View
- Term
- Definition
- Both Sides
Study
- All (25)
Shortcut Show
Next
Prev
Flip
BUS 100: Test 1
what is the definition of business? |
the organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society's needs |
what are the 4 fundamental business resources? |
human, material, informational, and financial |
what are the 3 types of economic systems?
|
capitalism, socialism, communism |
what kind of economy does a capitalistic economic system have? |
market or mixed economy |
what kind of economy does a socialistic and communistic economic system have? |
command economy |
which economy do individuals own and operate the majority of businesses? |
capitalistic |
what is a free enterprise system |
system of business in which the individuals are free to decide what to produce, how to produce it, and what to sell it for |
what are the 4 types of compeition |
monopolistic, pure competition, monopoly, oligopoly |
what is absolute and comparative advantage
|
absolute-the ability to produce a specific product more efficiently than any other nation
comparative-the ability to produce a specific product more efficiently than any other product |
with globalization ______ is becoming less important
|
comparative advantage |
what the 2 tariff barriers
|
dumping
import duty |
what are the 5 non-tariff barriers? |
embargo
import quota
foreign exchange control
currency devaluation
bureaucratic |
what ia a tariff
|
a tax that is levied on products entering the country
|
what is the definition of international economic communities
|
organization of nations formed to promote the free movement of resources and products among its members via common economic policies
|
what is foreign licensing
|
contractual agreement to market product or use brand name in reutn for royalty or other compensation
|
what are the 4 types of business ownership
|
sole proprietorship
partnership
corporation
llc |
which form of business is owned by a single owner and is the most popular forn of business
|
sole proprietorship |
which form of business is the simplest form, owned by one person, and has limited liability for the owner
|
single member llc |
what are the advantages to a sole proprietoship
|
pride of ownership,
retention of all profits
flexibility
ease of start-up
taxed once
secrecy |
what is a corporation known as if it is in the state it is incorporated
|
domestic corporation |
what is a corporation known as if it located in another sttate
|
foregin corporation |
type of corporation would you recommend to someone who was trying to avoid double taxation
|
s corporation |
what are the 4 types of partnerships
|
general
limited
llc
mlp |
what are the 2 types of corporations
|
s corporation
c corporation |
in the corporate structure, who is appointed by the board of directors
|
owners/stckholders
|