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ACP Business chapters 1-10 test (1)
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ACP Business chapters 1-10 test (1)
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ACP Business chapters 1-10 testWhat is the primary goal of a business? - ANS-to earn a profit
What are the types of economic resources - ANS-natural, human, capital
what is an example of a natural resource - ANS-land
what is an example of a human resource - ANS-physical and mental abilities that people use to
produce goods and services
what is an example of capital resource - ANS-funds used to acquire the natural and human
resources needed to provide products
1st of 3 basic economic questions - ANS-What goods and services, and how much of each will
satisfy consumers' needs?
2nd of 3 basic economic questions - ANS-How will goods and services be produced, who will
produce them, and with what resources will they be produced?
3rd of 3 basic economic questions - ANS-How are the goods and services to be distributed to
consumers?
How are they answered in each economic system- communism - ANS-The government owns
and operates all businesses and factors of production. Central gov. What goods, how they will
be produced, and how they will be distributed.
Typically end up really poor, low standard of living)
How are they answered in each economic system- capitalism - ANS-Competition, supply, and
demand determine which goods and services are produced, how, and how they are distributed
Free-market system where all economic decisions are made without government intervention
How are they answered in each economic system- socialism - ANS-Central planning determines
what basic good are produced, how they are produced, and how they should be distributed
Individuals and small businesses provide other goods and services based on the consumer
demand and availability of resources
What is competition? - ANS-The rivalry among business for consumers' dollars
,pure competition - ANS-The market structure that exists when there are many small businesses
selling one standardized product
No one business sells enough of the product to influence the product's price, so prices solely
determined by supply and demand
Ex: wheat, barely, corn
Monopolistic competition - ANS-The market structure that exists when there are fewer
businesses than in pure competition environment and the differences among the goods they sell
are small
Fewer businesses than in pure-competition environment and the differences among the goods
they sell is small
Ex: aspirin, soft drinks, vacuum cleaners
Oligopoly - ANS-The market structure that exists when there are very few businesses selling a
product
Individual businesses have control over their products' price, because each business supplies a
large portion of the products sold in the marketplace
Monopoly - ANS-The market structure that exists when there is only one business providing a
product in a given market
Natural gas, water, utility companies
They are needed so much that consumers can't compete for sales; government allows
monopoly
Chapter 2 - ANS-Chapter 2
Define business ethics - ANS-Principles and standards that determine acceptable conduct in
business
Personal Ethics -individual's values, principles, and standards of conduct
Determined by organization as well as stake holders (customers, competitors, and government
regulations)
recognize ethical issues in business - ANS-Ethical issue - an identifiable problem, situation, or
opportunity that requires a person to choose from among several actions that may be evaluated
as right or wrong, ethical, or unethical
, Examples of ethical issues - ANS-Example: Bribes with payments, gifts, or special favors
Also, can be related to culture --> in Japan gifts yes in USA gifts no
Misuse of Company Time
Abuse and Intimidating Behavior (some people accept yelling others do not)
False Advertising
Fairness and Honesty
Follow all laws and regulations
Do not harm customers, employees, clients, or competitors
In competition not bullying or bulldozing over other companies to hold
Conflict of Interest
Most common; person must choose whether to advance his or her own personal interests or
those of others
Misuse of Company Resources
Excessive amount of time reading personal e-mails, tax evasion and charging the business for
things
Improving ethical behavior option 1 - ANS-Codes of Ethics
Formalized rules and standards that describe what a company expects of its employees
Provides guidelines and principles
Improving ethical behavior option 2 - ANS-Whistle blowing
The act of an employee exposing an employer's wrongdoing to outsiders, such as the media or
government regulatory agencies
Improving ethical behavior option 3 - ANS-Beginning to make integrity based initiatives that
make ethics a part of core organizational values
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