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GEB 1011 Final Exam Study Guide
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GEB 1011 Final Exam Study Guide
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GEB 1011 Final Exam Study GuideEntrepreneur Correct Answer-a person who organizes and operates a
business or businesses, taking on greater than normal financial risks in
order to do so
Business Correct Answer-a person's regular occupation, profession, or
trade
Business Environment Correct Answer-means all of the internal and
external factors that affect how the company functions
Capitalism Correct Answer-An economic system in which individuals
own and operate the majority of businesses that provide goods and
services
Mixed economy Correct Answer-Exhibits both elements of capitalism
and socialism
Perfect (or pure) Competition Correct Answer-Many buyers and sellers
of a product
Monopolistic Competition Correct Answer-Many Buyers and Sellers
selling similar yet different products; they differentiate their products
from the competitors
, Oligopoly Correct Answer-Few very large sellers and many small
buyers
Monopoly Correct Answer-Only one large seller and many small buyers
Code of Ethics Correct Answer-A guide to acceptable and ethical
behavior as defined by an organization
Compliance Based Correct Answer-Ethical standards that emphasize
preventing unlawful behavior by increasing control and by penalizing
wrongdoers
Integrity Based Correct Answer-Ethical standards that define the
organizations guiding values, create an environment that supports
ethically sound behavior, and stresses a shared accountability among
employees
Corporate Social Responsibility Correct Answer-A business's concern
for the welfare of society
Social Audit Correct Answer-A systematic evaluation of an
organization's progress toward implementing programs that are socially
responsible and responsive
Sole Proprietorship Correct Answer-A business owned, and usually
managed, by one person
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