Understanding Economic Systems and Business

What are the two basic dimensions of social responsibility as suggested by management expert Peter Drucker?

What is the primary characteristic of an ethical issue?

According to the utilitarianism philosophy, what makes an action morally wrong?

What is the ethical philosophy called that states people should meet their obligations and duties when analyzing an ethical dilemma?

Which of the following is NOT one of the four components of the pyramid of corporate social responsibility (CSR)?

What are stakeholders in a business context?

What is social investing?

What is the modern trend in corporate philanthropy known as 'strategic giving'?

Which of the following is a step a multinational corporation should take to demonstrate social responsibility in a foreign country?

In the context of the pyramid of corporate social responsibility, which component is considered the foundation upon which all others rest?

Which company, mentioned in Chapter 3, started with a pizza delivery driver working his way up to owning the first international franchise?

What does having a 'global vision' in business primarily mean?

In 2016, what was the approximate value of the U.S. trade deficit?

What is the principle of comparative advantage?

What is the term for sending domestic jobs to another country?

Which of the following is considered a nontariff barrier to trade?

What is the primary purpose of the World Trade Organization (WTO)?

The North American Free Trade Agreement (NAFTA) created a free-trade zone between which countries?

What is the legal process where a firm (the licensor) agrees to let another firm (the licensee) use its manufacturing process, trademark, or patent?

Which of the following is described as the least complicated and least risky way for a company to enter the global market?

What is the term for the sense of national consciousness that boosts the culture and interests of one country over those of all other countries, which can create difficulties for international trade?

What are multinational corporations?

According to the text, which two countries are emerging economic powerhouses that are significantly impacting global business, one through export booms and the other through service and innovation roles?

What is the primary role of a sole proprietorship's owner?

What is meant by the 'unlimited liability' of a sole proprietor?

What is the primary difference between a general partnership and a limited partnership?

Which of the following is a major advantage of a corporation?

Who are the owners of a corporation and who elects the board of directors?

What is a major appeal of a Limited Liability Company (LLC) for small businesses?

What is the primary difference between a buyer cooperative and a seller cooperative?

What is a franchise agreement?

What is a primary disadvantage of franchising for the franchisee?

What is the key difference between a merger and an acquisition?

A merger of two companies that are in the same industry and at the same stage of production is known as what type of merger?

What is a leveraged buyout (LBO)?

According to the text, which demographic group is driving franchise growth in areas like eldercare and fitness?

What does the text identify as the most common reason cited by Inc. 500 CEOs for starting a company?

What is the primary difference between a classic entrepreneur and a small-business owner?

Entrepreneurs who start a series of companies are known as what?

What are intrapreneurs?

Which personality trait of successful entrepreneurs involves favoring business opportunities with a moderate degree of risk where they can better control the outcome?

What is the primary purpose of a business plan?

What are the two primary forms of business financing described in the chapter?

What are angel investors?

Which of the following is NOT listed as a reason why small businesses continue to thrive in the United States?

What is a major disadvantage of being a small business?

What is the primary mission of the Small Business Administration (SBA)?

What is the function of the SCORE program offered by the SBA?

According to a study by the Kauffman Foundation, what percentage of new entrepreneurs fall between the ages of 55 and 64?

What are the four management functions that help managers increase organizational efficiency and effectiveness?