Introduction to Business- Answer 4 Questions
- Distinguish between business and not-for-profit organizations. List the factors of production. Define capitalism, socialism and communism. Which system is the United States under (capitalism, socialism or communism)?
- Define Social Responsibility and Business Ethics. List the stages in the development of ethical standards. What are the four main consumer rights?
- Define Economics, Microeconomics and Macroeconomics. What is Demand and Supply? How do we evaluate economic performance in America? Explain recession, depression and unemployment.
- What are the four types of competition in a Private Enterprise System? Explain and give an example of each.
- Why do nations trade? Explain Absolute and Comparative Advantage. Define tariff, exchange rate, import and exports. Define CAFTA, NAFTA, EU and GATT?
- What are the barriers that confront global business? (please list and explain)
- What is a small business? How do small businesses contribute to the economy? Why do small businesses fail? Name and explain each of the different forms of Private Ownership in business.
- What is the difference between a joint venture, merger and an acquisition? List some characteristics of an entrepreneur. Why do people choose to become an entrepreneur?