Chapter 11. Define business and profitsBusiness- An organization that provides goods and services to earn profits Profits: The positive difference between revenues and expenses rewards for businesspeople who take the risks2. Distinguish between business and not-for-profit organizations Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. entpraz 事业，项目 Not-for-profit organizations are business like establishments (机构;团体;企业) that have primary objectives other than returning profits to their owners. It operates in both public service and private sector (部门，行业，领域).3. Identify the factors of production. Labor, capital, entrepreneurs (ntrprn:(r) 企业家), physical resources, information resources. 4. Global economic systemsPlanned economy, market economy and mixed economies Planned Economy: An economic system in which the government owns and operates all sources of production Market Economy: An economic system in which buyers and sellers interact (ntrkt 相互作用； 互相影响) based on freedom of choice Mixed Economies: Planned and Market The economies of most countries include both planned and market elements.5. Distinguish between microeconomics and macroeconomics. Microeconomics微观经济学study of small economic units, such as individual consumers, families, and businesses. For example, demand &supply, consumer choices.Macroeconomics宏观经济学study of a nations overall economic issues, such as how an economy maintains and allocates resources and how government policies affect the standards of living of its citizens. For example, GDP.6. Explain the factors that drive demand and supply.(1)Factors Driving Demand 1) Price 2)Customer preferences and income 3) Prices of substitute (sbsttju:t 替代的) and complementary （kmplmentri 互补的）items 4) Number of buyers in the market 5) Consumers optimism about the future.（2）Factors Driving Supply factors of production (Central role in determining the overall supply of goods and services is played by factors of production.) Other factors like taxes and the number of suppliers will also influence the supply.7. Describe each of the four different types of market structures in a private enterprise system.Pure competition，monopolistic mnplistik competition(垄断性竞争)，oligopoly( lgpl 寡头, 求过于供的市场情况) and monopoly ( mnpl 垄断)Pure competition exists when all firms in an industry are small and the number of firms is large. Prices are determined by market forces as supply and demand.In monopolistic competition, many sellers try to make their products at lease seem to be different from those of competitors. Product differentiation gives sellers some control over prices.When an industry has only a handful of sellers, an oligopoly exists. The entry of new competitors is hard. And the prices of comparable products are usually similar.A monopoly exists when an industry or market has only one producer. A sole supplier enjoys nearly complete control over the prices of its products. 8. Identify and describe the four stages of the business cycle. Prosperity, 繁荣； recession 衰退； depression 萧条； recovery 复苏prspert rsen dpren9. Explain how productivity, price-level changes, and employment levels affect the stability of a nations economy.10. Discuss how monetary policy and fiscal policy are used to manage an economys performance. Monetary Policy 货币政策government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers willingness to make loans.Fiscal Policy 财政政策Government influences economy by spending and taxation decisions. Government uses fiscal policy to control inflations (nflen 通货膨胀), reduce unemployment, improve the general welfare of citizens, and encourage economic growth. Chapter 21. Explain the concepts of business ethics and social responsibility.Business ethics are standards of business conduct and moral values by employees on the jobSocial responsibility refers to the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social environments. 2. Describe the factors that influence business ethics, at individual, organizational, legal, societal levelsIndividual: values, work background, family status, personalityOrganizational: Top Level Mgmt. Philosophy, the Firms Reward System, Job DimensionsEnvironmental: Competition, economic conditions, social/cultural institutions3. List the stages in the development of ethical standards. Stage 1: Preconventional Individual is mainly looking out for his or her interest. Rules are followed only out of fear of punishment or hope of reward. Stage 2: Conventional Individual considers the