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Business 101 > Chapter 1 > Flashcards

Chapter 1 Flashcards

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1
Q

free enterprise

A

the market determines prices, products, and services; NOT the government

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2
Q

cultural/workplace diversity

A

employees with different perspectives, backgrounds, and races

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3
Q

business

A

an activity that seeks to provide goods and services to others for a profit

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4
Q

resources available to businesses

A

financial
physical (material)
human
intellectual

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5
Q

profit

A

the money left after paying for business expenses

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6
Q

stakeholders

A

anyone who is impacted by a business’ decisions

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7
Q

economics

A

the study of how wealth is distributed

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8
Q

economy

A

the way in which people deal with the distribution of wealth

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9
Q

microeconomics

A

the influences on and choices made by individuals

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10
Q

macroeconomics

A

the study of the whole economy (national and global)

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11
Q

examines prices and production within single markets and the interaction between different markets

A

microeconomics

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12
Q

examines unemployment, GDP, and inflation

A

macroeconomics

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13
Q

entrepreneur

A

someone who starts their own business

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14
Q

factors of production

A

the resources used to produce goods and services

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15
Q

4 factors of production

A

land, labor, capital, entrepreneurship

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16
Q

capitalism

A

economic system in which businesses, property, and other industries are privately owned and controlled by individuals

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17
Q

Laissez-Faire

A

no government interference

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18
Q

invisible hand

A

when consumers base decisions on self-interest, it in turn creates a positive outcome for the economy

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19
Q

mixed economy

A

and economic system with aspects of both capitalism and socialism

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20
Q

how does a mixed economy work?

A

embraces the free market aspect of capital use, but allows for government intervention in benefiting the public good

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21
Q

command economy

A

an economic system in which the government makes decisions regarding the production of goods and services

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22
Q

socialism

A

equal share of economic resources distributed by the government

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23
Q

communism

A

economic resources are owned and controlled by the state only

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24
Q

inflation

A

a general rise in prices

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25
Q

GDP

A

the total monetary value of all goods and services produced and sold within the boundaries of a country in a given period

26
Q

how is GDP calculated

A

using expenditures, production, incomes

27
Q

why is GDP useful

A

assists in strategic decision making

28
Q

unemployment rate

A

number of unemployed people

29
Q

business cycle

A

the expansion and contraction of economic growth that an economy faces over a period of time

30
Q

4 cycles of the business cycle

A

1) expansion
2) peak
3) contraction
4) trough

31
Q

expansion

A

occurs when output is increasing

32
Q

peak

A

the turning point between an expansion and contraction; output begins to decline

33
Q

contraction

A

downswing headed toward the trough

34
Q

trough

A

the output bottoms out

35
Q

recession

A

a sustained period of time in which a country’s GDP suffers weak or negative growth

36
Q

depression

A

a prolonged recession, also accompanied by a significant rise in unemployment

37
Q

federal deficit

A

when the government spends more than it receives in a fiscal year

38
Q

supply

A

the amount of goods available

39
Q

demand

A

how many people want those goods

40
Q

relationship between supply and demand

A

if the supply exceeds the demand, prices decrease
if the demand exceeds the supply, prices increase

41
Q

monopoly

A

market structure where there is only ONE seller

42
Q

standard of living

A

the material well-being of the average person in a given population, determined by GDP per capita

43
Q

social media

A

online interaction enabling people and businesses to communicate and share ideas, information about products or services, and personal information

44
Q

ethics

A

the study of right and wrong and the standard of morality regarding the choices individuals make

45
Q

business ethics

A

the standard of what is morally right or wrong, applied in a working environment

46
Q

plagiarism

A

consciously taking some else’s words as your own

47
Q

conflict of interest

A

when a person takes advantage of a situation for their own person gather rather than what’s best for the employer’s interest

48
Q

Sarbanes-Oxley Act of 2002

A

provided employees with legal protection who have reported corporate misconduct

49
Q

code of ethics

A

a set of principles that outlines ethical guidelines and encourages honesty, integrity, and professionalism

50
Q

whistleblowing

A

informing the press or government about unethical practices within an organization/business

51
Q

social responsibility

A

businesses should operate in a way that benefits society

52
Q

corporate citizenship

A

a company’s responsibilities toward society

53
Q

economic model of social responsibility

A

society will benefit most when business is left alone to produce and market profitable products needed in society

54
Q

socioeconomic model of social responsibility

A

businesses should not only emphasize profits, but also the impacts of its decisions on society

55
Q

consumerism

A

promotes and inspires the buying of goods and services, which stimulates economic growth

56
Q

affirmative action program

A

plan created to promote societal equity by increasing the number of employees from underrepresented groups at all levels within an organization

57
Q

equal employment opportunity commission

A

enforces federal laws that make it illegal to discriminate against an employee due to discriminating factors

58
Q

hardcore unemployed

A

workers with little education and a long history of unemployment

59
Q

recycling

A

converting used materials into new products or components for new products in order to prevent their unnecessary disposal

60
Q

social audit

A

a report of what an organization has done and is doing regarding social issues that affect it

Business 101 (1 decks)

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