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Introduction to Business > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Free enterprise

A

Freedom to decide what to produce, how to produce it, and decide how to sell it

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2
Q

Recognizing and respecting the differences among people

A

Cultural (workplace) diversity

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3
Q

Person who assumes risk and is responsible or the business

A

Business owner

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4
Q

Most important resource of a company

A

Employee

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5
Q

One who has the decision to purchase the products

A

Customer

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6
Q

4 resources of business

A
  1. Material resources
  2. Human resources
  3. Financial resources
  4. Informational resources
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7
Q

Three organizations (types) of business

A
  1. Service business
  2. Manufacturing business
  3. Marketing intermediaries
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8
Q

Three organizations (types) of business

A
  1. Service business
  2. Manufacturing business
  3. Marketing intermediaries
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9
Q

Marketing intermediaries

A

Businesses that buy from a vendor then sell the products to a customer

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10
Q

The organized effort of individuals to produce and sell, for profit the goods and services that satisfy society’s need

A

Business

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11
Q

What remains after all business expenses have been deducted from sales revenue

A

Profit

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12
Q

All the different people or groups of people who are affected by an organizations policies, decisions, and activities

A

Stakeholder

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13
Q

The study of how wealth is created and distributed

A

Economics

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14
Q

The study of the decisions made by individuals and businesses

A

Microeconomics

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15
Q

The study of the national economy and the global economy

A

Macroecomics

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16
Q

The way in which people deal with the creation and distribution of the wealth

A

Economy

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17
Q

The inputs and resources used to produce goods and services

A

Factors of production

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18
Q

A person who risks time, effort, and money to start and operate a business

A

Entrpreneur

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19
Q

An economic system in which individuals own and operate the majority of businesses that provide goods and services

A

Capitalism

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20
Q

A term created by Adam Smith to describe how an individual’s personal gain benefits others and the national economy

A

Invisible hand

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21
Q

An economic system in which businesses and individuals decide what to produce and buy, and the market determines prices and the quantity sold

A

Market economy

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22
Q

An economy that exhibits elements of both capitalism and socialism

A

Mixed economy

23
Q

Goods and services purchased by individuals for personal consumption

A

Consumer goods

24
Q

An economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production

A

Command economy

25
Q

The average level of output per worker per hour

A

Productivity

26
Q

The total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period (usually a one year period)

A

Gross domestic product (GDP)

27
Q

A general rise in the level of prices

A

Inflation

28
Q

A general decrease in the level of prices

A

Deflation

29
Q

The percentage of a nation’s labor force unemployed at any time

A

Unemployment rate

30
Q

The monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

A

Consumer price index (CPI)

31
Q

A monthly index that measures prices that producers receive for their finished goods

A

Producer price index (PPI)

32
Q

The recurrence of periods of growth and recession in a nation’s economic activity

A

Business cycle

33
Q

Two or more consecutive three-month periods of decline in a country’s GDP

A

Recession

34
Q

A severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession

A

Depression

35
Q

Federal reserve’s actions to promote maximum employment, stabilize prices, and increase or decrease interest rates

A

Monetary policies

36
Q

Government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending

A

Fiscal policy

37
Q

A shortfall created when the government spends more in a fiscal year than it recieves

A

Federal deficit

38
Q

The total of all federal deficits

A

National debt

39
Q

Rivalry among businesses for sales or potential customers

A

Competition

40
Q

The 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

A

Perfect competion

41
Q

The quantity of a product that producers are willing to sell at each various prices

A

Supply

42
Q

The quantity of a product that buyers are willing to purchase at each of various prices

A

Demand

43
Q

The price at which the quantity demanded is exactly equal to the quantity supplied

A

Market price

44
Q

A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors

A

Monopolistic competition

45
Q

The process of developing and promoting differences between a company’s products and all competitive products

A

Product differentiation

46
Q

A market (or industry) in which there are few sellers

A

Oligopoly

47
Q

A market (or industry) with only one seller, and customers can only buy the product or service from that one seller

A

Monopoly

48
Q

A loose, subjective measure of how well off an individual or society is , mainly in terms of want satisfaction through goods and services

A

Standard of living

49
Q

A method of manufacturing in which an entrepreneur distributed raw materials to various homes, where families would process them into finished goods to be offered for sale by the entrepreneur

A

Domestic system

50
Q

A system of manufacturing in which all materials, machinery, and workers required to manufacture are assembled in one place

A

Factory system

51
Q

The separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals

A

Specialization

52
Q

An economy in which more effort is devoted to the production of services than to the production of goods

A

Service economy

53
Q

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

A

Social media

54
Q

The ability to create and maintain conditions under which present and future generations can exist in productive harmony, and permit fulfilling the social, economic, and other requirements of future generations

A

Sustainability

Introduction to Business (4 decks)

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