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10 Terms
1
What is the primary purpose of business law and regulations?
The primary purpose is to provide a framework for ethical and legal business conduct, ensuring fair practices and protecting the rights of businesses and consumers.
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2
What is the difference between economic goods and services?
Economic goods are tangible items that satisfy a want or need, like a car. Economic services are intangible activities that provide benefits to consumers, such as a haircut.
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3
Why is it important for a business to adapt to cultural and social differences?
Adapting to cultural and social differences helps tailor products and communications to meet specific customer needs, enhancing rapport and customer satisfaction.
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4
Describe two ways technology has impacted business.
Technology has streamlined marketing through social media and enhanced manufacturing processes with new innovations.
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5
What role does emotional intelligence play in effective leadership?
Emotional intelligence allows leaders to understand and manage their own emotions, and recognize and respond to others' emotions, fostering effective teamwork.
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6
Explain the concept of 'time value of money'.
The time value of money states that money available today is worth more than the same amount in the future due to its potential earning capacity.
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7
Why is a clearly defined brand promise important for a company?
A brand promise sets clear expectations for customers, differentiating the company from competitors and reinforcing its image.
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8
Describe two different types of investments.
Stocks offer ownership in a company with potential high returns, while bonds are fixed-income securities considered lower risk.
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9
What is the importance of information management?
Information management is crucial for storing, organizing, and using data effectively to support decision-making in both small and large businesses.
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10
Why is it important to understand the supply chain?
Understanding the supply chain allows businesses to streamline operations, manage costs, and enhance customer satisfaction by recognizing all stages from sourcing to delivery.
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