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The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.
Examples: Freedom of religion, freedom of discrimination, right to education |
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The amount of goods and services people can buy with the money they have.
Examples: inflation rate, income, poverty rate, class disparity |
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| Land, Labor, Capital (not money but rather equipment), Entrepreneurship, Knowledge |
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| Producing the desired result |
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| Producing goods and services using least amount of resources. |
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The amount of output you generate given the amount of input.
Example: input- hours you work |
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| Tangible products such as computers, foods, clothing, cars, and appliances. |
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| Intangible products such as education, health care, insurance, recreation, and travel and tourism. |
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| Total amount of money a business takes in during a given period by selling goods and services. |
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| Amount of money a business earns above and beyond what it spends for salaries and other expenses are more than its revenues. |
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| The people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. |
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| Contracting with other companies to do some or all the functions of a firm (usually in another country) |
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| Goals do not include making a personal profit for its owners or organizers. |
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| Surrounding factors that help or hinder the development of businesses. This includes the economic and legal environment, competitive environment, social environment, technological environment, and global business environment. |
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| Allow workers to make decisions essential to producing high quality goods |
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| Some allocation of resources is made up by the market and some are made by the government. |
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Large number of sellers produce similar products that buyers view as different
Example: hot dogs, sodas, personal computers, T shirts |
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Just a few sellers dominate the market. Usually initial investment to start the business is expensive. Intense price competition would lower the prices amongst everyone, therefore prices are usually the same.
Ex: tobacco, gasoline, automobiles, aluminum, and aircraft |
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One seller controls the total supply of a product or service. Laws prohibit creation of monopolies in the US.
Ex: electricity companies |
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Many sellers in the market and none is big enough to dictate the prices of the product. Products are seen as identical
Ex: agricultural products like apples (somewhat example, no true examples) |
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| Management of money supply and interest rats by Federal Reserve Bank |
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| CPI (Consumer Price Index) |
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| Monthly statistic that measures the pace of inflation or deflation |
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| Prices rise as economy is slowing |
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| Prices are declining because countries produce too many goods and people cannot afford to buy them all. "Too few dollars are chasing too many goods" |
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| Price increase rate is slowing and the inflation rate is declining. |
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People quit because they didn't like the job, people entering the work force for the first time, or returning after a significant time away.
Always exists. |
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| Unemployment due to restructuring of firms or a mismatch. |
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| Due to recession and is most serious. |
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| Because job is not available in season. |
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| General rise of prices over time |
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| Federal government's efforts to keep the economy stable by increasing or decreasing taxes and government spending. |
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| process that turns self-directed gain to benefit all |
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| Keynesian economic theory |
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| Government can stimulate the economy in a recession by cutting taxes and increasing spending. |
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| total value of nation's exports compared to imports over a period amount of time |
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| Contractual agreement whereby someone with a good idea for a business sells the right for others to use the business name or sell a product or service in a given territory in a specified manner. |
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| Foreign direct investment |
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| Buying permanent properties or businesses in foreign nations |
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| selling products to another country |
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| Export assistance centers |
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| Help with trade-finance support and hands on exporting assistance |
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| Bans all trade with a certain country and product |
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| allows a firm in a foreign country to produce its product for a fee |
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| Import taxes, raise retail price on imported products so that domestic goods are more competitively priced |
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| multinational corporation |
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| organization that manufactures and markets products in many different countries and has managers and stockholders in many different countries |
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| Foreign company produces private label goods in which a domestic company attaches its own brand name or trademark |
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| When a country sells its products at a lower price in a foreign country than its producing country |
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| long-term partnership between two or more companies established to help each company build competitive and market advantages |
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| Advantages include shared technology and risk, shared marketing and management expertise, and entry into markets where foreign companies are not normally allowed |
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| Export trading (Export management companies) |
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| assist companies in indirect exporting with help with foreign customs offices, assistance in establishing trading relationships, and matching buyers with sellers |
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investment funds controlled by the government holding large stakes in foreign companies
can be corrupt |
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| Frederick Taylor's, find the best of everything THE OG; motivation theory |
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| employee happiness (through relationships) leads to motivation; motivation theory |
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| McGregor Theory, bad workers vs good workers perceptions; motivation theory |
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| Maslow's Need Hierarchy, self actualization, esteem, social needs, safety needs, physiological needs; content theory |
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| Herzberg theory; motivation factors vs hygiene factors; content theory |
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| includes skill variety, task identity, task variety, autonomy, feedback |
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