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Business > Chapter 1-4 ,7,8 > Flashcards

Chapter 1-4 ,7,8 Flashcards

0
Q

Goods

A

Tangible products; ex. Items

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1
Q

Business

A

Activity that seeks to provide good while operating a profit

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2
Q

Services

A

Intangible products; ex. Healthcare

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3
Q

Entrepreneur

A

A person who risks time and money to start a business

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4
Q

Profit

A

The amount of money a business earns above and beyond what it spends for salaries and other expenses

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5
Q

Revenue

A

The total amount of money a business takes in

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6
Q

Loss

A

When expenses are more than received

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7
Q

Quality of Life

A

General well-being of society in terms of its political freedom

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8
Q

Standard of living

A

Amount of goods you can buy with the money you have

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9
Q

Stakeholders

A

All the people who stand to gain or lose by the activities of a business

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10
Q

Outsourcing

A

Contracting with other companies to do functions of the firm

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11
Q

Insourcing

A

Foreign companies bringing forth tasks to the U.S

Sig- helps create jobs

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12
Q

Non-Profit Organization

A

Goals do not include making a personal profit

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13
Q

Factors of Production

A

The resources used to create wealth;

1. Land 2.labor 3.capital 4.entrepeneurship and 5.knowledge

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14
Q

Productivity

A

The amount of output you generate given the amount of input

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15
Q

E-commerce

A

Buying and selling goods over the Internet.

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16
Q

Database

A

An electric storage file for information

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17
Q

Identity Theft

A

Obtaining someone’s information for illegal purposes

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18
Q

Empowerment

A

Giving frontline workers responsibility

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19
Q

Demography

A

Statical study of the human population

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20
Q

Climate change

A

Movement if temperature

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21
Q

Greening

A

A trend toward saving energy

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22
Q

Economics

A

The study of how society chooses to employ resources to produce goods and distribute them amongst individuals

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23
Q

Macroeconomics

A

Looks at the operation of a nations economy as a whole

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24
Q

Microeconomics

A

Looks at the behavior of people and organizations in particular markets

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25
Q

Resource Development

A

Study of how to increase resources and to create the conditions that will make better use of those resources

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26
Q

Invisible hand

A

The process that turns self directed gain into social and economic benefits for all ((dubbed by Adam Smith))

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27
Q

Capitalism

A

An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit

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28
Q

Supply

A

The quantity of products that manufacturers or owners are willing to sell at different prices in a specific time

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29
Q

Market price

A

Determined by supply and demand

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30
Q

Perfect competition

A

The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of the product

Ex: agriculture

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31
Q

Monopolistic competition

A

A large number of sellers produce very similar products that buyers nevertheless perceive as different

Ex: hotdogs

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32
Q

Oligopoly

A

A degree of competition in which just a few sellers dominate the market

Ex: airlines

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33
Q

Monopoly

A

Only one seller controls the total supply of a product or service and sets the price

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34
Q

Socialism

A

An economic system based on the premise that some, if not most, basic business should be owned by the government so that profits can be more evenly distributed among the people

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35
Q

Brain drain

A

The loss of the best and brightest people to other coubtries

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36
Q

Communism

A

An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

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37
Q

Free market economics

A

The market largely determines what goods and services get produced, who gets them, and how the economy grows

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38
Q

Command economies

A

Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow

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39
Q

Gross domestic product (GDP)

A

The total value of final goods and services produced in a country in a given year

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40
Q

Unemployment rate

A

The number of civilians at least 16 years of ages who are unemployed but attempted to find a job within the past 4 weeks

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41
Q

Inflation

A

A general rise in goods and services over time

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42
Q

Frictional unemployment

A

Those who have quit work and have yet to find a new job

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43
Q

Structural unemployment

A

Caused by businesses restructuring themselves

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44
Q

Cyclical unemployment

A

Due to the recession or business cycle

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45
Q

Seasonal unemployment

A

Demand varies over the uears

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46
Q

Disinflation

A

Price increases slowly

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47
Q

Deflation

A

Prices are declining

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48
Q

Stagflation

A

When the economy is slowing but the prices are still going up

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49
Q

Consumer price index (CPI)

A

Monthly statistics that measure the pace of inflation and deflation

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50
Q

Producer price index (PPI)

A

Measures prices at a wholesale level

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51
Q

Business cycle

A

The periodic rises and falls that occur in economics over time

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52
Q

Recession

A

Two or more consecutive quarters of decline in the GDP

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53
Q

Depression

A

A severe recession, usually accompanied by deflation

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54
Q

Fiscal policy

A

The federal governments efforts to keep the economy stable by increasing or decreasing taxes or government spending

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55
Q

National Debt

A

The sum of government deficits over time

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56
Q

Keynesian Economic Theory

A

The theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession

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57
Q

Monetary Policy

A

The management of the money supply and interest rates by the Federal Reserve

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58
Q

Importing

A

Buying products from another country

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59
Q

Exporting

A

Selling products to another country

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60
Q

Free trade

A

The movement of goods and services along nations without political or economic barriers

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61
Q

Comparative Advantage Theory

A

A country should sell to other countries those products that it produces the best and to buy from other countries products they aren’t as goods in producing

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62
Q

Absolute advantage

A

The advantage that exists when a country has a monopoly on producing a product more than others

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63
Q

Balance of trade

A

The total value of a nations exports compared to its imports over a particular period

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64
Q

Trade surplus

A

A favorable balance of trade; when exports exceeds imports

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65
Q

Trade deficit

A

An unfavorable balance of trade; imports exceed exports

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66
Q

Balance of payments

A

The difference between money coming into the country and money leaving the country.

Remember: money flows from other things too such as tourism, foreign aid, foreign investments, etc

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67
Q

Dumping

A

Selling products in a foreign country at lower prices that the producing country

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68
Q

Licensing

A

A firm allows a foreign company to produce its product for a royalty fee

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69
Q

Contract manufacturing

A

Private label goods a company attached its name to. A type of outsourcing

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70
Q

Joint venture

A

2 or more companies undertake a project

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71
Q

Strategic alliance

A

A long term partnership between 2 or more companies to have competitive market advantages

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72
Q

Foreign direct investments (FDI)

A

The buying if permanent property and businesses in foreign nations

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73
Q

Foreign subsidiary

A

Company owned by another company. Aka the parent company

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74
Q

Multinational corporation

A

A company that manufactures in many different countries

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75
Q

Sovereign wealth funds

A

Funds controlled by government holding large stakes

76
Q

Exchange rate

A

The value of one nation’s currency relative to another nation’s currency

77
Q

Devaluation

A

Lowering the value of a nations currency relative to other currencies

78
Q

Countertrading

A

Forms of bartering goods or services

Ex. Pepsi trades drinks for Russian vodka

79
Q

Trade protectionism

A

Government regulations that limit imports

80
Q

Tariffs

A

Tax imposed on imports

81
Q

Import quota

A

A limit on the number of products in certain categories that a nation can import

82
Q

Embargo

A

A complete ban on the import or export of a certain product

83
Q

General Agreement on Tariffs and Trade (GATT)

A

In 1948, an international forum for negotiating mutual reductions in trade restrictions

84
Q

World trade organization (WTO)

A

replaced the GATT and was assigned to mediate trade disputes

85
Q

Common market

A

A regional group of countries that have a common external tariff

86
Q

North American free trade agreement (NAFTA)

A

Created a free trade area among the United States, Canada, and Mexico

87
Q

Ethics

A

Standards of moral behavior accepted by society as right vs wrong

88
Q

Compliance-based ethics codes-

A

ethical standards that emphasize preventing unlawful behavior by increasing control and by penalizing wrongdoers

89
Q

Integrity-based ethics codes

A

Ethical standards that define the organization’s guiding values. Stresses shared accountability between employees

90
Q

Whistleblowers

A

Insiders who report illegal or unethical behavior

91
Q

Corporate social responsibility (CSR)

A

A business’s concern for the welfare of society

92
Q

Corporate philanthropy

A

The dimension of social responsibility that includes charitable donations

93
Q

Corporate social initiatives

A

Enhanced forms of corporate philanthropy directly related to the company’s competencies

94
Q

Corporate responsibility

A

The dimension of social responsibility that refers to the position a firm takes on in social and political issues

95
Q

Insider trading

A

An unethical activity in which insiders use private company information to further their own fortunes or fortunes of family and friends

96
Q

Social audit

A

A systematic evaluation of an organization’s progress toward implementing socially responsible and responsive programs

97
Q

Sole proprietorship

A

A business that is owned and usually managed by one person

98
Q

Partnership

A

A legal form of business with 2 or more owners

99
Q

Corporation

A

A legal entity with authority to act and have liability apart of its owners

100
Q

Unlimited liability

A

The responsibility of business owners for all of the debts from its owners

101
Q

General partnership

A

All owners share divided debt and responsibility

102
Q

Limited partner

A

An owners who invests money in the business but does not have any management responsibility for losses beyond the investment

103
Q

Limited liability

A

The responsibility of a business’s owners for losses only up to the amount they invest

Ex: shareholders

104
Q

Master limited partnership (MLP)

A

A partnership that acts like a corporation (is traded on a stock exchange) but is taxed like a partnership, this avoiding corporate income tax

105
Q

Limited liability partnership (LLP)

A

A partnership that limits partners risk of losing their personal assets to only their own acts and omissions

106
Q

Conventional “c” corporation

A

A state chartered legal entity with authority to act and have liability separate grind its owners

107
Q

S corporation

A

A unique government creation that looks like a corporation but is taxed like sole proprietorship and partnerships

108
Q

Limited liability company

A

A company similar to a s corporation but without the requirements

109
Q

Merger

A

Result of 2 firms forming one company

110
Q

Acquisition

A

One company’s purchase of the property and obligations of another company

111
Q

Vertical merger

A

The joining of 2 companies involved in different stages of related businesses

Ex. Soft drink company buys an artificial sweetener company

112
Q

Horizontal merger

A

The joining of 2 firms in the same industry

Ex. Soft drink company buys a mineral water company

113
Q

Conglomerate merger

A

The joining of firms unrelated but offers benefits

Ex.soft drink company buys a snack food company

114
Q

Cooperative

A

A business owned and controlled by the people who use it; producers, consumers, or workers with similar needs who pool their resources for mutual gain

115
Q

Entrepreneurship

A

Accepting the risk of starting and running a business

116
Q

Entrepeneurial team

A

A group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop, make, and market a new product.

117
Q

Microoreneurs

A

Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle

118
Q

Affiliate marketing

A

An Internet based marketing strategy in which a business rewards Individuals or other businesses for each visitor or customer the affiliate sends to its website

Ex. Bloggers receive free clothes of clothing websites to get their brand out.

119
Q

Enterprise zones

A

Specific geographic areas to which governments try to attract private business investment by offering lower taxes and other government support

120
Q

Business plan

A

A detailed written statement that describes the nature of the business, the advantages, the resources, and the qualifications.

121
Q

Venture capitalists

A

Individuals of companies that invest in new businesses in exchange for partial ownership of this businesses

122
Q

Small business administration (SBA)

A

A US government agency that advises and assists small businesses by providing management training and financial advice and loans

123
Q

Management

A

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

124
Q

Planning

A

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

125
Q

Organizing

A

A management function that includes designing the structure of the organization and creating a system in each everyone and thing works together

126
Q

Leading

A

Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve goals

127
Q

Controlling

A

A management function that involves establishing clear standards to determine whether or not there is progression.

128
Q

Vision

A

An encompassing explanation of why the organization exists and where it’s trying to head

129
Q

Mission statement

A

An outline of the fundamental purposes of an organization

130
Q

Goals

A

The broad, long term accomplishments an organization wishes to attain

131
Q

Objective

A

Specific short term statements detailing how to achieve the organization goals

132
Q

SWOT ANALYSIS

A

S-trengths W-eaknesses O-ppurtunities T-hreats

A planning tool used to analyze an organizations

133
Q

SWOT STRENGTHS TO VIEW

A 
strengths- competencies
An acknowledged leader
Functional areas
Proven management
Cost advantages
Effective advertisinng
134
Q

SWOT WEAKNESSES

A 
weaknesses- no strategic direction
Obsolete facilities
Subpar profitability
Lack of managerial depth and talent
Weak market image
Too narrow a product line
135
Q

SWOT POTENTIAL OPPUTINITIES

A

Ability to serve additional customer groups
Expand product lines
Ability to transfer skills to new products
Falling trade barriers in attractive foreign markets
Complacency among rival firms
Ability to grow due to increasing in market demand

136
Q

SWOT EXTERNAL THREATS

A 
Entry of lower cost foreign competitors 
Rising sales on substitute product
Slower market growth
Costly requirements
Vulnerability to recession
Changing buyer needsj
137
Q

Strategic planning

A

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals

138
Q

Tactical planning

A

The process of developing short term statements about was is to be done

139
Q

Operational planning

A

The process of setting work standards and schedules necessary to implement the company’s tactical objectives

140
Q

Contingency planning

A

The process of preparing alternative courses of action that may be used if the primary plans don’t achieve meeting objectives

141
Q

Decision making

A

Choosing among two or more alternatives

142
Q

Problem solving

A

The process of solving the everyday problems that occur. Problem solving is less formal than decision making

143
Q

Brainstorming

A

Coming up with as many solutions as possible in a short period of time

144
Q

PMI

A

Plus and minus chart

145
Q

Organizational chart

A

A visual device that shows relationships among people and divides the organization’s work; it shows who reports to whom

146
Q

Top management

A

Highest level of management consisting of the president and other key company executives who develop strategic plans

147
Q

Middle management

A

The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning

148
Q

Supervisory management

A

Managers who are directly responsible for supervising workers and evaluating their daily performance

149
Q

Technical skills

A

Skills that involve the ability to perform tasks in a specific discipline or department

150
Q

Human relations skills

A

Skills that involve communication and motivation

151
Q

Conceptual skills

A

Skills that involve the ability to picture the organization as a whole

152
Q

Staffing

A

A management function that includes hiring, motivating, and retaining the best people

153
Q

Transparency

A

The presentation of a company’s facts and figured in a way that is clear for the stakeholders

154
Q

Autocratic leadership

A

Making managerial decisions without consulting others

155
Q

Participative (democratic) leadership

A

Consists of managers and employees working together to make decisions

156
Q

Free reign leadership

A

Managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

157
Q

Enabling

A

Giving workers the education and tools they need to make decisions

158
Q

Knowledge management

A

Finding the right information, keeping the information in an accessible place, and making information know to everyone

159
Q

External customers

A

Dealers who buy products to sell to others, and ultimate customers, who buy products for their own personal use

160
Q

Internal customers

A

Individuals and units within the firm that receive services from other units

161
Q

economies of scale

A

the situation which companies can reduce their production costs if they purchase raw materials in bulk; the average cost of goods goes down as production levels increase

162
Q

Fayol’s Principles of Organization

A

Division of Labor
Hierarchy of Authority- (know who you report to)
Unity of Command- (1 and only 1 boss)
Subordination of individual interest to general interest- (goals as a TEAM)
Authority- (managers can give orders) ** whenever authority is exercised, responsibility arises.
Degree of Centralization- Specific and fixed responsibility to certain people in top management
Clear communication
Order
Equity- treat employees with respect

163
Q

Max Weber’s Principles

A

employees need to do what they are told

addition to Fayol:

  • job descriptions
  • written rules
  • consistent procedures
  • staffing and promotion based on QUALITY
164
Q

hierarchy

A

one personal at the top with a rank from top to bottom of managers who are responsible to a person

165
Q

chain of command

A

the line of authority that moves from the top of hierarchy to bottom

166
Q

bureaucracy

A

an organization with many layers of managers who set rules and regulations and oversee all decisions

167
Q

centralized authority

A

an organization structure in which decision-making authority is maintained at the top level of management

168
Q

decentralized authority

A

an organization structure in which decision-making authority is delegated to lower-level managers more familiar with local conditions than headquarter management could be

169
Q

span of control

A

the optimal number of subordinates a manager supervises or should supervise

170
Q

tall organization structure

A

an organizational structure in which there are various levels of managers

171
Q

flat organization structure

A

an organizational structure that has few levels of management

172
Q

departmentalization

A

the dividing of organizational functions into separate units

173
Q

line organization

A

an organization that has direct 2-way lines of responsibility, with all people reporting to only one supervisor.

*** hard to use in large businesses

174
Q

line personnel

A

employees who are part of the chain of command that is responsible for achieving organizational goals

175
Q

staff personnel

A

employees who advise and assist line personnel

176
Q

matrix organization

A

specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure

177
Q

cross-functional self-managed teams

A

groups of employees who work together on a long-term basis.

178
Q

networking

A

using communications technology and other means to link organizations and allow them to work together

179
Q

real time

A

the present moment

180
Q

virtual corporation

A

a temporary networked organization made up of replaceable firms that join and leave as needed

181
Q

benchmarking

A

comparing an organization’s practices,processes, and products against the world’s best

182
Q

core competencies

A

those functions that the organization can do as well as or as better than any other organization in the world

183
Q

digital natives

A

young people who grew up on the internet

184
Q

restructuring

A

redesigning an organization to be more effective

185
Q

inverted organization

A

an organization that has contacted people at the top and the chief executive officer at the bottom

186
Q

organizational (corporate) culture

A

widely shared values within an organization that achieves common goals and provide unity

187
Q

formal organization

A

the structure that details lines of responsibility, authority, and position.

188
Q

informal organization

A

the system that develops spontaneously as employees meet and form cliques, relationships, and lines of authority

Business (3 decks)

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