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MGG 150: EXAM 1- Questions and answers
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MGG 150: EXAM 1- Questions andanswers
Free enterprise - - the system of business in which individuals are free to
decide what to produce, how to produce it, and at what price to sell it.
- Business profit/loss - - the organized effort of individuals to produce and
sell, for a profit, the goods and services that satisfy society's needs.
- Calculate profit - - Sales Rev - Business Expenses
- Stakeholders - - all the different people or groups
of people who are affected by the
policies, decisions, and activities
made by an organization.
- EXAM QUESTION: Macroeconomics - - National economy
- Adam smith - - Capitalism
- Karl Marx - - Communism
- Laissez fair capitalism - - no government involvement in the economy
- Invisible hand - - describes how an individual's
own personal gain benefits others
and a nation's economy.
- US economy - - considered mixed economy, an economy that exhibits
elements
of both capitalism and socialism.
- Communism - - Strict , centralized
- Capitalism - - individuals own and operate
the majority of businesses that
provide goods and services.
- Economic indicators - - Gross domestic product (GDP)
Inflation
Unemployment rate
, - US Exports/ Imports - - E>I= surplus E<I=deficit
US imports more then it exports
- Recession - - Two or more consecutive 3-month periods of decline in a
country's GDP.
- Monetary policy - - Federal Reserve decisions that determine the size of
the supply of money in the nation and the level of interest rates
- Fiscal policy - - Government influence on the amount of savings and
expenditures accomplished by altering the tax structure and changing the
levels of government spending
- Factors effecting ethical behavior - - 1. Individual factors
Individual knowledge of an issue
Personal values
Personal goals
2. Social factors
Cultural norms
Coworkers
Significant others
Use of the Internet
3. Opportunity factors
Presence of opportunity
Ethical codes
Enforcement
- EXAM QUESTION: Taking an extended lunch? - - Social factor
- Code of ethics - - A written guide to acceptable and ethical behavior as
defined by an organization; it outlines policies, standards, and punishments
for violations
- Whistle-blowing - - Informing the press or government officials about
unethical practices within one's organization.
- Social responsibility - - The recognition that business activities have an
impact on society and the consideration of that impact in business decision-
making
- Two views of social responsibility - - Economic viewpoint :Society will
benefit most when business is left alone to produce and market profitable
products that society needs. Here just to make a profit.
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