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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
What is a mixed economy
An economy that exhibit elements of both capitalism and socialism
25
What are consumer products
Goods and services purchased by individuals for personal consumption
26
What is a command economy
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
What are the two types of economic system
Socialism and communism
28
What is productivity
The average level of output per worker per hour
29
What is a gross domestic product GDP
The total dollar value of all goods and services produced by all people within the boundaries of a country within a one year.
30
What is inflation
A general rise in the level of prices
31
What is deflation
A general decrease in the level of prices
32
What is an unemployment rate
The percentage of the nations labor force unemployed by any time
33
What is a consumer price index
Monthly index that measures the changes in prices of a fixed basket of goods purchased by A typical consumer in an urban area
34
What is a producer price index
An index that measures prices that producers receive for their finished goods
35
What is the business cycle
Recession depression recovery
36
What is recession
Two or more consecutive three-month period of decline in the country GDP
37
What is depression
A severe recession that last longer than a typical recession has a larger decline in business Activity
38
What are monetary policies
Federal Reserve decisions that determine the size of the supply of money in the nation in the level of interest rate
39
What is recovery
The movement of the economy from recession or depression to prosperity
40
What is a federal deficit
Shortfall created when the federal government spends more in the fiscal year that it receives
41
Is competition
The rivalry among businesses for sales to potential customers
42
What is pure competition
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
What is supply
The quantity of a product that producers are willing to sell at eat of various prices
44
What is the demand
The quantity of a product that buyers are willing to purchase that each of the various price
45
What is a market price
The price which the quantity demanded is exactly equal to the quantity supplied
46
What is monopolistic competition
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
What is oligopoly
A market in which there are few sellers
48
What is a barter
A system of exchange in which goods and services are traded directly for other goods and services
49
What is a domestic system
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
It is a factory system
A system of manufacturing in which all the materials machinery and workers are required to manufacture products
51
Is e-business
The organized effort of individuals to produce and sell through the internet for a profit and to satisfy society needs
52
What is service economy
An economy in which more effort is devoted to the production of services than to the production of goods
53
Social media? What is it?
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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