Understanding Business: Unit 1 Exam

What is the theory of comparative advantage?

Why don’t more small businesses start trading globally?

What is a franchise?

What is a merger?

What are the basic rights people have under capitalism?

What is a franchisee?

What is offshore outsourcing

How is legality different from ethics?

Why has there been such an increase in the number of home-based and web-based businesses in the last few years?

What have modern entrepreneurs done to ensure longer terms of management?

What goes into a business plan?

What are the two branches of economics?

What is management's role in setting ethical standards?

Why are small businesses important to the U.S. economy?

What is an embargo?

What is Unemployment Rate?

What is the major challenge to global franchises?

What is intrapreneuring?

What are the five factors of production?

What is socialism?

Why do many small businesses fail?

Who are stakeholders

What is economics?

What are the three key elements of a general partnership?

How do multinational corporations differ from other companies that participate in global business?

What is the role of a cooperative?

Why should nations trade with other nations?

What is Gross domestic product product (GDP)?

What hints would you give someone who wants to learn about starting a small business?

What is Gross Output?

Attributes of a successful entrepreneur?

What is fiscal policy?

What are the advantages and disadvantages of sole proprietorships?

What are the advantages of socialism?

What are the benefits and drawbacks of being a franchisee?

How can we tell if our business decisions are ethical?

Reasons people start their own businesses?

What is a mixed economy?

What are the four phases of business cycles?

What are tariffs?

What are some of the special problems that small-business owners have in dealing with employees?

What sources of funds should someone wanting to start a new business consider investigating?

What kinds of products can be imported and exported?

What countries have mixed economies?

Where can budding entrepreneurs find help in starting their businesses?

What are some of the forces that discourage participation in global business?

Consumer Price Index (CPI)?

What are the advantages entrepreneurship?

How can U.S. companies influence ethical behavior and social responsibility in global markets?

What are some ways in which businesses meet and beat competition?

What are the disadvantages of entrepreneurship?

What is capitalism?

What is absolute advantage?

What is the goal of business leaders?

How can we be assured of having enough resources?

What is the relationship of businesses’ profit to risk assumption

What is a free market?

Who decides what to produce under capitalism?

What is a micropreneur?

How has technology benefited workers, business, and consumers?

How does socialism differ from communism?

Ways in which a company can engage in global business

What are the benefits of mixed economies?