BUSN 101 EXAM 1 REVIEW

A(n) __________ refers to a complete ban on importing or exporting of products from a specific country.

Today, the economic systems of most nations could most accurately be classified as

Which industry will most likely benefit from an aging population?

An entity that seeks to earn a profit by providing a good or service is known as a(n)

All else being equal, socially responsible firms

__________ is the action of selling a pdct in foreign countries for a lwr $ than the good is sold in the producing ctry.

__________ studies the operation of a nation's economy as a whole.

A free market is one in which decisions about what to produce and in what quantities are made by

An advantage of forming a joint venture is

__________ refers to standards of moral behavior.

What is a basic right under capitalism?

An increase in global trade will most likely

Which question will help individuals and organizations when deciding if their decisions are ethical?

A benefit of a free market can be that

Businesses that produce and sell tangible products such as steel and machines are part of the

The two major types of e-commerce are

Establishing a formal code of ethics is

The resources that contribute to the creation of wealth are known as

In volume of exports, the two leading nations are

Free trade between nations generally results in

A typical demand curve shows that

Empowerment requires managers to focus more on __________ lower-level employees.

What is the most basic reason why a business should be managed ethically?

__________ is the amount a business earns after deducting what it spends for salaries and other expenses.

__________ is the selling of products to another country

__________ unemployment results when the demand for labor varies during the year.

__________ is the use of government regulations to limit the import of goods and services.

Taxes and government regulations are part of the __________ environment of business.

Granting a foreign company the right to mfg your product or to use your firm's trademark in return for a fee is called

A major benefit of socialism is the

A favorable balance of trade occurs when the value of

__________ exists when a lrg number of firms produce goods that are similar but customers believe there is a difference.

__________ describes an attitude held by some American businesspeople that American culture is superior to all others.

Compliance-based ethics codes

Organizational ethics begins with

The __________ system provides the least incentive to work hard or to produce quality goods or services.

A(n) __________ is a person who assumes the risk of starting a business.

When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a

The free-trade area created by NAFTA involved which three countries?

The two basic types of tariffs are