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Business 101 > Chapter 1 > Flashcards

Chapter 1 Flashcards

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
GDP
the total monetary value of all goods and services produced and sold within the boundaries of a country in a given period
26
how is GDP calculated
using expenditures, production, incomes
27
why is GDP useful
assists in strategic decision making
28
unemployment rate
number of unemployed people
29
business cycle
the expansion and contraction of economic growth that an economy faces over a period of time
30
4 cycles of the business cycle
1) expansion 2) peak 3) contraction 4) trough
31
expansion
occurs when output is increasing
32
peak
the turning point between an expansion and contraction; output begins to decline
33
contraction
downswing headed toward the trough
34
trough
the output bottoms out
35
recession
a sustained period of time in which a country's GDP suffers weak or negative growth
36
depression
a prolonged recession, also accompanied by a significant rise in unemployment
37
federal deficit
when the government spends more than it receives in a fiscal year
38
supply
the amount of goods available
39
demand
how many people want those goods
40
relationship between supply and demand
if the supply exceeds the demand, prices decrease if the demand exceeds the supply, prices increase
41
monopoly
market structure where there is only ONE seller
42
standard of living
the material well-being of the average person in a given population, determined by GDP per capita
43
social media
online interaction enabling people and businesses to communicate and share ideas, information about products or services, and personal information
44
ethics
the study of right and wrong and the standard of morality regarding the choices individuals make
45
business ethics
the standard of what is morally right or wrong, applied in a working environment
46
plagiarism
consciously taking some else's words as your own
47
conflict of interest
when a person takes advantage of a situation for their own person gather rather than what's best for the employer's interest
48
Sarbanes-Oxley Act of 2002
provided employees with legal protection who have reported corporate misconduct
49
code of ethics
a set of principles that outlines ethical guidelines and encourages honesty, integrity, and professionalism
50
whistleblowing
informing the press or government about unethical practices within an organization/business
51
social responsibility
businesses should operate in a way that benefits society
52
corporate citizenship
a company's responsibilities toward society
53
economic model of social responsibility
society will benefit most when business is left alone to produce and market profitable products needed in society
54
socioeconomic model of social responsibility
businesses should not only emphasize profits, but also the impacts of its decisions on society
55
consumerism
promotes and inspires the buying of goods and services, which stimulates economic growth
56
affirmative action program
plan created to promote societal equity by increasing the number of employees from underrepresented groups at all levels within an organization
57
equal employment opportunity commission
enforces federal laws that make it illegal to discriminate against an employee due to discriminating factors
58
hardcore unemployed
workers with little education and a long history of unemployment
59
recycling
converting used materials into new products or components for new products in order to prevent their unnecessary disposal
60
social audit
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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