Business Terms - General Flashcards

These are the basic terms need for the core of this class. A general overview of assigments to come.

0
Q

Private Sector

A

Businesses owned by individuals or shareholders.

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1
Q

Industry

A

A term describing a large-scale economic activity.

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2
Q

Line of business

A

Informal term describing part of an industry.

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4
Q

Niché

A

A market within a line-of-business with very specialized needs.

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5
Q

Market

A

As a noun:

  • a place where products or services are bought and sold.
  • the sum of a product’s sales.
  • a geographical location where goods and products are sold.

As a verb:
- to advertise and sell goods.

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6
Q

Market Share

A

The portion of the market made up of a single firm’s shares.

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7
Q

Value

A

The worth of the product.

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7
Q

Benefit

A

The value created by a product feature.

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8
Q

Feature

A

A part of the product that creates benefits.

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9
Q

Market needs

A

What people want when they are in the market for a good or service.

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11
Q

Quality

A

Informally, something well-built.

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11
Q

Profit

A

Money left over when costs and expenses are paid.

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12
Q

Gross sales

A

The total amount of money received from customers for their purchase of products or services for a specific time period: month quarter or year.

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14
Q

Competitor(s)

A

Business offering similar products or services in the same markets.

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14
Q

Competitive Advantage (products)

A

Why a product or service is better than competitors’ product and services.

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15
Q

Threat

A

An person, place or thing that may reduce an entity’s success. e.g. A new technology, a superior product introduced by a competitor, inexperience within the firm, or a new law.

16
Q

Competitive Advantage (firms)

A

Why a firm is better than its competitors.

17
Q

Competitive Advantage (nations)

A

The qualities of a nation enabling it to produce or market better than others.

18
Q

Entrepreneur

A

Someone who starts a business.

19
Q

Sole Proprietorship

A

A business entity owned and operated by a single person.

20
Q

Corporation

A

A legal entity defined by the legislatures of the states and the federal government to protect owners and employees from lawsuits. In court, considered a “person.”

Subjected to laws regarding financial reporting, tax, being its to employees, ownership.

21
Q

Subsidiary

A

A corporation owned by another cooperation

22
Q

Non- profit

A

S cooperation that furthers the public good, largely funded with philanthropic donation.

23
Q

Co-operative

A

A cooperation owned by members, usually established to gain economic advantages.

By law prevent single investors from gaining control. All members benefit.

24
Q

Investor

A

Some who pays money for shares of ownership on an enterprise.

ie may mean stork or a formal agreement about the assets of an enterprise.

25
Q

Capital

A

Money available for investment

26
Q

Investment

A

Cash transferred to a business entity in exchange for equity, normally defined as one or more shares of stock (specifying a percentage of the total value of the business entity).

27
Q

Free market

A

A fantasy

28
Q

Income (wealth) inequality

A

Two or more distinct class exist in society, differentiated by income or wealth.