building and promoting products in the hope that enough customers will but them to cover costs and earn profits
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During which era of business history was branding developed?
the marketing era
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Why was the industrial revolution era important in business?
introduction of mass production by semi-skilled workers and machines
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What is the definition of outsourcing?
using outside vendors to produce goods or fulfill services that were handled in-house or in-country
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What is the definition of offshoring?
relocation of business processes to lower-cost locations overseas
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What is the definition of nearshoring?
outsourcing production or services to locations near a firms home base
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What is the definition of onshoring?
returning production to its original manufacturing location because of changes in costs or processes
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What are business ethics?
the standards of conduct and moral values involving decisions made in the work environment
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What is social responsibility?
a management philosophy that includes contributing resources to the community, preserving the natural environment, and developing nonprofit programs for the benefit of the general public
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What is customer orientation?
focuses first on determining unmet consumer wants and needs and then designs products to satisfy those needs
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What is the definition of business ethics?
the standards of conduct and moral values governing actions and decisions in the work environment
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What is conflict of interest?
business decision may be influenced for personal gain or to harm another
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What are Lawrence Kohlberg's stages of ethical standards?
pre-conventional, conventional, and post-conventional
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What is the pre-conventional stage?
individuals consider their own needs and desires and rules are followed out of fear
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What is the conventional stage?
individuals consider the interests of others and outside group influences
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What is the post-conventional stage?
the highest level of ethical and moral behavior where individual follows personal principles
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What does CSR stand for? What is it?
Corporate Social Responsibility. Contributions to the overall economy
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What are stakeholders?
customers, investors, employees, and public affected by or with an interest in a company
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What is a code of conduct?
a formal statement that defines how an organization expects employees to resolve ethical questions
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What is whistle-blowing?
an employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices
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What is economics?
the social science that analyzes the choices individuals, groups, and governments make in allocating scarce resources
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What is microeconomics?
the study of small economic units, such as individual consumers, families, and businesses
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What is macroeconomics?
the study of a nation's overall economic issues, how resources are used, and how government policies affect standard of living
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What is the definition of demand?
willingness and ability of buyers to purchase goods and services at different prices
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What is the definition of supply?
the amount of goods and services for sale at different prices
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What is demand driven by?
the number of factors that influence how people decide to spend their money, outside circumstances, or large economic events
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What is a demand curve?
a graph of the amount of a product that buyers will purchase at different prices
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What do lower prices attract?
larger purchases
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What is a supply curve?
a graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand
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What is the equilibrium price?
supply and demand curves meet, prevailing market price at which you can buy an item
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What is pure competition?
a market structure where large numbers of buyers and sellers exchange homogeneous products that no single participant can significantly influence price
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What is monopolistic competition?
a market structure where large numbers of buyers and sellers exchange heterogeneous products so participant has some control over price
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What is an oligopoly?
a market situation where relatively few sellers compete and high start-up costs serve as barriers to new competitors (think industries)
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What is a monopoly?
a market situation in which a single seller dominates trade of a good or service for which buyers can find no close substitutes (think government regulated)
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What is a planned economy?
government controls determine business ownership, profit, and resource allocation
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What is socialism?
government ownership and operation of major industries such as communications
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What is communism?
property would be shared equally under direction of a strong central government (classless)
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What is a mixed market economy?
economic system that mixes both private enterprise and planned economy
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What is recession?
cyclical economic contratction that lasts for longer than six months
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What is a depression?
prolonged recession that causes significant drop in gross domestic product (GDP)
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What is GDP?
gross domestic product or the sum of all goods and services produced within a countries boundaries
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What is inflation?
rising prices caused by excessive consumer demand and increases in cost of production or material
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What is core inflation rate?
inflation rate after energy and food prices are removed
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What is hyperinflation?
economic situation characterized by soaring prices
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What is deflation?
prices continue to fall and weaken economy
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What is CPI?
Consumer Price Index or the monthly average change in prices of goods and services
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What are the four unemployment types?
frictional (between jobs), structural (displacement), cyclical (downturn in business cycle), seasonal (pattern of work)
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What does productivity describe?
the relationship between the number of units produced and the number of human inputs necessary to produce them
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Flashcard (82)