Business Exam Essay

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Managerial Duties:
-Controlling: Taking control of a situation in order to organize a team
-Staffing: Choosing a staff based on each person’s abilities
-Training: Giving guidance and direction to each person to help develop their abilities
-Directing: Giving orders and directions to get a goal achieved
Types of Organization:
-Horizontal: an organizational structure with few or no levels of intervening management between staff and managers.
-Vertical: all management activities are controlled by a centralized management staff.
-Process: a whole consisting of unified parts acting in harmony to execute tasks to achieve goals, both effectively and efficiently
Phases of the Business Cycle:
-Prosperity: when economic output and unemployment are generally at the highest levels they have been in recent years
-Recession: the lowest and unemployment is generally the highest they have been in recent years
-Depression: the lowest point in an economy and is followed by an expansion
-Recovery: more businesses experience growth, more jobs are created and people tend to make more money.
-Elastic: the interest of consumers in purchasing a business' product is extinguished if the price of the product rises or consumer interest rises to infinity if the price falls.
-Inelastic: the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.
-Exchange Rate: rate between two currencies is the rate at which one currency will be exchanged for another
-Developing Nations: is a nation with a low living standard, undeveloped industrial base, and low Human Development Index
-Free Trade: a policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports) or quotas.
-Balance of Trade: the difference between the monetary value of exports and imports of output in an economy over a certain period
-Trade Deficit: includes other transactions such as income from the international investment position as well as international aid
-Exports: Shipment of goods to another country
-Multinationals: organization which is active in or has subsidiaries in many nations
-Comparative Advantages: relative benefit, something which is beneficial when compared to the other options
-Tariff: Any schedule or system of rates, changes, etc.; as, a tariff of fees, or of railroad fares
-Quota: maximum quantity, upper limit; limited quantity, restricted amount
-Letter of Credit: note in which a bank promises to provide a financial loan
-GATT: international organization
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