Volcabulary chapter 1, 2, and 4 with questions Flashcards Table View

     

Tangible products such as computers, food, clothing, cars, and appliances GOODS
Intangible (products that can't be held in your hand) such as education, helth care, insurance, recreation, and travel and tourism. Services
Any activity that seeks to provide goods and serivices to others while operating at a profit. Business
Aperson who risk time and money to start and manage a business Entreprenuer
The total amount of money a business takes in during a given period by selling goods and services Revenue
The amount of money a business earns above and beyond what it spends for salaries and other expenses Profit
when a business expenses are more than it's revenues Loss
The chance an entreprenuer takes of losing time and money on a business that may not prove profitable risk
refers to the amount of goods and services people can buy with the money they have standard of living
refers to the general well-being of a society in terms of it's politicial freedom. Natural enviornment, education, healthcare, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide. quality of life
are all the people who stand to gain or lose by the polices and activities of a business and whose concerns the business needs to address stakeholders
means contracting with other companies (often in other countries ) to do some or all the functions of a firm like its production or accounting tasks outsourcing
An organization whose goals do not include making a personal profit for it's owners or organizers non profit organization
The resources used to create wealth, land labor capital entreprenuership and knowledge factors of production
the surrounding factors that either help or hinder the development of businesses business environment 
the quantity of products that manufacturers or woners are willing to sell at different prices at a specific time supply
the quantity of products tha people are willing to buy at different prices at a specific time demand
the price determined by supply and demand market price
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. perfect comptition
the degree of competition in which a large number of sellers produce that buyers nevertheless perceive as different monopolistic competition 
A degree of competition in which just a few sellers dominate the market oligoploy
a degree of compotition in which only one seller controls the total supply of a product or service, and sets the price monopoly
An economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be more evenly distributed among the people. socialism
The loss of the best and brightest people to other countries briain drain
An economic and politial system in which the government makes almost all ecconomic decisions and owns almost all the major factors of production. communism
the dimension of social responsibility that includes everything from hiring minority workers to making safe products corporate responsibility
the dimension of social responsibilty that refers to the positiion a firm takes on social and political issues corporate policy
an unethical activity in which insiders use private company information to further their own for tunes or those of their family and friends Insider trading
A systamatic evalution of an organizations progress toward implementing socially responsible and resposive programs social audit
Standards of moral behavior that is behavior accepted by society as right versus wrong ethics
ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers compliance-based ethics codes
Ethical standards that define the organizations guiding values create and enviornment that supports ethically sound behavior and stress a shared accountability among employees integrity- based thics codes
Insiders who report illegal or unethical behavior whistleblowers
A businesses concern for the walfare of sociiety  Corporate social responsibilty
The dimension of social responsibility that includes charitable donations corporate philanthropy
enhanced forms of corporate philanthropy directly related to the company's competencies corporate social intiatives
the dimension of social responsibilty that includes everything from hiring minority worker to making save produts  corporate responsiblity
the dimension of social responsibilty that refers to the position a firm takes on social and political issues corporate plicy
An unethical activity in which insiders use private company information to further their own fortunes or those of their family and friends insider trading