Principles of Economics and Ethical Decision-Making

Study Question Businesses can protect themselves from the risk associated with lost shipments by One of the benefits of economic freedom is that it provides individuals with A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good. George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher? Which of the following is a pure business risk: Penny finds her daily work tasks to be less mundane now that she understands how they contribute to accomplishing the team's shared vision. Which benefit of a shared vision has helped penny in this situation? If you don’t successfully resolve your ethical dilemma, what should you do? Asking yourself how other people will react to your decisions is part of which step of the ethical dilemma response process? When Benji faces an ethical dilemma, he thinks about the positives and negatives of each possible solution. Which step of the ethical dilemma response process is Benji completing? Most businesses strive to supply goods and services in direct proportion to Which of the following is a potential problem in market economies: A major problem for individuals and private businesses in a socialist command economy is Answer purchasing transportation insurance. the opportunity for success. capital Shopping Robbery It provides focus for team members' energy Think about what you can do differently next time. Make and implement your decision. Consider all your potential actions. demand financial loss taxes making personal economic choices For which of the following do workers compete in a private enterprise system: jobs be prohibited from One of the differences between private enterprise and other types of economic may improving their standard of systems is that in other systems, workers living One way that competition helps build a prosperous society is by creating new jobs a higher standard of living than Because of competition, people in our society enjoy that of people in many other countries What motivates businesses to produce efficiently and sell effectively? The hope of making a profit An example of performing business activities in an “out of the ordinary” way is hires an outside firm to perform when a business its marketing. Which of the following behaviors demonstrates the primary business activity of Planning and organizing for the strategic management: future increased distribution of the Wireless networks are now more common due to workforce. A business recently mailed 20% discount coupons to all its loyal customers. Be thankful. Which technique for building positive customer relations does this illustrate? Businesses can encourage customer communication by offering incentives. Which of the following is a measure of how well a business generates cash flow: Return on capital According to the marketing concept, which option shows company Setting aside funds to research commitment? what customers want What do managers often do after the project has been successfully completed? Prepare a report Why do managers continually evaluate the progress of a project? To stay on target Which of the following skills does a project manager need to be able to guide or Goal setting direct the actions of others in a desired manner An advantage to companies of unionization is assistance in recruitment. A disadvantage to workers of having a union represent them is that they have to pay union dues. Individuals put limits on their own economic freedom by Which of the following is an advantage to workers of having a union represent them: A nonpressure strategy that unions and management can use to reach agreement is George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher? Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand? In a private enterprise economic system, consumers can choose from a variety of products as a result of Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is Fair treatment of employees arbitration. Shopping Inelastic competition. elastic.