Tax law is a branch of public law

Classified in Economy

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1- Intermediaries: buy products from manufacturers and resell them to the consumers.

Revenue- money a business makes from selling its goods. 
Profit- a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Top line- (Sales Revenue) prices go up     bottom line- Expenses and Profit 
Stakeholders- Groups of people who are different by the policies and decisions made by an organization.      Micro-decisions made by individuals and businesses.     Macro- national economy and global economy
GDP-Total dollar value of all good and services produced by all people
CPI-measures the changes in prices of a fixed basket of good purchased by a consumer.        Fiscal policy- gover. Influence on amount of savings and expeditures(tax rates, money).        Oligopoly- only a few sellers 
monopoly- only one seller, keep other firms from entering the industry.
2-Ethics- study of right and wrong and choices individuals make.
ethical issues-safe, reliable, and reasonably priced       social respons: business activities have an impact on society, decision making 
Philantrophic- good corporate citizen    ethical- obligation to do what is right       legal-obey the law, right and wrong      economic- profitable 
socioeconomic model- impact of its decisions on society    Affinity, authenticity- connection between two people      Competence(skills, results, and capabilities     character(over and over again, reliable, honest, genuine, integrity)  =credibility 
3- International business- changes across national boundaries 
Absolute adv: produce a specific product more efficiently than any other nation.      Comparative adv: produce a specific product more efficiently than any other product.           Balance of trade: total value of a nations exports minus the total value of its imports over some period of time.           Trade deficit: negative, bringing un more than sending out             trade restrictions- imports from other nations         tariff- (tax) put on a specific import (import duty)        non-tariff barriers- non-tax actions by a gover. To favor domestic over foreign suppliers.            Revenue tariff- create income for the gov.        Protective tariff- protects domestic production from competition by making price of imports higher than at home.       Quotas- non-tariff barrier that limits the amount of a specific product that can be imported during a given time.        Indirect exporting- selling to or through an intermediary, distribution and sale.          Direct exporting-selling directly            Licensing- agreement where one firm permits another form to produce and market its products.        Joint venture-a specific goal or to operate for a specific time.       Owned facilities- production and marketing facilities in one ir more countries,  two forms- 1.New facilities in foreign count.  2. Purchase existing firm in foreign country.  Disad: losses are your own  adv: complete control. 
multinational firm- company that produces and sells product or services in multiple countries.  
4-sole proprietorship: a business owned and operated by one person (walmart)(own boss, all profits...)   disad: unlimited liability, owner is responsible.     Corporation- a legal person, artificial person made by law.       Stock- the shared of ownership of a corporation      stockholder- a person who owns a corporation's stock 
stockholders-direction-officers-employeers         different level of supply chain is--- vertical merge      unrelated industries is---conglomerate merge 

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