Exam 1, Chapter 1-4

Business definiton

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

Profit/revenue/expenses

Entreprenuership — risk

A person who risks time and money to start and manage a business

Stakeholders

For-Profit vs. Non-Profit

Business impact on society

Factors of production

Tax policies

Monetary and fiscal policy

Productivity and efficiency

Customer focus

World events and impact on economy

Macroeconomics/microeconomics

Economic theorists: adam smith, thomas mathus, john maynard keynes, etc.

The invisible hand

Supply and demand

Economic systems

Importing/exporting

Comparative advantage

Absolute advantage

Free trade benefits

Favorable/unfavorable balance of trade

Embargos/tariffs

Coporate responsibility

Questions to determine ethical behavior

Legal vs. Ethical

Drivers for ethical behavior

Ethics in an organization starts at the top