MIE 201 Test #1 - Makanui
2 types of economic system - ANS-- free market
- planned
accounting managers are responsible for? - ANS-- responsible for monitoring and reporting
adapt your style to the other person's - ANS-- if the other person appears to be direct and
straightforward, follow suit and if not adjust your behavior to match
affirmative action programs - ANS-- developed to encourage organizations to recruit and
promote members of groups whose past economic progress has been hindered through legal
barriers or establishes practices
Americans with disabilities act (ADA) - ANS-- legislation passed in 1990 that prohibits
discrimination against people with disabilities
- discrimination against a disabled person is illegal in employment, transportation, public
accommodations, communications and government activities
Asia-Pacific Economic Cooperation (APEC) - ANS-- an organization of 21 countries working to
liberalize trade in the pacific rim
- has a long-term goal of liberalizing and simplifying trade and investment among member
countries and helping the region as a whole achieve sustainable economic growth
- member nations represent 40% of the world's population and more than 50% of the world's
GDP
balance of payments - ANS-- the sum of all payments a country received from other countries
minus the Sumer of all payments it makes to other countries over some specified period of time
- (all the money that flows into a country) - (all the money that flows out of a country)
- broadest indicator of international trade
barrier to entry - ANS-- any resource or capability of a company must have before it can start
competing in a given market (large sum of money, equipment, land, etc.)
be alert to the other person's customs - ANS-- expect the other person to have values, beliefs,
expectations, and mannerisms that may differ from yours
being a team player.... - ANS-- professionals know how to contribute to a larger cause and make
others around them better
- being a team player also means showing loyalty to your organization and protecting your
employer's reputation
,being clear...... - ANS-- communication is the single most important business skill you can
develop
being dependable.... - ANS-- professionals keep their promises, meet their commitments, learn
from their mistakes, and take responsibility for their errors
being ethical..... - ANS-- responsible professionals work to avoid ethical lapses and weigh their
options carefully when facing ethical dilemmas
being respectful... - ANS-- good business etiquette is a sign of respect for those around you,
respecting others is not only good - it's good for your career
being the best..... - ANS-- professionals strive to excel and excelling at every level is how you
build a great career
business - ANS-- any profit-seeking organization that provides goods and services designed to
satisfy customers' needs
business cycles - ANS-- fluctuations in the rate of growth that an economy experiences over a
period of several years
- up and down swings during a period of recovery
business mindset - ANS-- a view of business that considers the myriad decisions that must be
made and the many problems that must be overcome before companies can deliver the
products that satisfy customer needs
business model - ANS-- a concise description of how a business intends to generate revenue
business services - ANS-- exists to help companies with specific needs in law, banking, real
estate, and other areas
- can be performed in house by staff, external firms, or a combination
cap and trade - ANS-- a type of environmental policy that gives companies some freedom in
addressing the environmental impact of specified pollutants, by either reducing emissions to
meet a designated cap or buying allowances to offset excess emissions
- trying to balance free-market economics with government intervention
capital factor of production - ANS-- the funds that finance the operations of a business as well
as the physical, human-made elements used to produce goods such as factories, tools,
machinery, systems, and money
capitalism - ANS-- economic system based on economic freedom and competition
- private parties own and operate the majority of businesses
, CFPB - ANS-- Consumer Financial Protection Bureau
- educates consumers about and supervises providers of consumer financial services
clarify your intent and meaning - ANS-- the other person's body language may not mean what
you think, and the person may read unintentional meanings into your message
- clarify your true intent by repetition and examples
- ask questions and listen carefully
clean air act (1963) - ANS-- assists states and localities in formulating control programs; sets
federal standards for auto-exhaust emissions; sets maximum permissible pollution levels;
authorizes nationwide air-pollution standards and limitations to pollutant discharge; requires
scrubbers in new coal-fired power plants; directs EPA to prevent deterioration of air quality in
clean areas; sets schedule and standards for cutting smog, acid rain, hazardous factory fumes,
and ozone-depleting chemicals
clean water act (1972) - ANS-- authorizes grants to states for water-pollution control; gives
federal government limited authority to correct pollution problems; authorizes EPA to set and
enforce water-quality standards
code of ethics - ANS-- a written statement that sets forth the principles that guise an
organizations decisions
communicating effectively... - ANS-- listen actively
- provide practical information
- give facts rather than vague impressions
- don't present opinions as facts
- present information in a concise and efficient manner
- clarify expectations and responsibilities
- offer compelling, persuasive arguments, and recommendations
communism - ANS-- public/government ownership of productive resources
- centralized economic planning and control
- absence of economic classes
- few opportunities for entrepreneurship because government controls countries/regions
business and industry assets
competition - ANS-- rivalry among businesses (who supply the same products) for the same
customers
competitive advantage - ANS-- some aspect of a product or company that makes it more
appealing to its target customers
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
