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Exploring Global Business > Business Overview > Flashcards

Business Overview Flashcards

0
Q

What are interpersonal skills

A

The ability to deal efficiently with individual employees other managers within the firm and people outside of the firm

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1
Q

What is free enterprise

A

The system of business in which individuals are free to decide what to produce how to produce it and what price to sell it

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2
Q

What are analytical skills

A

The ability to identify problems correctly generate reasonable alternatives and select the best alternative is to solve problems

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3
Q

What are technical skills

A

Skills required to accomplish a specific kind of work being done in organization

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4
Q

What is cultural diversity

A

Differences among people in the workplace going to race ethnicity and gender

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5
Q

What are conceptual skills

A

The ability to think in abstract terms in order to see the big picture

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6
Q

What is business

A

The organized effort of individuals to produce and sell for profit the goods and services that satisfy societies needs

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7
Q

What are the four resources organizations must combine

A

Material
human
financial and
informational

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8
Q

What are service businesses

A

Products services such as haircuts , legal advice or text prepares

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9
Q

What are you manufacturing businesses

A

Products such as tangible goods

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10
Q

What are marketing intermediaries

A

Buy products from manufacturers and then resell them

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11
Q

What is the ultimate objective in business

A

To satisfy the needs of its customers

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12
Q

What is a profit

A

What remains after all business expenses have been deducted from the sales revenue

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13
Q

What is a loss or negative profit

A

When a firm expenses are greater than its sales revenue

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14
Q

What are stakeholders

A

All the different people or groups of people who are affected by the policies and decisions made by an organization

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15
Q

What is economics

A

The study of how wealth is created and distributed

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16
Q

What are microeconomics

A

The study of the decisions made by individuals and businesses

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17
Q

What are macroeconomics

A

A study of the national economy in the global economy

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18
Q

What is an economy

A

The way in which people deal with the creation and distribution of wealth

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19
Q

What are the factors of production

A

The land and natural resources

Labor

Capital

Entrepreneurship

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20
Q

What is it entrepreneur

A

Person who rest time effort and money to start and operate a business

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21
Q

What is capitalism

A

An economic system in which individuals own and operate the majority of businesses that provide goods and services

22
Q

What is the invisible hand

A

A term created by Adam Smith to describe how it individuals personal gains benefits others in a nations economy

23
Q

What is a market economy

A

Economic system in which businesses and individuals decide what to produce and buy in the market determines the quantity sold and prices

24
Q

What is a mixed economy

A

An economy that exhibit elements of both capitalism and socialism

25
Q

What are consumer products

A

Goods and services purchased by individuals for personal consumption

26
Q

What is a command economy

A

An economic system in which the government decides what goods and services will be produced, how they will be produce, for home they will be produced, and who owns all and controls the major factors of production

27
Q

What are the two types of economic system

A

Socialism and communism

28
Q

What is productivity

A

The average level of output per worker per hour

29
Q

What is a gross domestic product GDP

A

The total dollar value of all goods and services produced by all people within the boundaries of a country within a one year.

30
Q

What is inflation

A

A general rise in the level of prices

31
Q

What is deflation

A

A general decrease in the level of prices

32
Q

What is an unemployment rate

A

The percentage of the nations labor force unemployed by any time

33
Q

What is a consumer price index

A

Monthly index that measures the changes in prices of a fixed basket of goods purchased by A typical consumer in an urban area

34
Q

What is a producer price index

A

An index that measures prices that producers receive for their finished goods

35
Q

What is the business cycle

A

Recession
depression
recovery

36
Q

What is recession

A

Two or more consecutive three-month period of decline in the country GDP

37
Q

What is depression

A

A severe recession that last longer than a typical recession has a larger decline in business Activity

38
Q

What are monetary policies

A

Federal Reserve decisions that determine the size of the supply of money in the nation in the level of interest rate

39
Q

What is recovery

A

The movement of the economy from recession or depression to prosperity

40
Q

What is a federal deficit

A

Shortfall created when the federal government spends more in the fiscal year that it receives

41
Q

Is competition

A

The rivalry among businesses for sales to potential customers

42
Q

What is pure competition

A

Market situation in which there are many buyers and sellers of a product and no single buyer or seller is powerful enough to affect the price of that product

43
Q

What is supply

A

The quantity of a product that producers are willing to sell at eat of various prices

44
Q

What is the demand

A

The quantity of a product that buyers are willing to purchase that each of the various price

45
Q

What is a market price

A

The price which the quantity demanded is exactly equal to the quantity supplied

46
Q

What is monopolistic competition

A

A market situation which there are many buyers along a relatively large number of sellers who differentiate their products from the products of companies

47
Q

What is oligopoly

A

A market in which there are few sellers

48
Q

What is a barter

A

A system of exchange in which goods and services are traded directly for other goods and services

49
Q

What is a domestic system

A

Method of manufacturing in which an entrepreneur distribute raw materials to various homes where families process them and Tiffany goods to be offered for sale

50
Q

It is a factory system

A

A system of manufacturing in which all the materials machinery and workers are required to manufacture products

51
Q

Is e-business

A

The organized effort of individuals to produce and sell through the internet for a profit and to satisfy society needs

52
Q

What is service economy

A

An economy in which more effort is devoted to the production of services than to the production of goods

53
Q

Social media? What is it?

A

An online interaction that allows people and businesses to communicate and share ideas, information and information about products or services

Exploring Global Business (5 decks)

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