Chapter 3 Flashcards

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1
Q

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.

A

Economics

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2
Q

sufficiency or shortness of supply; dearth.

A

Scarcity

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3
Q

the activity or business of promoting and selling products or services, including market research and advertising.

A

Marketing

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4
Q

moral principles that govern a person’s behavior or the conducting of an activity.

A

Ethics

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5
Q

the quality of being honest and having strong moral principles; moral uprightness.

A

Integrity

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6
Q

the desire to make a profit

A

Profit Motive

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7
Q

the various sources from which a business earns money from the sale of goods or the provision of services.

A

Revenue stream

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8
Q

The impact or effect on an economy (of a place, region, or country) of a particular activity, project, or programme.

A

Economic Impact

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9
Q

-a decision-making tool used by many businesses to help in budgeting, planning, and estimating future growth.

A

Forecasting

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10
Q

the profit you make as a result of your investments.

A

ROI

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11
Q

the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail.

A

Risk

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12
Q

a condition that poses an unknowable or unacceptable risk of loss for an insurance company to cover.

A

Uninsurable Risk

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13
Q

the systematic process of identifying, assessing, and mitigating threats or uncertainties that can affect your organization.

A

Risk Management

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14
Q

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.

A

Risk Retention

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15
Q
  • the legal debts a company owes
A

Liability

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16
Q

a strategy for how your organization will respond to important or business-critical events that knock your original plans off track.

A

Contingency Plan

17
Q

the act of collecting services, ideas or content through the contributions of a large group of people.

A

Crowdsourcing

18
Q

the process of building a business from scratch without attracting investment or with minimal external capital.

A

Bootstrapping

19
Q
A