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Business 120 > Chapter 1 > Flashcards

Chapter 1 Flashcards

0
Q

GDP

A

Total value of all goods and services produced by all people within a country during a one year period

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1
Q

Four crucial management skills

A

Interpersonal
Analytical
Technical
Conceptual

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2
Q

Productivity

A

Average Output per worker per hour

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3
Q

Founder of capitalism

A

Adam Smith

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4
Q

Define business

A

Organized effort of individuals to produce and sell for a profit goods and services that satisfy society’s needs

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5
Q

Four things needed for business

A

Human resources
Informational resources
Material resources
Financial resources

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6
Q

What is the relationship between sale revenue and profit

A

Profit remains when expenses have been deducted from revenue

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7
Q

A loss occurs when

A

Costs exceed a businesses revenue

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8
Q

What kind of economy does the U.S. Have

A

Mixed economy

Both socialism and capitalism are represented

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9
Q

Households serve as

A

Consumers

Resource owners of some factors of production

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10
Q

Governments role In The economy

A

Fun exchange for taxes governments provide public services that would not be provided by business or would be produced only for those who could afford them

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11
Q

Oligopoly

A

Few sellers, size able investment, each seller has considerable control over the price, actions of one seller can have a strong effect on the other competitors

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12
Q

Perfect/pure competition

A

Many buyers and many sellers, no one seller or buyer is powerful enough to effect there price

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13
Q

Monopoly

A

Only one seller

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14
Q

Natural Monopoly

A

Industry requiring huge investment, duplication of facilities would be a wasteful use of resources and would not be in public interest

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15
Q

Define inflation

A

Rise in the levels of prices

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16
Q

Deflation

A

Decline in prices

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17
Q

Factors of production

A

Resources needed to produce goods and services

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18
Q

Invisible hand

A

A term used to describe how individual’s personal gain benefits others and a nations economy

Adam smith

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19
Q

Steak holder

A

All people effected by an organizations policy decisions and activities

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20
Q

Free enterprise

A

System of business in which individuals are free to decide what to produce, how to produce it and at what price to sell it

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21
Q

Economy

A

The way i. Which people deal with the creation and distribution of wealth

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22
Q

Microeconomics

A

Individuals and business

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23
Q

Macroeconomics

A

National economy and global

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24
Q

Capitalism

A

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

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25
Q

Factors of production

A

The resources needed to produce goods and services

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26
Q

System of business where individuals are free to decide what to produce, how to produce it and at what price to sell it

A

Free enterprise

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27
Q

Four major economic systems

A

Communism
Socialism
Capitalism
Mixed economy

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28
Q

Political and economic theory of social organization that advocates the means of production distribution and exchange should be regulated by the community as a whole

A

Socialism

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29
Q

A political theory derived from Karl Marx, advocating class war and lead to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs

A

Communism

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30
Q

Two or more consectutive three month periods of decline In GDP

A

Recession

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31
Q

Depression

A

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

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32
Q

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

A

Fiscal policy

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33
Q

Federal reserves decisions that determaim the size of the supply of money in the nation and the level of interest rates

A

Monetary policy

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34
Q

Fluctuations in economic growth

The reoccurrence of periods of growth and recession in a nations economy

A

Business cycle

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35
Q

Measures prices that producers recurve for their finished goods

Predictor of
Changes in CPI
Prices costomers will pay for everyday nessesities

A

Producer price index (PPI)

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36
Q

Percent of a nations labor force unemployed at any time

A

Unemployment rate

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37
Q

An economy that exhibits both elements of both capitalism and socialism

A

Mixed economy

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38
Q

Government decides what goods and services will be produced

How
For whom
And owns and controls the major factors of production

A

Command economy

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39
Q

Monthly index that measures the change in prices of a fixed basket of goods by a typical consumer in an urban area

A

Consumer price index (CPI)

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40
Q

An economic system in which businesses and individuals decide what to produce and buy and the market determains quantities sold and prices

A

Market economy

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41
Q

Human resources
Informational resources
Material resources
Financial resources

A

Four things needed for business

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42
Q

A comprehensive report of what an organization has done and is doing with regard to social issues that affect it

A

Social audit

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43
Q

A plan designed to increase the number of minority employees at all levels within an organization

A

Affirmative action program

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44
Q

A government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it

A

Equal opportunity commission

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45
Q

Workers with little education or vocational training and long history of unemployment

A

Hard-core unemployment

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46
Q

The concept that businesses should emphasize not only profits but also the impact of its decisions on society

A

Socioeconomic model of social responsibility

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47
Q

The view that society will benefit most when business is left alone to produce and market profitable products that society needs

A

Economic model of social responsibility

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48
Q

A Latin phrase meaning “let the buyer beware “

A

Caveat emptor

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49
Q

All activities undertaken to protect the rights of consumers

A

Consumerism

50
Q

Right to choose, be informed, be heard, safety, consumer education and courteous service

A

Six basic rights of consumers

51
Q

The recognition that business activities have an impact on society and the consideration of that impact in business decision making

A

Social responsibility

52
Q

Informing the press or government officials about unethical practices within ones organization

A

Whistle blowing

53
Q

Provides sweeping new legal protection for employees who report corporate misconduct

A

sarbanes Isley act of 2002

54
Q

When a business person take advantage of a situation for his or her own personal interest rather than for the employers interest

A

Conflict of interest

55
Q

The application of moral standards to business situations

A

Business ethics

56
Q

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

A

Social media

57
Q

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

A

Service economy

58
Q

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

A

Domestic system

59
Q

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

A

Standard of living

60
Q

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

A

Specialization

61
Q

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

A

Factory system

62
Q

A market I. Which there are few sellers

A

Oligopoly

63
Q

The process of developing and promoting differences between ones products and all competitive products

A

Product differentiation.

64
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

65
Q

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

A

Demand

66
Q

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

A

Supply

67
Q

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

A

Market price

68
Q

These let situation in which there are many buyers and sellers of a product and no one buyer or seller is powerful enough to affect the price of that product

A

Perfect or pure competition

69
Q

General rise in the level of prices

A

Inflation

70
Q

General decrease in the level of prices

A

Deflation

71
Q

The recurrence or periods of growth and recession in a nations economic activity

A

Business cycle

72
Q

The average level of output per worker per hour

A

Productivity

73
Q

Goods and services purchased by individuals for personal consumption

A

Consumer products

74
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

75
Q

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

A

Market economy

76
Q

An economic system I. Which the individuals own and operate the majority of businesses that provide goods and services

A

Capitalism

77
Q

A term created by Adam smith to describe how am individuals personal gain benefits others and a nations economy

A

Invisible hand

78
Q

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

A

Economy

79
Q

Resources used to produce goods and services

A

Factors of production

80
Q

The study of how wealth is distributed and created

A

Economics

81
Q

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

A

Business

82
Q

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

A

Profit

83
Q

Differences among people in a workforce owning to race ethnicity and gender

A

Cultural or workplace diversity

84
Q

All activitys undertaken to protect the rights of consumers

A

Consumerism

85
Q

The ability to produce a specific product more efficiently than any other nation

A

Absolute advantage

86
Q

All business activities that involve exchanges accross national borders

A

International business

87
Q

The ability to produce a specific product more efficiently than and other product

A

Comparative advantage

88
Q

Selling and shipping raw materials or products to other nations

A

Exporting

89
Q

Purchasing raw materials or products in other nations and bringing them into ones own country

A

Importing

90
Q

The total value of a nations exports minus the total value of its imports over some period of time

A

Balance of trade

91
Q

A negative balance of trade

A

Trade deficit

92
Q

The total flow of money into a country minus the total flow of money out of that country over some period of time

A

Balance of payments

93
Q

A tax levies on a particular foreign product entering a country

A

Import duty

94
Q

Exportation of large quantities of a product at a price lower than that of the same product in the home market

A

Dumping

95
Q

A nontax measure imposed by a government to favor domestic over foreign suppliers

A

Nontariff barriers

96
Q

A limit on the amount of a particular good that may be imported into a country during a given period of time

A

Import quota

97
Q

A complete halt to the trading with a particular nation or in a particular product

A

Embargo

98
Q

A restriction on the amount of a particular foreign currency that can be purchased or sold

A

Foreign-exchange control

99
Q

The reduction of the value of a nations currency relative to the currencies of other nations

A

Currency devaluation

100
Q

An international organization of 159 nations dedicated to reducing or eliminating tariffs and other barriers to world trade.

A

General agreement on tariffs and trade

GATT

101
Q

Powerful successor to GATT that incorporates trade in good services and ideas

A

World trade organization WTO

102
Q

An organization on Omarion’s formed to promote the free movement of resources and products among its members and to create common economic policies

A

Economic community

103
Q

A contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation

A

Licensing

104
Q

Issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary

A

Letter of credit

105
Q

Document issued by a transport carrier to an exporter to prove that merchandise has been shipped

A

Bill of lading

106
Q

Issued by an exporters bank, ordering the importers bank to pay for the merchandise, thus guaranteeing payment once accepted by the importers bank

A

Draft

107
Q

A partnership formed to create a competitive advantage on a worldwide basis

A

Strategic alliance

108
Q

Provides a link between buyers and sellers in different countries

A

Trading company

109
Q

Provides and link between buyers and sellers in different countries

A

Trading company

110
Q

An international barter transaction

A

Countertrade

111
Q

A firm that operate s on a worldwide scale without ties to any specific nation or region

A

Multinational enterprise

112
Q

An independent agency of the U.S. Government whose function is to assist in financing the exports of American firms

A

Export-import bank of the United States

113
Q

An internationally supported bank that provides loans to developing countries to help them grow

A

Multilateral development bank

114
Q

An international bank with 188 member nations that makes short term loans to developing countries experiencing balance of payment deficits

A

International Monetary Fund

115
Q

Import quota

A

A limit on the amount of a particular good that may be imported during a given time

116
Q

NAFTA

A

North American free trade agreement

117
Q

OPEC

A

Organization of petroleum exporting countries est. 1960

118
Q

A partnership formed to achieve a specific goal or to operate for a specific period of time

A

Joint venture

119
Q

Production or marketing facilities developed by a firm in one or more foreign nations

A

Totally owned facilities

120
Q

Advantages of a joint venture

A

Immediate marketing knowledge
Reduced risk
Control over product attributes

121
Q

Disadvantages of a joint venture

A

Complexity of establishing agreements accross national borders

High level of commitment required of all parties involved

122
Q

Advantages and disadvantage of totally owned facilities

A

Complete control of operations

Disadvantage: risk is greater

123
Q

Imposed to protect a domestic industry from competition by keeping the prices of imports at or above the price of domestic products

A

Protective tariff

Business 120 (15 decks)

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