Bus 2000 test 1

Managerial economics; micro/macro, Accounting/Finance, Marketing and behavioral science, Computer Information systems/operational research, Management/organizational behaviour

Ethical decision making, Communication skills, Quantitative analytical skills, Information literacy competencies, Global business/management

Society's accepted standards of moral behavior; behaviors accepted by society as right rather than wrong

1. Is my proposed action legal? (Legal is not always ethical) 2. Is it balanced? (Is it fair) 3. How will it make me feel about myself?

Ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

Ethical standards that define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees

Integrity + focus on what is right; Compliance + focus on what is legal

Rightsesponsibilities (duties), Relationships (fair systems), Results (goals), Reputation (virtues)

To be honest and responsibly carry out duties that you are obligated to. Example

Focused on how you interact with people and how you treat others. Example

Focused on utilitarianism, doing the greatest good for the most amount of people. Example

Greatest good for the greatest amount of people, cost and benefit analysis

Focused on people standing out as virtuous and building trusting relationships. Example

Improper accounting practices, Deceptive sales/marketing practices, Conflict of interest

Individual, Organizational, Environmental

1. Top management must adopt and unconditionally support an explicit corporate code of conduct. 2. Employers must understand that expectations for ethical behavior begin at the top and that senior management expects all employees to act accordingly. 3. Managers and others must be trained to consider the ethical implications of all business decisions. 4. Whistleblowers (insiders who report illegal or unethical behavior) must feel protected from retaliation. 5. Outsiders such as contractors, distributors, and customers must be told about the ethics programs. 6. The ethics code must be enforced with timely action if any rules are broken.

An employee who exposes unethical or illegal conduct

Form of intentional private business self

Corporate philanthropy, Corporate social initiatives, Corporate responsibility, Corporate policy

The dimension of social responsibility that includes charitable donations

Enhanced forms of corporate philanthropy directly related to the company's competencies

The dimension of social responsibility that includes everything from hiring minority workers to making safe products

The dimension of social responsibility that refers to the position a firm takes on social and political issues

1. Right to safety 2. Right to be informed 3. Right to choose 4. Right to be heard

An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends

Fairness, Honesty, Timely action, Appropriate compensation, Corporate philanthropy

A systematic evaluation of an organization's progress toward implementing socially responsible and responsive programs

Any activity that seeks to provide goods and services to others while operating at a profit

A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. Profit = Revenue + Expense

Total money business takes in by selling goods and services

Tangible objects that can be manufactured or produced for resale

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants

The amount of goods and services people can buy with the money they have

The general well+being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

1. Make profit 2. Provide goods/services 3. Satisfy standards of living

An organization whose goals do not include making a personal profit for its owners or organizers but rather make profit for the organization to reinvest into the chosen cause

Working for an employer, who can dictate when, where, and how the employee will perform their job.

Accepting the risk of starting and running a business.

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

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

The contracting of other companies to do some or all of the functions of the firm

Land, Labor, Capital, Entrepreneurship, Knowledge

The setting in which business operates. The five key components are

Influences people's willingness to start a new business with taxation, government policies, and regulations playing a crucial role.

Forces that create new technologies, creating new product and market opportunities

The quantity of goods and services produced from each unit of labor input

The buying and selling of goods over the internet

A collection of organized data that allows access, retrieval, and use of data

The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. Companies must be flexible to change to meet customer needs/wants, and successful organizations must listen to feedback and adjust practices accordingly.

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests

The entire human environment, including interaction with others. Example

The set of global forces and conditions that operate beyond an organization's boundaries but affect a manager's ability to acquire and utilize resources. Example

The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. How society allocates scarce resources

A part of economics that looks at the operation of a nation's economy as a whole. Example

Part of economics that looks at the behavior of people and organizations in particular markets. Example

The study of how to increase resources and create the conditions that will make better use of those resources

1. What is produced? 2. What amount is produced? 3. What is the method of output distribution? 4. What is the rate of economic growth?

1. Capitalism 2. Socialism 3. Communism

An economic system based on private property and free enterprise.

A system in which society, usually in the form of the government, owns and controls the means of production.

A theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state.

A combination of freer markets and some government control

1. Right to own property 2. Right to own a business and keep all business profit 3. The right to freedom of competition 4. The right to freedom of choice

Price and demand are determined by buyers and sellers negotiating

The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time

The quantity of a good or service that consumers are willing and able to buy

Tendency of suppliers to offer more of a good at a higher price

Consumers buy more of a good when its price decreases and less when its price increases

The price determined by supply and demand

1. Perfect Competition 2. Monopolistic Competition 3. Oligopoly 4. Monopoly

The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product. Example

A market structure in which many companies sell products that are similar but not identical. Example

A market structure in which only a few sellers offer similar or identical products. Example

A market in which there are many buyers but only one seller. Example

GDP, unemployment rate, price indexes

A measurement of the total goods and services produced within a country.

The percentage of the labor force that is unemployed

A general rise in the prices of goods and services over time which decreases the purchasing power of people.

A measure of the overall cost of the goods and services bought by a typical consumer. Example

An average of the prices received by producers of goods and services at all stages of the production process

Federal income taxes

The movement of goods and services among nations without political or economic barriers

Theory that states that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently

The advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries.

The difference between a country's total exports and total imports

When a country exports more than it imports (favorable)

Situation in which a country imports more than it exports (unfavorable)

The difference between the amount of money that comes into a country and the amount that goes out of it

Selling products in a foreign country at lower prices than those charged in the producing country

Investment made by a foreign company in the economy of another country.

The relocation of a factory to another country, usually where materials and/or labor are cheaper

+Indirect Importing and Exporting + Direct Importing and Exporting+ Licensing and Franchising+ Joint Ventures + Direct Ownership/Foreign Direct Investment

An economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought. Maximize exports and minimize imports

A government tax on imports or exports

A limit on the number of products in certain categories that a nation can import

Non+tax methods of increasing the cost or reducing the volume of imported goods