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MAN 101- Final Exam Review

MAN 101- Final Exam Review - Introduction to Business Final...

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Introduction to Business Final Exam Study Sheet Chapter 1 Inflation: The situation in which the average of all prices of goods and services is rising. There are two types of inflation—demand-pull inflation and cost-push inflation. Equilibrium: The point at which quantity demanded equals quantity supplied. Gross Domestic Product: The total market value of all final goods and services produced within a nation’s borders in a year. Chapter 2 Social Responsibility : The concern of businesses for the welfare of society as a whole; consists of obligations beyond those required by law or contracts. Example: employees of Mattel volunteering at the Special Olympics, donating money, ect. Chapter 3 Trade Deficit : An unfavorable balance of trade that occurs when a country imports more than it exports. Balance of Trade: The difference between the value of a country’s exports and the value of its imports during a certain time. Devaluation of Currency: A lowering of the value of a nation’s currency relative to other currencies. World Trade Organization: An organization established by the Uruguay Round in 1994 to oversee international trade, reduce trade barriers, and resolve disputes among member nations. Uruguay Round: A 1994 agreement by 117 nations to lower trade barriers worldwide. North American Free Trade Agreement (NAFTA): A 1993 agreement creating a free-trade zone including Canada, Mexico and the United States. Joint Venture : An agreement in which a domestic firm buys part of a foreign firm or joins with a foreign firm to create a new entity.
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Chapter 4 Sole Proprietorship: A business that is established, owned, operated and often financed by one person. Some advantages include: easy and inexpensive to form, profits all go to the owner, have direct control of the business, ect. Unlimited Liability : All general partners have unlimited liability for the debts of the business. Any one partner can be held personally responsible for all partnership debts and legal judgment—regardless of who caused them. Corporation : A legal entity with an existence and life separate from its owners, who therefore are not personally liable for the entity’s debts. A corporation is chartered by the state in which it is formed and can own property, enter into contracts, sue and be sued, and engage in business operations under the terms of its charter.
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