BUS 115 TEST 1 CORRECT 100%
what is competition? - ANSWER rivalries for consumers dollars
5 types of competition? - ANSWER -pure competition
-monopolistic
-oligopoly
-monopoly
economic system - ANSWER how society distributes its its resources to produce goods
and services to satisfy its people's needs.
4 economic system? - ANSWER -communism
-socialism
-capitalism
-mixed economy
what is product? - ANSWER goods, services, ideas
what are stake holders - ANSWER groups that have a stake in the outcome and
success of a business.
example of stake holders? - ANSWER owner, employees, stock holders
Business ethics - ANSWER what is right or wrong when conducting business
codes of ethics - ANSWER expectations for employees from the company
consumersim - ANSWER the activities that independent
individuals, groups, and
organizations undertake
to protect their rights as
consumers
corporate citizenship - ANSWER the extent to which businesses meet the legal, ethical,
economic, and voluntary
responsibilities placed on
them by their stakeholders
ethical issue - ANSWER identifiable problems (right or wrong)
articles of partnership - ANSWER Legal document and describes what each partner is
liable for article of partnership
common stock - ANSWER Have voting rights for the corporation (vote for board of
directors)
what is competition? - ANSWER rivalries for consumers dollars
5 types of competition? - ANSWER -pure competition
-monopolistic
-oligopoly
-monopoly
economic system - ANSWER how society distributes its its resources to produce goods
and services to satisfy its people's needs.
4 economic system? - ANSWER -communism
-socialism
-capitalism
-mixed economy
what is product? - ANSWER goods, services, ideas
what are stake holders - ANSWER groups that have a stake in the outcome and
success of a business.
example of stake holders? - ANSWER owner, employees, stock holders
Business ethics - ANSWER what is right or wrong when conducting business
codes of ethics - ANSWER expectations for employees from the company
consumersim - ANSWER the activities that independent
individuals, groups, and
organizations undertake
to protect their rights as
consumers
corporate citizenship - ANSWER the extent to which businesses meet the legal, ethical,
economic, and voluntary
responsibilities placed on
them by their stakeholders
ethical issue - ANSWER identifiable problems (right or wrong)
articles of partnership - ANSWER Legal document and describes what each partner is
liable for article of partnership
common stock - ANSWER Have voting rights for the corporation (vote for board of
directors)
