BUS104-Review

Chapter 4

1. Globalization-international trade
2. The U.S. is both the world's largest importer and exporter.
3. United States was the main importer before WW2.
4. Benefits of global business include providing new sources of materials, labor.
5. Major barriers of global business are trade restrictions (tariffs, quotas)
   

Chapter 5

1. Small business represents a firm that is independently owned & operated, is not dominant in its field and operates in every industry.
2. Most of NY's businesses are small businesses and is based a lot upon consumer needs and preferences.
3. Some examples of small businesses include bodegas, dry cleaners, bakeries, sho repair, restaurants.
4. Although supermarkets took over, bodegas remain prosperous due to one main fact, convenience (open 24hrs).
5. Small Businesses provide : job creation, satisfies consumer needs, produces goods in smaller quantities, brought about innovation.
6. Adavantages of Small Business include low start up costs, flexibility, innovation, good customer service.
7. Disadvantages of Small Business are management shortcomings, insufficient financing, competition, gov't regulations.
8. A franchise is an authorization to sell a company's goods or services in a particular place.
9. Some examples are travel agencies, blockbuster video, fastfood joints such as burger king, wendy's & mc donald's.
10. Interesting facts: Small to Big Businesses- Hewlett Packard, IBM, Mac.
11. 3 Major forms of Private Ownership: sole proprietorship, partnership (Ford Motors was a partnership before 1950), corporation.
12. Advantages & Disadvantages of each.
13. The difference between private, public & collective ownership.