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intro to business chapters 1-5 > chapter 1 > Flashcards

chapter 1 Flashcards

1
Q

free enterprise

A

the 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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2
Q

cultural/workplace diversity

A

differences among people in a workforce owing to race, ethnicity, and gender

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3
Q

business

A

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

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4
Q

e-business

A

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs through the facilities available on the internet

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5
Q

profit

A

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

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6
Q

stakeholders

A

all the different people or groups of people who are affected by an organization’s policies, decisions, and activities

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7
Q

economics

A

the study of how wealth is created and distributed

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8
Q

microeconomics

A

the study of the decisions made by individuals and businesses

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9
Q

macroeconomics

A

the study of the national economy and the global economy

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10
Q

economy

A

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

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11
Q

factors of production

A

resources used to produce goods and services

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12
Q

entrepeneur

A

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

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13
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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14
Q

invisible hand

A

a term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy

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15
Q

market economy

A

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

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16
Q

mixed economy

A

an economy that exhibits elements of both capitalism and socialism

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17
Q

consumer products

A

goods and services purchased by individuals for personal consumption

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18
Q

command economy

A

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

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19
Q

productivity

A

the average level of output per worker per hour

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20
Q

GDP (gross domestic product)

A

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 one year)

21
Q

inflation

A

a general rise in the level of prices

22
Q

deflation

A

a general decrease in the level of prices

23
Q

unemployment rate

A

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

24
Q

consumer price index (CPI)

A

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

25
Q

producer price index (PPI)

A

an index that measures prices that producers receive for their finished goods

26
Q

business cycle

A

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

27
Q

recession

A

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

28
Q

depression

A

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

29
Q

monetary policies

A

Federal Reserve’s decisions that determine the size of the supply of money in the nation and the level of interest rates

30
Q

fiscal policy

A

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

31
Q

federal deficit

A

a shortfall created when the federal government spends more in a fiscal year than it receives

32
Q

national debt

A

the total of all federal deficits

33
Q

competition

A

rivalry among businesses for sales to potential customers

34
Q

perfect (or pure) competition

A

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

35
Q

supply

A

an item that facilitates production and operations but does not become part of a finished product

36
Q

demand

A

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

37
Q

market price

A

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

38
Q

monopolistic competition

A

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

39
Q

product differentiation

A

the process of developing and promoting differences between one’s products and all competitive products

40
Q

oligoply

A

a market or industry in which there are a few sellers

41
Q

monopoly

A

a market or industry with only one seller and there are barriers to keep other firms from entering the industry

42
Q

standard of living

A

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

43
Q

domestic system

A

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

44
Q

factory system

A

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

45
Q

specialization

A

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

46
Q

service economy

A

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

47
Q

social media

A

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

48
Q

sustainability

A

the ability to maintain or improve standards of living without damaging or depleting natural resources for present and future generations

intro to business chapters 1-5 (5 decks)

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