BE 1.01-2.02 Vocab

What are Ethics?

• A difficult situation in which you are required to make a decision.
• The basic principles that govern your behavior.
• A form of demand for products in which changes in price correspond to changes in demand.
• The situation that exists when supply is greater than demand.

What is Integrity?

• Adhering to an established set of personal ethics and sound moral principles; acting with honesty in all situations.
• Instinct; gut feeling.
• The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.
• An issue in which you must decide whether something is right or wrong; sometimes referred to as an ethical situation.

What is Trustworthy?

• A difficult situation in which you are required to make a decision.
• Economic principle which states that the quantity of a good or service that will be offered for sale varies in direct relation to its price.
• Reliable; deserving the confidence of others.
• An indication of how changes in price will affect changes in the amounts demanded and supplied.

What is Accountability?

• Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.
• The result of an action.
• The economic process or activity of producing goods and services.
• The condition of having to answer for or be liable for your actions; accepting responsibility for your decisions.

What is Transparency?

• The quality of being just as one seems; being open and truthful when communicating.
• Complying with laws and regulations.
• Economic principle which states that the quantity of a good or service that people will buy varies inversely with the price of the good or service.
• A business that buys consumer goods or services and sells them to the ultimate consumer.

What is Fairness?

• The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period.
• Items found in nature that are used to produce goods and services.
• The ability to make judgments without favoritism or self-interest; engaging in fair competition and creating equal relationships.
• The result of an action.

What is Respect?

• Regard or esteem; honoring the rights, freedoms, views, and property of others.
• People who use goods and services to satisfy their wants.
• A business that buys consumer goods or services and sells them to the ultimate consumer.
• People who work to produce goods and services.

What is Rule of Law?

• Productive resources; human and natural resources and capital goods.
• A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users.
• Complying with laws and regulations.
• Retailers who operate solely online.

What is Viability?

• Products purchased by producers for resale, to make other goods and services, and/or to use in business operations.
• The result of an action.
• The long-term value of your choices.
• Productive acts that are useful, scarce, and transferable and which satisfy economic wants.

What is Consequence?

• Retailers who operate solely online.
• A form of demand for products in which changes in price correspond to changes in demand.
• A desire for something that can only be satisfied by spending money.
• The result of an action.