Understanding Business 13th Edition

The company assumes the entrepreneurial risk and provides you with benefits.

Low risks and low rewards; high risk and high reward.

Land, labor, capital, entrepreneurship, and knowledge.

<p>Allow private ownership of business, enable enforceable contracts, establish a tradable currency, minimize corruption.</p> Signup and view all the answers

<p>Effectiveness is producing the desired result, efficiency is using the least resources, and productivity measures output relative to input.</p> Signup and view all the answers

<p>Measures taken to increase autonomy and self-determination in people and communities.</p> Signup and view all the answers

<p>War and terrorism, global changes.</p> Signup and view all the answers

<p>Technologies became advanced, making farming extremely efficient.</p> Signup and view all the answers

<p>More occupations in the service sector will lead to more service jobs.</p> Signup and view all the answers

<p>Revenue is the total amount a business takes in; profit is the money earned above expenditures.</p> Signup and view all the answers

<p>Standard of living measures goods and services accessible to individuals; quality of life assesses overall well-being.</p> Signup and view all the answers

<p>Risk is the chance of losing time and money; it must be taken to make a profit.</p> Signup and view all the answers

<p>Stakeholders are those who could benefit from business activities. Outsourcing is contracting outside firms; insourcing is within the company.</p> Signup and view all the answers

<p>Beliefs that wealth distribution should be more even and that government should manage this distribution.</p> Signup and view all the answers

<p>Benefits include free education and healthcare; drawbacks involve high taxes and less innovation.</p> Signup and view all the answers

<p>North Korea and Cuba primarily, with some communist ideals in Russia, Vietnam, and China.</p> Signup and view all the answers

<p>Resource allocation is managed by both the market and the government.</p> Signup and view all the answers

<p>Gross Domestic Product (GDP), unemployment rate, and price indexes.</p> Signup and view all the answers

<p>A recession is two consecutive quarters of decline in GDP; a depression is a severe recession.</p> Signup and view all the answers

<p>Fiscal policy involves modifying taxes and government spending to stabilize the economy.</p> Signup and view all the answers

<p>Monetary policy manages the money supply and interest rates; the Federal Reserve is responsible for this.</p> Signup and view all the answers

<p>No single nation can provide all goods; global competition keeps prices down.</p> Signup and view all the answers

<p>It is the theory that a country should sell products it produces most effectively.</p> Signup and view all the answers

<p>By comparing exports to imports, including all money flows like tourism and foreign aid.</p> Signup and view all the answers

<p>Licensors can gain revenue without significant expenses; however, profits may largely go to licensees.</p> Signup and view all the answers

<p>Matching buyers and sellers, dealing with customs, documentation, and warehousing.</p> Signup and view all the answers

<p>A joint venture is for short-term projects; a strategic alliance is a long-term partnership.</p> Signup and view all the answers

<p>Sociocultural differences, economic forces, legal regulations, and environmental challenges.</p> Signup and view all the answers

<p>An attitude of believing one's culture is superior, which can affect global success.</p> Signup and view all the answers

<p>A low dollar value means higher production costs relative to selling price, leading to lower profits.</p> Signup and view all the answers

<p>Prohibits dubious payments to foreign officials for securing business contracts.</p> Signup and view all the answers

<p>They help domestic industries but can raise consumer costs.</p> Signup and view all the answers

<p>To enable regional trade without internal tariffs and regulatory barriers.</p> Signup and view all the answers

<p>United States, Canada, Mexico.</p> Signup and view all the answers

<p>Terrorism, nuclear proliferation, and income inequality.</p> Signup and view all the answers

<p>Russia needs to solve political and currency issues; India must address trade laws and bureaucracy.</p> Signup and view all the answers

<p>Brazil, Russia, India, China.</p> Signup and view all the answers

<p>Loss of jobs and safety issues (in foods, drugs, toys).</p> Signup and view all the answers