and developing countries; formally known as the international bank for reconstruction and development. Allows for loans for developing countries to help with road, school medical, and factory production international organization dealing with the rules of trade between nations. Goal was to help producers of goods and services and exporters and importers conduct business. They do this by presenting a forum for trade negotiations, monitoring national trade policies, providing tech support and training to developing countries, and cooperating with other international organizations.

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World Bank

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a firm that buys goods in one country and sells them to buyers in another country. Handle's all activities required to move goods including consulting, marketing research, advertising, insurance, product research and design, warehousing and foreign exchange services. : determines the facts of the case (conflicting evidence), and decide what law or set of laws in pertinent to the case, and apply those to to resolve the dispute. : the condition in which a percentage of the population wants to work but is unable to find jobs. set of statutory laws covering several business law topics. : based off the value of the item Balance of trade Foreign investments Foreign aid Loans Military expenses Tourism o Health of U.S. economy and other economies o Productivity o Perceived quality o Exchange rates

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World Trade Organization (WTO)

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trial court

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unemployment

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uniform commercial code (UCC) valorem tariff what determines balance payments?

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149.

what does trade deficit fluctuate from?