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Principals of Business > business midterm > Flashcards

business midterm Flashcards

1
Q

lack of resources

A

scarcity

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2
Q

raw materials from nature that are used to produce goods

A

natural resources

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3
Q

the people who make the goods and services for which they are paid

A

labor resources

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4
Q

things used to produce goods and services such as buildings, materials, and equipment

A

capital resources

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5
Q

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

A

entrepreneur

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6
Q

study of how individuals and groups o individuals strive to satisfy their needs and wants by making choices

A

economics

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7
Q

the amount of money given or asked for then goods and services are bought or sold

A

price

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8
Q

the amount of goods and services that producers will provide at various prices

A

supply

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9
Q

the amount or quanitty of goods and services that consumers are willing to buy at various prices

A

demand

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10
Q

an economic system in which a central authority makes the key economic decisions (socialism)

A

command economy

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11
Q

moral principals by which people conduct themselves personally, socially, or professionally

A

ethics

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12
Q

rules based on moral principals about how businesses and employees ought to conduct themselves

A

business ethics

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13
Q

a shop or factory in which workers are employed for long hours at low wages and under unhealthy conditions

A

sweatshop

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14
Q

a set of guidelines for maintaining ethics in the workplace

A

code of ethics

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15
Q

a conflict between self-interest and professional obligation

A

conflict of interest

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16
Q

the duty to do what is best for the good of society

A

social responsibility

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17
Q

rule of conduct

A

principal

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18
Q

personal behavior- how you act/react to a situation

A

conduct

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19
Q

honesty and sincerity

A

integrity

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20
Q

something that is good for society

A

benefit

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21
Q

the owner is responsible for the company’s debts

A

unlimited liability

22
Q

an organization that is owned and operated by it’s members (small farms)

A

cooperative

23
Q

a type of organization that focuses on providing a service, not to make profit (charity)

A

nonprofit organization

24
Q

a contractual agreement to use the name and sell the products or services of a company in a designated geographic area

A

franchise

25
Q

a business that moves goods from one business to another

A

intermediary

26
Q

distributes goods

A

wholesaler

27
Q

the process of creating, expanding, manufacturing, or improving goods and services

A

production

28
Q

the buying and reselling of goods that have already been produced

A

procurement

29
Q

the process that involves getting consumers to but a products or service

A

marketing

30
Q

the business or art of money management. requires analyzing financial statements to make future decisions

A

finance

31
Q

what are resources?

A

items that people can use to make or obtain what they need or want

32
Q

what is one of the biggest obstacles in starting a business?

A

money

33
Q

what does competition of for the consumer?

A

competition helps consumers

34
Q

what is marker research and why do businesses need it?

A

gathering and analyzing info about the wants and needs of consumers. identifies opportunity and demand

35
Q

what are the 3 basic economic questions?

A

what should be produced, who should get what’s produced, how should it be produced

36
Q

what is a market economy?

A

decisions that are made in the marketplace (supply and demand ~ capitalism)

37
Q

what are the 4 economic shifts that our country experienced since the 1600s?

A

1600- service based
1700- agricultural
1800-industrial
1900- information based

38
Q

what is the federal reserve and what do they do?

A

gov’t agency that guides economy. they regulate the amount of money in circulation, interest rates, amount of $ loaned

39
Q

what are 5 ways to measure a nation’s economic activity?

A

gdp, inflation, standard of living, unemployment rate natural debt

40
Q

what are the 4 stages of the business cycle?

A

prosperity, depression, recovery, recession

41
Q

what is bribery?

A

gifts, money, and favors offered to encourage a business deal

42
Q

what is a small business?

A

less than 500 employees

43
Q

what is a business plan?

A

written description of a new business that describes all aspects of it

44
Q

what is in each section of the business plan

A

vision statement- values + beliefs
mission statement- major goals
complaint description- size + scope + type

45
Q

what is the main reason people want to become an entrepreneur?

A

be their own boss

46
Q

what is a processed good

A

goods made from raw materials

47
Q

adv of sole proprietorship

A

easy to start, keep profit, you’re in charge

48
Q

dis adv of sole proprietorship

A

unlimited liability, lack of skill, ends when owner dies

49
Q

adv of partenership

A

easy to start, more skills, easier to get credit

50
Q

dis adv of partenership

A

split profit, unlimited liability, shared risk

51
Q

adv of cooperation

A

limited liability, raise $ from stock, doesn’t end when owner dies

52
Q

dis adv of coorperation

A

double taxation, difficult to start, heavy gov’t regulation

Principals of Business (5 decks)

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