The business dimension of Europe Chapter 1 to 4
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The business dimension of Europe Chapter 1 to 4 - Marcador
The business dimension of Europe Chapter 1 to 4 - Detalles
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| What are 3 benefits of business's? | They produce the most goods and services we consume. They employ people. And they create most innovations and provide a vast range of opportunities |
| What is the economic environments? | The relevant conditions that exist in the economic system in which an organization operates |
| What is an planned economy? | An economy where the government control all or most factors of production and make all or most decisions in production and distribution. |
| What are economic indicators? (Give 3 examples) | The statistics that help assess the performance of an economy. This could be business cycles, aggregate output and standards of living. |
| How does the government manage the economic system? (mention 3) | Trough fiscal policy, monetary policy and stabilization policy. |
| What is Business? | An organization that provide goods and services for profits |
| What is Profit? | Differences between a business's revenues and its expenses |
| What is an Capitalistic system? | An economic system where owners earn profit, within a certain constrain, an owner is free to set up a new business, grow that business and sell it or shut it down. |
| What is the External Environment for business's? | All the environments outside an organizations boundaries that might affect it. |
| What types of external environments are there? (mention 6) | The domestic business environment The economic environment. The sociocultural environment The technological environment The political-legal environment The global business environment |
| What is the domestic business environment? | The environment in which an organization conducts its operations and derives its revenues inside the country where it is located. |
| What is the global business environment? | The environment in which international forces affects a business. |
| What is the Technological environment? | All the ways by which an organization create value for their constituents Examples: Human knowledge, work methods, physical equipment, telecommunication and processing systems. |
| What is the political-legal environment? | The relationship between business's and governments. Examples: Product identification laws, employment laws, tax policies and competition regulations. |
| What is sociocultural environments? | The customs, values, attitudes and demographic characteristics of the society in which an organization function |
| What are factors of production? | The resources that a country' businesses use to produce goods and services |
| What are the types of factors of productions? (mention 5) | Labor Capital Entrepreneur Physical resources Information resources |
| What is labor? | The physical and intellectual contributions people make who work for an organization |
| What is Capital? | The financial resources needed to create and operate a business |
| What are Entrepreneurs? | The people who accepts the risk and opportunities involved in creating and operating a new business |
| What are physical resources? Give some examples | The tangible things that organizations use to conduct their business's Natural resources, offices and stores |
| What are information resources? | The data and other information used by business's |
| What is an economic system? | The system for allocating its resources among it citizens |
| What is an marked economy? | An economy in which the individual controls and decide on most factors of production and they rely on capitalism |
| What is an mixed-market economy? | An economy that has features of both a planned and market economy. |
| What is communism? | An political system in which government owns and operates all factors of production |
| Wat is socialism? | A political system in which government owns and operate only selected factors of production |
| What is an market? | Is an mechanism for exchange between buyers and sellers of goods and services |
| What is Capitalism? | A economic system based on private ownership of the means of production and their operation for profits |
| What is privatization? | A process in which government enterprises converting into privately owned companies |
| What is demand? | The willingness and ability of buyers to purchase goods and services |
| What is supply? | The willingness and ability of producers to offer goods and services |
| What is the law of demand? | The principle that buyers purchase more of a product when the price is low and less when the price is high |
| What is the law of supply? | The principle that producers will offer more of a product when the price rises and less when the prices drops |
| What is a private enterprise? | An economic system that allows individuals to pursue their own interest without minimal government restrictions. |
| What are the 4 elements that a private enterprise system need to have? | Private property rights, freedom of choice, profits, competition. |
| What are 4 levels of competition? | Perfect competition Monopolistic competition Oligopoly Monopoly |
| What is private property rights? | The ownership of the resources used to create wealth is in the hand of the individual |
| What is freedom of choice? | The right to sell your labor to any employer you choose or buy products which you choose |
| When is there perfect competition? | When a market or industry is characterized by numerous small firms producing the same product. Firms must be small The number of firms must be large |
| When is there a monopolistic competition? | When a market or industry is characterized by buyers and sellers trying to differentiate their products from competitors |
| When is there an oligopoly? | When a market or industry is characterized by a handful of sellers with the power to influence the prices of their products. |
| When is there a monopoly? | When a market or industry is characterized by only 1 producer |
| What is the business cycle? | The pattern of short-term economic expansion and contraction |
| What is the aggregate output? | The total quantity of goods and services produced by an economic system during a given period. This is the primary measure of growth in a business cycle. |
| What is the standard of living? | The total quantity of quality of goods and service people can purchase in their economic system |
| What happens when the output grows more quickly than the population? | Output per capita goes up and the system provide more of the goods and services that people want |
| What is GDP? | The total value of goods and services produced by a national economy by domestic factors of production |
| What is GNP? | The total value of goods and services produced by a national economy regardless of where the factors of production are located. |
| Give an example of the difference of GDP and GNP | Consider GMC in Brazil. The profits earned by the factory are included in the U.S. GNP, but not in the GDP. Because the output is not produced domestically. |
| What is real GDP? | GDP adjusted to account the changes in currency values and price changes |
| What is purchasing power parity(PPP)? | The principle that exchange rates are set so that the price of similar products in different countries are the same |
| PPP stand for what and what can we see from it? | Purchasing Power Parity. The standards of living across the globe |
| What is balance of trade? | The value of all the products exported minus imported |
| What is national debt? | The amount of money that a government owes its creditors |
| What is productivity? | The measure of economic growth that compares how much a system produces with the resources needed |
| When is the economy of a country in stability? | When the amount of money available and the quantity of goods and services are growing at the same rate. (2%) |
| When is there inflation? | When the widespread price increases in an economic system |
| When is there a recession? | A period in which the aggregated output of an countries economy is in decline. |
| When is there a depression? | This is an prolonged recession and where the unemployment rises above 50% |
| What are fiscal policies? Give some examples | Government policy used to manage the collection and spending of its revenues. Change in tax rate and government spendings |
| What are monetary policies? Give some examples | Government policy used to control the size of its money supply |
| What are stabilization policies? | Government policy to smooth out the fluctuations in output and unemployment and stabilize prices |
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| What are ethics? | The beliefs about what is right and wrong in actions that affect others |
| What are 5 stakeholders? | Investors, customers, employees, suppliers and the local communities |
| What are 4 stances an organization can take concerning social responsibility? | Obstructionist, defensive, accommodative and pro-active stance. |
| How does a business influence governments? (mention 4) | By personal contacts, lobbying, political action committees(PACS) and favors. |
| How can you approach and manage social responsibilities? | Through formal and informal organizational dimensions of responsibility. |
| What are formal organizational dimension? (mention 3) | Legal compliance, ethical compliance and philanthropic giving. |
| What are informal organizational dimensions for managing social responsibility? | Organization leadership and culture, and how to deal with whistle-blowing |
| What is legal compliance? | The extent to which the organization follow to local, state, federal and international law. |
| What is a corporate social audit? | An assessment of a companies performance on corporate social responsibility and objectives and goals. |
| What are ethics? | The beliefs about what is right and what is wrong in actions that affect others |
| What is ethical behavior? | The behavior that conforms to individual beliefs and social norms about what is right and good. |
| What is unethical behavior? | The behavior that conforms to individual beliefs and social norms about what is wrong and bad. |
| What are business ethics? | Ethical or unethical behavior by employees in the context of their jobs. |
| What are managerial ethics? | The standards of behavior that guide individual managers in their work. |
| What are 3 broad categories of managerial ethics and what do they look like? | Behavior towards employees (hiring, firing, wagers, work conditions). Behavior towards organizations (matters towards conflict of interest, confidentiality and honesty). Behavior towards other economic agents (matters towards customers, competitors, stockholders, suppliers). |
| How do you asses Ethical Behavior? (mention 3) | Gather relevant information. Analyze the facts to determine the most appropriate values. Make an ethical judgement. |
| What are the ethical norms? (mention 4) | Utility = does a particular act optimize benefits? Rights = does the act respect the rights of all individuals involved? Justice = is the act fair? Caring = is it consistent with people's responsibilities? |
| What is social responsibility? | The attempt of a business to balance its commitments to groups and individuals in it environment. |
| What are organizational stakeholders? | The groups, individuals and organizations that are directly affected by the practice of an organization. |
| What are the 4 areas of social responsibility? | Investors, customers, employees, environment. |
| What is consumerism and under which area falls this? | Consumerism is the protection or promotion of the rights of consumers. |
| What is collusion? | Is an illegal agreement between 2 or more companies to commit wrongful acts. |
| What are some responsibilities towards employees? | Equal opportunities Help maintain job skills |
| What is inside-trading? | The illegal practice of using special knowledge about a firm for profit or gain. |
| What does the Obstructionist Stance mean? Give an example | The approach to do as little as possible (deny or cover-up) VW with the emission data. |
| What does the Defensive Stance mean? | The approach of a company with minimal legal requirements and commitments. |
| What does the Accommodative Stance mean? Give an example | The approach of a company to meet and exceed the legal requirements and commitments necessary. Shell or IBM |
| What does the Pro-Active Stance mean? Give an example | The approach of a company that proactively seeking opportunities to contribute to society. Ronald McDonald House program |
| How does the government influence businesses? | By direct and indirect regulations. |
| What are direct regulations of the government? | The establishment of laws and policies that indicate what organizations can and cannot do. |
| What are indirect regulations of the government? | The establishments of tax codes and tax incentives |
| What is lobbying? | The use of persons or groups to formally represent an organization before a political body. |
| What is are political action committees? | Special organizations created to solicit money and then distribute it to political candidates. |
| What is Ethical compliance? | The extent to which the members of the organization follow basic ethical standards of behavior. |
| What is philanthropic giving's? | The awarding of funds or gifts to charities. |
| What are the reasons for failure? (mention 4) | Managerial incompetence or inexperience, Neglect, Weak control systems, Insufficient capital |