Introduction To Business Final Exam Study Guide Questions And Answers 2024

Introduction To Business Final Exam Study Guide Questions And Answers 2024 Conceptual Skills - correct answer-The ability to think in abstract terms in order to see the "big picture" Business - correct answer-The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs Macroeconomics - correct answer-The study of the national and global economy. Entrepreneur - correct answer-A person who risks time, effort, and money to start and operate a business. Market Economy - correct answer-An economic system in which business and individuals decide what to produce and buy,and the market determines quantities sold and prices. Command Economy - correct answer-Economic system where the government decides what goods and services will be produced, how they will be produced, for whom they will be produced for, and who owns and controls the major factors of production. Monetary Policies - correct answer-Federal Reserve's decisions that determine the size of the supply of money in the nation and the level of interest rates. Ethics - correct answer-The study of right and wrong and of the morality of the choices individuals make. Conflict of Interest - correct answer-Happens when a businessperson takes advantage of a situation for his or her own personal interest rather than for the employer's interest. Anything given to a person that might unfairly influence that person's business decision is a bribe, which is unethical. Bribe - correct answer-Anything given to a person that might unfairly influence that person's business decision is a bribe, which is unethical. Comparative Advantage - correct answer-The ability to produce a specific product more efficiently than any other product. Absolute Advantage - correct answer-The ability to produce a specific product more efficiently than any other nation. Exporting - correct answer-Selling and shipping raw materials or products to other nations. Importing - correct answer-Purchasing raw products/materials in other nations and bringing them into one's own country. Balance of Trade - correct answer-The total value of a nation's exports minus the total value of it's imports over some period of time. Trade Deficit - correct answer-A negative balance of trade Management - correct answer-The process of coordinating people and others resources to achieve the goals of an organization Human resources - correct answer-The most important resources of any organization; people 4 management functions - correct answer-Planning, Organizing, Leading & motivating, Controlling SWOT Analysis - correct answer-The identification and analysis of a firm's strengths, weaknesses, opportunities, and threats Core competencies - correct answer-Approaches and processes that a company performs well that may give it an advantage over it's competitors Strategic plan - correct answer-An organization's broadest plan, developed as a guide for major policy setting and decision making Organization - correct answer-A group of two or more people working together to achieve a common set of goals Organization chart - correct answer-A diagram that represents the positions and relationships within an organization Chain of command - correct answer-The line of authority that extends from the highest to the lowest levels of an organization Job Specialization - correct answer-The separation of all organizational activities into distinct tasks and the assignment of different tasks to different people Departmentalization - correct answer-The process of grouping jobs into manageable units Operations management - correct answer-All the activities required to produce goods and services