Term
| Small Business Administration (SBA) |
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Definition
| Federal agency charged with assisting small businesses |
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Term
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Definition
| independently owned and managed business that does not dominate it's market |
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| Importance of Small Businesses |
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Definition
| provides jobs and innovation |
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Definition
| businessperson who accepts both the risks and the opportunities involved in creating and operating a new business venture. must intent to expand small business |
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Definition
| group of small investors who invest money in companies with rapid growth potential |
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Term
| small business investment company (SBIC) |
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Definition
| government-regulated investment company that borrows money from the SBA to invest in or lend to a small business |
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Term
| Small business development center (SBDC) |
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Definition
| SBA program designed to consolidate information from various disciplines and make it available to small businesses |
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Term
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Definition
| arrangement in which a buyer (franchisee) purchases the right to sell the good or service of the seller (franchiser) |
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| reasons for small business failure |
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Definition
| managerial incompetence or inexperience, neglect, weak control systems, insufficient capital. |
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| reasons for small business success |
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Definition
| hard work, drive and dedication, market demand, manegerial competence, luck. |
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Term
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Definition
| business owned and usually operated by one person who is responsible for all of its debts |
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Term
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Definition
| legal principle holding owners responsible for paying off all debts of a business |
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Definition
| business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts |
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Definition
| type of partnership consisting of limited partners and active or managing partner |
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Definition
| partner who does not share in a firm's management and is liable for its debts only to the limits of said partner's investment |
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| general (or active) partner |
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Definition
| partner who actively manages a firm and who has unlimited liability for its debts |
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Definition
| business that is legally considered an entity separate from its owners and is liable for its own debts; owners' liability extends to the limits of thier investments |
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Definition
| legal principle holding investors liable for a firm's debts only to the limits of thier personal investments in it. |
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Definition
| situation in which taxes may be payable both by a corporation on its profits and by shareholders on dividend incomes. |
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Term
| closely held (or private) corporation |
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Definition
| corporation whose stock is held by only a few people and is not available for sale to the general public |
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Definition
| Hybrid of a closely held corp and a partnership, organized and operated like a corp but treated as a partership for tax purposes |
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Term
| limited liability corporation |
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Definition
| hybrid of a publicly held corporation and a partnership in which ownders are taxed as partners but enjoy the benefits of limited liability |
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Term
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Definition
| form of ownership allowing professionals to take advantage of corporate benefits while granting them limited business liability and unlimited professional liability. |
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Term
| multinational/transnational corporation |
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Definition
| form of corporation spanning national boundaries, managers likely to be of different nationalities, differences made for different cultures |
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Term
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Definition
| roles of shareholders, directors, and other managers in corporate decision making |
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Definition
| stock that offeres its holders fixed dividends and priority claims over assets but no corporate voting rights |
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Definition
| stock that pays dividends and guarantees corporate voting rights but offers last claims over assets |
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Definition
| governing body of corporation that reports to its shareholders and delegates power to run its day-to-day operations while remaining responsible for sustaining its assets |
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Term
| Chief executive officer (CEO) |
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Definition
| top manager hired by the board of directors to run a corp. |
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Definition
| strategy in which two or more organizations collaroate on a project for mutual gain |
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Definition
| joint ownership of strategic alliance |
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Definition
merger: union of two corps
acquisition: purchase of one by another |
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Definition
| strategy by whre a firm sells one or more of its business units |
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Term
| employee stock ownership plan (ESOP) |
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Definition
| a corporation holds stock in trust for its employees, who gradually receive ownership of the stock and control its voting rights |
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Term
| (GATT) general agreement on tariffs and trade |
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Definition
| international trade agreement to encourage the multilateral reduction or elimination of trade barriers. |
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Term
| North American Free Trade Agreement (NAFTA) |
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Definition
| agreement to gradually eliminate tariffs and other trade barriers among the US, Canada and Mexico |
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Definition
| Agreement among major W Euro. nations to elimiante or make uniform most trade barriers affecting group members |
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Term
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Definition
| org. through which member nations negotiate trading agreements and resolve disputes about trade policies and practices |
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Definition
| the ability to produce something more efficently than any other country can |
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Definition
| the ability to produce some products more efficiently than others |
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Term
| national competitive advantage |
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Definition
| international competitive advantage stemming from a combination of factor conditions, demand conditions, related and supporting industries, and firm strategies, structures and rivalries. |
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Term
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Definition
| ECONOMIC VALUE OF ALL PRODUCTS A COUNTRY ESPORTS MINUS THE ECONOMIC VALUE OF ALL PRODUCTS IT IMPORTS |
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Definition
| situation in which a country's imports exceed its exports creating a negative balance of trade |
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Definition
| situation in which a country's exports exceed its imports, creating a positive balance of trade |
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Term
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Definition
| flow of all money into or out of a country. balance of trade plus things like trouism, foriegn aid programs and currency exchanges also included. |
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Definition
| firm that conducts a significant portion of its business in foreign countries. product more or less the same across the globe. |
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Definition
| firm that designs, produces, and markets products in many nations. a more customized product per culture |
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Definition
| foreign individual or org. that agrees to represent and exporter's interests in a foreign country. |
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Definition
| arrangeent in which firms choose foreign individuals or orgs. to manufacture or market thier products in another country |
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Definition
| foreign office set up by an international or mulitnational firm |
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Term
| strategic alliance (global term) |
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Definition
| arrangement in which a company finds a foreign partner to contribute about half of the recources needed to establish and operate a new business in a partner's country. |
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Term
| foreign direct investment (FDI) |
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Definition
| arrangement in which a firm buys or established tangible asses in another country |
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Definition
| restriction on the number of products of a certain type that can be imported into a country |
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Definition
| gov. order banning exportation and/or importation of a particular product or all products from a particular country |
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Definition
| tax levied on imported goods |
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Definition
| gov. payment to help a domestic business compete with foreign firms |
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Definition
| practice of protecting domestic business against foreign comptetion |
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Definition
| law requiring that products sold in a particular country be at least partly made there. |
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Definition
| law or regulation governing business practices in given countries |
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Definition
| association of prducers whose propose is to control supply and prices |
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Definition
| practice of selling a product abroad for less than the cost of production |
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Definition
| beleifs about what is right and wrong or good and bad in actions that affect others. obviously ethical behavior is behaving according to social norms |
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Definition
| ethical or unethical behaviors by a manager or employer of an organization |
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Definition
| economic system that allows individuals to pursue their won interests without undue governmental restriction |
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Definition
| industry in which one company can most efficietnly supply all needed goods or services. good example are electric companies because two sets of plants and lines is just wasteful. |
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Definition
| pattern of short-term ups and downs (expansions and contractions) in an economy |
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Definition
| total quantity of goods and services produced by an economic system during and given period |
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Definition
| amount that someone can buy withier the money in the economic system (like if they're maximizing thier utility) |
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Term
| gross domestic product (GDP) |
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Definition
| total value of all goods and services produced within a given period by a national economy through domestic factors of production. |
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Definition
| GDP measured in current dollars or with all components valued at current prices |
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Definition
| GDP calculated to account for changes in currency values and price changes |
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Term
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Definition
| condition in an economic system in which the amount of money available and the quantity of goods and services produced are growing at about the same rate. |
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Term
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Definition
| widespread price increases throughout an economic system |
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Term
| Consumer Price index (CPI) |
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Definition
| measure of the prices of typical products purchased by consumers living in urban areas |
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Definition
| period when aggregate output, as measure by real GDP, declines. a long recession becomes a depression |
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Definition
| economic policies that deterine how the gov. collects and spends it's revenue |
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Definition
| gov. economic policies that determine the size of the nations monetary supply (strict monetary policy means we don't have that much money available) |
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Definition
| how the governement uses fiscal and monetary policty to smooth out fluctuations in output and unemployments and to stabilize prices. |
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| assessing ethical behavior |
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Definition
| utility, rights, justice, caring |
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Definition
| the attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors and local communities. (in other words, a business's responsibilities to its stakeholders) |
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Term
| organizational stakeholders |
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Definition
| groups/individuals/orgs that are directly affected the the practices of an organization and who therefore have a stake in its performance |
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Term
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Definition
form of social activism dedicated to protecting the rights of consumers in their dealings with businesses
consumers have the right to safe products, be well informed, be heard, choose, be educated, to courteous service |
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Term
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Definition
| illegal agreement between two or more companies to comit a wrongful act |
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Definition
| illegal practice of writing checks against money that has not yet been credited at the bank on which the checks are drawn |
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| as little as possible, perhaps attempts to deny or cover violations |
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Definition
| meeting only minimum legal requirements of social responsiblity |
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| if asked, exceeds legal minimums to groups and individuals affected by social responsiblity |
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| actively seeking opportunities to contribute to the betterment of the community |
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Definition
| analysis of a firm's sucess in using funds earmarked for meeting its social responsibility goals. |
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