Boise State - Business 101 Midterm
Primary goal of business - ANS-earn a profit
Nonprofit business goal - ANS-to fulfill a mission
Capital - ANS-the financial resources available to a company
4 types of economic systems - ANS-communism, socialism, capitalism and mixed
economy
demand - ANS-the number of goods and services that consumers are willing to buy at
different prices at a specific time
supply - ANS-is the number of products that businesses are willing to sell at different
prices at a specific time
equilibrium price - ANS-the price at which the supply and demand curve intersect
competition - ANS-the rivalry among businesses for consumers' dollars
Communist Country - ANS-North Korea
socialist country - ANS-Sweden
Capitalist Country - ANS-United states
Mixed Economy Country - ANS-china
pure competition - ANS-exists when there are many small businesses selling one
standardized product
monopolistic competition - ANS-exists when there are fewer businesses than in a
pure-competition environment and the differences among the goods they sell are small
Business ethics - ANS-principles and standards that determine acceptable conduct in
business organizations
profit - ANS-is the difference between what it costs to make and what a customer pays
, Oligopoly - ANS-where there are very few businesses selling a product and competing
for customers.
Governments role in American economy - ANS-utilizes regulations to preserve
competition and keep the equilibrium price fair, also sets safety regulations to make
sure businesses are behaving ethically towards their customers and the environment
social responsibility - ANS-he attempt to make a company look better in the publics
eyes.
Sustainability - ANS-act of creating products and running a business as to preserve the
environment and natural resource
code of ethics - ANS-rules and standards that employees must follow
Managers - ANS-They make decisions about the use of the organization's resources,
good at leading and directing people, keep company organized and in line working
towards common goals
5 functions of management - ANS-planning, organizing, staffing, directing, controlling
planning - ANS-the process of determining the organization's objectives and deciding
how to accomplish them
Organizing - ANS-the structuring of resources and activated to accomplish objectives in
an efficient and effective manner
Directing - ANS-motivating and leading employees to achieve organizational objectives
Controlling - ANS-the process of evaluating and correcting activities to keep the
organization on course
3 levels of management - ANS-top management, middle management, first line
management
Top management - ANS-Have overall responsibility for the organization
Middle management - ANS-responsible for tactical and operational planning that will
implement the general guidelines set by top managers
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