Chapter 3 Flashcards
Study
the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
Economics
sufficiency or shortness of supply; dearth.
Scarcity
the activity or business of promoting and selling products or services, including market research and advertising.
Marketing
moral principles that govern a person’s behavior or the conducting of an activity.
Ethics
the quality of being honest and having strong moral principles; moral uprightness.
Integrity
the desire to make a profit
Profit Motive
the various sources from which a business earns money from the sale of goods or the provision of services.
Revenue stream
The impact or effect on an economy (of a place, region, or country) of a particular activity, project, or programme.
Economic Impact
-a decision-making tool used by many businesses to help in budgeting, planning, and estimating future growth.
Forecasting
the profit you make as a result of your investments.
ROI
the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail.
Risk
a condition that poses an unknowable or unacceptable risk of loss for an insurance company to cover.
Uninsurable Risk
the systematic process of identifying, assessing, and mitigating threats or uncertainties that can affect your organization.
Risk Management
an individual or organization’s decision to take responsibility for a particular risk it faces, as opposed to transferring the risk over to an insurance company by purchasing insurance.
Risk Retention
- the legal debts a company owes
Liability
