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Buisness 101 Exam 1 > Chapter 1 > Flashcards

Chapter 1 Flashcards

0
Q

Example of goods

A

Tomatoes, shoes, and iPhones

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1
Q

What is Business?

A

A catchall term that refers to both for-profit and nonprofit organizations that provide goods and services to others

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2
Q

What are tangible products?

A

Goods

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3
Q

Examples of intangible products

A

Education, health care and maid service

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4
Q

What are intangible products?

A

services

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5
Q

How does a business earn revenue?

A

From selling its goods and services

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6
Q

How does a business incur expenses?

A

From producing goods and services

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7
Q

What is profit?

A

Amount of money a business earns in revenue in excess of its expenses

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8
Q

What is a loss?

A

Occurs when expenses are greater than revenue

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9
Q

What do for-profit businesses seek?

A

They seek to earn profit for their owners while providing goods and services

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10
Q

Examples of for-profit businesses

A

Exxon mobile, ikea, and apple

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11
Q

What are nonprofit businesses?

A

They seek to maximize a primary objective other than profit while providing goods and services

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12
Q

Examples of nonprofit businesses

A

doctors without borders, habitat for humanity, and your local city government

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13
Q

What is an entrepreneur?

A

A person willing to risk time and money to start and manage a business

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14
Q

What can emerge and establish businesses by scanning the environment?

A

Conducting a SWOT analysis

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15
Q

What is SWOT analysis?

A

Involves examining the business’s internal strengths, internal weaknesses, external opportunities and external threats

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16
Q

What is core competency

A

A unique ability that a buisness acquires from its founders that cannot be easily imitated

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17
Q

What is a mission statement?

A

A powerful yet succinct description of a business’s purpose

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18
Q

What does missions statement adapt to?

A

Must be flexible to adapt to changes in goods and services

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19
Q

Is Facebook mission or visual statement?

A

Mission statement because it gives people the power to share and make the world a more open and connected place

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20
Q

What is visual statement?

A

A business that must point to the future - to where the business wants to go

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21
Q

Example of visual statement?

A

Toys R Us - “be the worlds greatest kids brand”

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22
Q

What is a trade-off?

A

Means that to get one thing that we like, we often have to give up something else that we like.

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23
Q

What are scarce?

A

Most decisions in life involve trade-offs because almost all goods and resourcesp

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24
Q

What is factors of production?

A

Land, labor, capital, and entrepreneurial ability

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25
Q

Opportunity cost

A

The highest-valued good or service that a business sacrificed

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26
Q

What is a positive incentive?

A

Increase the benefit of making a decision, making the choice more likely

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27
Q

What is a negative incentive?

A

Punishment increases the cost of making a decision, making the choice less likely

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28
Q

Revenue > expenses

A

Profit

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29
Q

Revenue < expenses

A

Loss

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30
Q

Revenue - expenses

A

Net income / loss

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31
Q

Marginal

A

To do a little more or a little less of something

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32
Q

What is zero-sum game?

A

In order for someone to win, someone must lose

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33
Q

What is positive sum game?

A

Trading a good or service

34
Q

Framing

A

A decision to select how the choice is to be presented to the customer or decision-maker

35
Q

Soft skills

A

Written and oral communication, teamwork and workplace social skills

36
Q

Written communications

A

Businesses use email, text messaging, memos, and reports

37
Q

Text messaging

A

An efficient form of communication in which messages are sent electronically to a cell phone or other enabled device

38
Q

Body vs memo

A

Memo is an efficient form of communicating detailed info and the body of a paragraph contains details that need to be communicated to the recipients

39
Q

Related diversification

A

Occurs when organizations expand into businesses related to their core business

40
Q

Unrelated Diversification strategy

A

When firms acquire or merge with firms unrelated to their core competency

41
Q

Vertical integration

A

Expanding forward and selling their products themselves in retail stores and/or backward by manufacturing their own products

42
Q

Apple uses what through its ownership of the Apple Store, a chain retail store?

A

Forward vertical integration

43
Q

Rolex used ehst by manufacturing its own watches?

A

Backward vertical integration

44
Q

What are S.M.A.R.T goals?

A

Specific, measurable, attainable, realistic, and timely

45
Q

What are goals needed to achieve the strategy, and are these consistent with the organizations mission?

A

SMART goals

46
Q

Flat organizations vs layered

A

Flat = production, finance, research, sales all working as one team

Layered = Working as several 6 different teams or groups

47
Q

What are complementary goods?

A

Example is salsa and chips to soda or bagel and cream cheese to orange juice. They complement eachother

48
Q

Substitute goods

A

Katie enjoys drinking OJ, AJ, and CJ. Can substitute these because she equally likes them. She considers the price per gallon before she buys

49
Q

Law of supply

A

Positive relationship between price and quantity supplied

50
Q

If the price of land decreased, then tampa naturals supply curve would?

A

Shift right, ceteris parings

51
Q

Quantity supplied

A

Number

52
Q

Law of demand

A

Negative relationship between the price of OJ and the quantity demanded of OJ always hold true

53
Q

Gross domestic product

A

Most widely accepted measure of national production of goods and services

54
Q

GDP is the what?

A

Sum of the market value of all final goods and services produced within a country in a given period of time

55
Q

Real GDP informs the reader that?

A

The market value of the economic product calculations are adjusted for changes in the prices level (I.e for changes in inflation or deflation)

56
Q

Economic contraction

A

The negative movement from peak to trough

57
Q

Components of GDP

A

Consumption, investment, government expenditure, net exports (exports-imports)

58
Q

Consumption

A

Made up of all the final goods and services that are ultimately bought and used by households, except newly constructed buildings

59
Q

Investment

A

Made up of all the final goods and services that become part of the business or residential capital stock, including new constructed buildings

60
Q

Government expenditure

A

Made up of all the final goods and services bought by the government

61
Q

Exports

A

Final goods and services produced in the United States and Prichard by foreigners living outside the U.S.

62
Q

Imports

A

Include all final goods and services produced by those outside the United States and purchased by a member of the U.S population

63
Q

Exchange rate

A

Rate at which you can exchange one currency for another

64
Q

A dollar to euro change ratio, for example, can be stated as

A

1.32 dollars per euro….1 euro will buy $1.32

65
Q

A currency appreciates when

A

It’s prices increase in terms of another currency

66
Q

A currency depreciates when

A

It’s price decreases in terms of another currency

67
Q

A dollar appreciates when

A

The line has a negative slope

68
Q

A dollar depreciates when the line

A

Has a positive slope

69
Q

If the price of a good or service decreases, ceteris paribus, the quantity demanded of that good or service will increase

A

Law of demand

70
Q

Is the price of a good or service increases, ceteris paribus, the quantity supplied of that good or service will increase

A

Law of supply

71
Q

What are the 3 types of unemployment

A

Frictional, structural, cyclical

72
Q

What is frictional Unemployment

A

It occurs because it takes time for workers to search for the jobs that best shit their taste and job skills

73
Q

What is structural unemployment

A

Occurs because the number of jobs available in a labor market is insufficient to provide jobs for all of those who want a job

74
Q

Example of structural unemployment

A

Many are being eliminated because computers have replaced work once by humans

75
Q

What is cyclical unemployment

A

Unemployment that occurs because of declines in the economy GDP during economic contractions and recessions

76
Q

What are examples of Individualistic societies

A

United States, Great Britain, and Australia

77
Q

What is a individualistic society?

A

Importance to freedom and char bed in jobs, individual achievement, and initiative and individual decision making

78
Q

Examples of collective societies

A

Latin America, Northern Europe, and Southeast Asia

79
Q

What are collective societies

A

They tend to prefer working in groups

80
Q

What are examples of power distance?

A

Mexico, Nigeria, Venezuela, panama, India and Malaysia

81
Q

What are power distance

A

Refers to the extent to which less powerful member of society accept an unequal distribution of power

82
Q

Uncertainty avoidance

A

They are more conservative

Finland, Germany, Greece, Guatemala, and Portugal

83
Q

Masculinity/femininity

A

Distribution of times between genders

Austria, Japan, Saudi Arabia, and Venezuela

Buisness 101 Exam 1 (1 decks)

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