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business, entrepreneurship,economics > business > Flashcards

business Flashcards

1
Q

A ________ _________ sets out the purpose and general direction for the organization?

A

mission statement

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2
Q

Who are organizational stakeholders?

A

Government
Customers
Suppliers
Bank
Employees
Stockholders

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3
Q

‘Ethics deals with the right actions of Individuals’- Who said this?

A

P F Drucker

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4
Q

a situation in which a business spends more money than it earns

A

loss

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5
Q

the money earned by an employee, esp. when paid for the hours worked

A

wage

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6
Q

the amount of money for which something is sold

A

price

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7
Q

the collection and examination of information about things that people buy or might buy and their feelings about things that they have bought

A

market research

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8
Q

all the types of products that a company or store sells

A

product range

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9
Q

someone who establishes an organization

A

founder

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10
Q

Document that describes a new business & a strategy to launch that business

A

business plan

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11
Q

How a company is organized, which impacts things like legal and tax liability of owners

A

business structure

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12
Q

An individual who undertakes the creation, organization, and ownership of a business

A

entrepreneur

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13
Q

The act of setting up a business with the goal of making profit

A

entrepreneurship

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14
Q

A product, service, business model, or strategy that’s both new and useful

A

innovation

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15
Q

A brief speech that defines a person, process, product, service, organization, or event and its value

A

pitch

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16
Q

Money that is left after all the expenses of running a business have been deducted from the income

A

profit

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17
Q

A type of young business that develops a unique product or service and bring it to the market

A

startup

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18
Q

A business entity that is separate and distinct from its owners

A

corporation

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19
Q

A business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities

A

Limited Liability Company

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20
Q

A formal agreement made by two or more parties to jointly manage and operate a company

A

partnership

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21
Q

A business that has just one owner who pays personal income tax on profits earned from the business

A

sole proprietorship

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22
Q

A business organized for purposes other than generating profit

A

nonprofit

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23
Q

The set of moral principles that guides a company’s conduct

A

business ethics

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24
Q

Ability to adapt, willingness to change

A

flexibility

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25
Q

Transferring ownership to people who already operate the business

A

Management Buyout

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26
Q

A business owner sells ownership to a retirement fund for the employees

A

Employee Stock Ownership Plan (ESOP)

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27
Q

Dividing ownership of a privately held company into shares sold to the public

A

Initial Public Offering (IPO)

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28
Q

Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services.

A

economics

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29
Q

the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants

A

economics

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30
Q

a situation in which unlimited wants exceed the limited resources available to fulfill those wants

A

scarcity

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31
Q

giving up one thing in favor of another

A

trade-offs

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32
Q

the highest-valued alternative that must be forgone when a choice is made

A

opportunity costs

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33
Q

the additional satisfaction or benefit received when one more unit is produced

A

marginal benefit

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34
Q

the cost of producing one more unit of a good.

A

marginal cost

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35
Q

decision on how to divide scarce resources among different uses

A

allocation of resources

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36
Q

tangible products that we use to satisfy our wants and needs

A

goods

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37
Q

actions or activities that one person performs for another

A

services

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38
Q

land, labor, capital, entrepreneurship

A

factors of production

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39
Q

Buildings, machines, technology, and tools needed to produce goods and services.

A

capital goods

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40
Q

Buildings, machines, technology, and tools needed to produce goods and services.

A

human capital

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41
Q

people who buy goods and services

A

consumers

42
Q

individuals and organizations that determine what products and services will be available for sale.

A

producers

43
Q

To exchange goods or services without the use of money

A

barter

44
Q

A graphical representation that shows the possible combinations of two products that an economy can produce, given that its productive resources are fully employed and efficiently used.

A

production possibilities curve

45
Q

the process of dividing work into specialized jobs that are performed by separate individuals

A

division of labor

46
Q

Production method that breaks down a complex job into a series of smaller tasks

A

assembly line

47
Q

The ways in which a society answers the three basic economic questions to organize production, distribution, and consumption of goods and services to solve the economic problem of scarcity

A

economic system

48
Q

3 basic economic questions

A

Every economic system must answer the three basic economic questions: What to produce; How to produce it? For whom to produce?

49
Q

a system in which the central government makes all economic decisions

A

command economy

50
Q

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next–usually subsistence agriculture

A

traditional economy

51
Q

a system based on private ownership, free trade between buyers and sellers, and competition

A

market economy

52
Q

market-based economic system with limited government involvement.

A

mixed economy

53
Q

a term coined by Adam Smith to describe the self-regulating nature of the marketplace

A

invisible hand

54
Q

the doctrine that states that government generally should have little or no involvement in the marketplace

A

laissez faire

55
Q

the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

A

comparative advantage

56
Q

the ability to produce more of a given product using a given amount of resources

A

absolute advantage

57
Q

The freedom of private businesses to operate competitively for profit with minimal government regulation.

A

free enterprise

58
Q

economic system in which the means of production are privately owned and operated for profit

A

capitalism

59
Q

Used to change behavior in order to persuade people to take certain economic actions.

A

incentives

60
Q

the role of consumer as the ruler of the market, determining what products will be produced

A

consumer sovereignty

61
Q

To be motivated by the desire to make money.

A

profit motive

62
Q

property/resources that individuals own and control; a core principle of capitalism

A

private ownership

63
Q

the removal of some government controls over a market

A

deregulation

64
Q

a rule that a government establishes and enforces to protect the public or provide equal access to specific goods, and services.

A

government regulation

65
Q

To change from government or public ownership or control to private ownership or control.

A

privatization

66
Q

costs that are not calculated into the price; spillovers

A

externalities

67
Q

a measure of quality of life based on the amounts and kinds of goods and services a person can buy

A

standard of living

68
Q

labor, technology, machinery, buildings, and other resources used to produce

A

inputs

69
Q

goods and services that firms produce; productivity

A

outputs

70
Q

the quantity of goods and services produced from each unit of labor input; ratio of output to input

A

productivity

71
Q

The transfer of income through government taxation, spending and assistance programs targeted at particular income groups. The goal is to transfer money from higher-income groups to lower-income groups.

A

redistribution of income

72
Q

The rights of an individual or business to own, use, rent, invest in, buy, and sell property.

A

property rights

73
Q

six broad economic goals

A

economic efficiency
economic security
economic equity
economic stability
economic freedom
economic growth

74
Q

This refers to increasing the production of goods and services over time. Economic growth is measured by changes in the level of real gross domestic product (GDP). A target annual growth rate of 3 to 4 percent in real GDP is generally considered to be reasonable and sustainable.

A

economic growth

75
Q

refers to such things as the freedom for consumers to decide how to spend or save their incomes, the freedom of workers to change jobs and join unions, and the freedom of individuals to establish new businesses or close old ones.

A

economic freedom

76
Q

This refers to maintaining stable prices and full employment and keeping economic growth reasonably smooth and steady. Price stability means avoiding inflation or deflation. Full employment occurs when an economy’s scarce resources, especially labor, are fully utilized.

A

economic stability

77
Q

This means what is “fair”. Economic actions and policies have to be evaluated in terms of what people think is right or wrong. Equity issues often arise in questions dealing with the distributions of income and wealth.

A

economic equity

78
Q

This refers to protecting consumers, producers, and resource owners from risks that exist in society. Each society must decide from which uncertainties individuals can and should be protected, and whether individuals, employers, or the government should provide or pay for this protection…(health care for elderly; Social Security, disability; unemployment compensation, etc.)

A

economic security

79
Q

refers to how well scarce productive resources are allocated to produce the goods and services people want and how well inputs are used in the production process to keep production costs as low as possible.

A

economic efficiency

80
Q

“let the buyer beware”

A

caveat emptor

81
Q

All else equal - with other conditions remaining the same:
Ex. shorter hours of labor will, ceteris paribus, reduce the volume of output

A

ceteris paribus

82
Q

a person who receives the benefit of a good but avoids paying for it

A

free rider

83
Q

two main types of economics

A

microeconomics
macroeconomics

84
Q

A government agency established in 1914 to prevent unfair business practices and help maintain a competitive economy.

A

federal trade commission

85
Q

focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders–small segments of the economy

A

microeconomics

86
Q

takes a much broader view by analyzing the economic activity of an entire country or the international marketplace.

A

macroeconomics

87
Q

often described as the “ father of economics”; the theory about markets was developed by …. wrote An Inquiry into the Nature and Causes of the Wealth of Nations

A

Adam Smith

88
Q

19th century philosopher, political economist, sociologist, humanist, political theorist, and revolutionary. Often recognized as the father of communism. Marx believed that communism would replace capitalism. Believed in a classless society.

A

Karl Marx

89
Q

English political economist, formulated the idea of comparative advantage—the main basis for support of free trade today. It is based on the idea that a nation produces those goods and services that it has the lowest opportunity cost of producing and trades with other nations for goods and services they can produce at a lower opportunity cost.

A

David Ricardo

90
Q

English economist who advocated the use of government monetary and fiscal policy to maintain full employment without inflation

A

John Maynard Keynes

91
Q

Public goods and services afre

A

non-rivalrous
non-excludable

92
Q

Additional consumption does not add to the cost of production

A

non-rivalrous

93
Q

Regardless of who pays for it, one person consuming it; does not deny another person of the right to consume it–streetlights; sidewalks, etc..

A

non-excludable

94
Q

way in which the nation’s income is divided among families, individuals, or other designated groups–Wealth inequality in the U.S. is at its highest levels ever. The top 0.1% own about the same share of wealth as the bottom 90%.

A

distribution of income

95
Q

There is no such thing as a free lunch–Everything has a cost–nothing is free.

A

TINSTAAFL

96
Q

A “spillover” effect of an action that affects a third party other than the buyer or seller–can be negative (cigarette smoke/pollution) or positive (benefiting from someone’s security system)

A

EXTERNALITIES

97
Q

A work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.

A

intellectual property

98
Q

a market that runs most efficiently when one large firm supplies all of the output–utility companies–electric, gas, nuclear power plants, water, etc.

A

natural monopoly

99
Q

Lower production costs as a result of larger volume of production–monopolies and oligopolies have economies of scale

A

economies of scale

100
Q

Occurs when two or more sellers offering the same goods and services–competitions keeps prices low and quality high

A

competition

business, entrepreneurship,economics (3 decks)

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