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A business owned by a group of people and authorized by the state in which it is located to act as though it were a single person
World Trade Organization
International organization that creates and enforces the rules governing trade among countries
International Monetary Fund
Main purpose is to help countries that are facing serious financial difficulties in paying for their imports or paying back their loans.
A process in which the government bars companies from doing business with particular countries
Practice of selling goods in a foreign country at a price that is below cost or below what it sells in the home country
This occurs when firms of one country build new plants and facilities or buy existing businesses in another country
Firms agree to cooperate on certain aspects of business while remaining competitors on other aspects
The number of like products that will be offered for sale at a particular time & certain price
A sale of goods which cash will be received at a later date
Ex: Items sold on a credit card
A financial statement that reports a business's assets, liabilities, & capital on a specific date or particular point in time
working capital is the difference between current assets & liabilities
Difficulty in being promoted due to your gender, race, national origin, color, religion
Sticky Floor Syndrome
Inability to move up from low paying jobs that require little skill & education
Certificate of Incorporation
An official document through which a state grants the power to operate as a corporation
Situation created when only one company provides or service without competition from another company
Balance of Payments
Accounting statement in which all international transactions are recorded;
Consists of current and capital account
A distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner
Keeping the needs of the consumer uppermost in mind during the design, production, and distribution
Producing the largest quantity in the least time by using efficient methods and modern equipment.
Inexpensive items that consumers purchase regularly without a great deal of thought
A benefit program in which employees can select the benefits that meet their personal needs
Forms of compensation and services that a company provides to employees in addition to salaries and wages
What a business is worth after subtracting liabilities from assets;
A measure of the credit applicant's current financial worth or ability to pay based on assets
Buildings, tools, machines and other equipment that are used to produce other goods but do not directly satisfy human wants
Sole right given to another author by the federal government to reproduce, publish, and sell literary or artistic work for the life of the author plus 70 years
An agreement in which the federal government gives an inventor the sole right for 20 years to make, use, and sell an invention
Regulations that specify which land areas may be used for homes and which areas may be used for different types of businesses
If a defective product injures someone, the injured party can sue the producer of the product
Responsibility fro physical or economic injury arising from incorrect data or wrongful use of data
Files of information about a user that some websites create and store on the user's own computer
Sherman Anti Trust Act
Discourages monopolies by outlawing business agreements among competitors that might promote monopolies
This law made unfair or deceptive acts or practices, including false advertising, unlawful
Businesses operations and transactions that cross state lines, such as products that are produced in one state and sold in another state
Aimed at discouraging monopolies;
Forbids corporations from acquiring ownership rights in other corporations if the purpose is to create a monopoly or to discourage competition
Products that many customers will not shop for because they do not have a strong need for a product
An economic system in which the method for determining what, how, and for whom goods and services are produced is decided by a central planning authority
A time period when a new product is introduced that is much better or easier to use than the old one, and customers begin to switch from the old product to the new product
A product that includes additional features that are not part of the physical product but increase its usability
High Text Culture
A culture in which communication occurs through non verbal signs and indirect suggestions
A plan showing projected sales, costs, expenses, and profits for the ongoing business
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