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BUS 100 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Quality of life

A

General well-being measuring access to healthcare education food

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2
Q

Business

A

An organization that seeks profit by offering products to satisfy society needs

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3
Q

Standard of living

A

Amounts of products available
Wrath of the nations and lifestyle opportunities

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4
Q

Good vs service

A

Good is tangible
Service intangible

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5
Q

Deflations

A

Economic statistic that tracks decrease in prices over period of time

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6
Q

Consumer price index CPI

A

Monthly index measures changes in price in a fixed basket of goods pruchased my typical ppl in urban area

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7
Q

Inflation

A

Economic statistics that tracks increase in prices

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8
Q

Unemployment rate

A

% measures by unemployed/ ppl in labor force

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9
Q

Gross domestic product (GDP)

A

Total $ value of all goods produced by all ppl within a country during one year period

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10
Q

Recession.

A

2 or more consecutive 3 month periods of decline in a countries GDP

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11
Q

Monopoly

A

A market with only 1 seller and barriers

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12
Q

Game theory

A

Used to model interaction between 2 or more companies to see what will happen if they change

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13
Q

Oligopoly

A

Market with few sellers

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14
Q

Product of differentiation

A

Process of developing and promoting differences between one product and all competitive products

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15
Q

Monopolistic
competition

A

Market situation with many buyers and sellers that differentiate their products from competitors

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16
Q

Equilibrium price

A

Price at which quantity demanded is exactly equal to quantity supplied

17
Q

Demand

A

Quantity of products buyers are willing to purchase

18
Q

Supply

A

Quantity of products producers r willing to sell

19
Q

Perfect (pure) competition

A

Market situation where there are many buyers and sellers no single buyer or seller strong enough to affect price

20
Q

Competition

A

Rivalry among business for sales to potential customers

21
Q

Mixed economy

A

Economic system where most land and business are pracetly owned with various levels of gov involvement

22
Q

Socialism

A

Economic system where building roads (infrastructure ) is owned and controlled by gov

23
Q

Command economy

A

Economic system where gov decides what who and how things will be produced and who for

24
Q

Market economy

A

Economic system based off competition in marketplace in which individual own and operate most businesses

25
Q

Factors of production

A

resources used to create goods including natural resources capital labour entrepreneurship akd knowledge

26
Q

Economic system

A

Combination of policies laws and choices made by gov

27
Q

Economy

A

Way ppl deal with creation and distribution of wealth

28
Q

Environmental scan

A

Process of gathering info about enterbal environment to determine how it May potentially impact business operations

BUS 100 (2 decks)

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