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Intro to Business > Chapters 1 & 2 > Flashcards

Chapters 1 & 2 Flashcards

1
Q

an activity that seeks to provide goods and services to others while operating at a profit

A

business

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2
Q

tangible products such as computers, food, clothing, cars, and appliances

A

goods

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3
Q

intangible products (products that can’t be held in you hands) such as education, health care, insurance, recreation, and travel and tourism

A

services

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4
Q

a person who risks time and money to start and manage a business

A

entrepreneur

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5
Q

the total amount of money a business takes during a given period by selling goods and services

A

revenue

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6
Q

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

A

profit

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7
Q

when a business’s expenses are more than its revenues

A

loss

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8
Q

the chance an entrepreneur takes of losing time and money on a business that may not prove profitable

A

risk

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9
Q

the amount of goods and services people can buy with the money they have

A

standard of living

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10
Q

the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide

A

quality of life

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11
Q

all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

A

stakeholders

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12
Q

contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks

A

outsourcing

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13
Q

an organization whose goals do not include making a personal profit for its owners or organizers

A

nonprofit organization

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14
Q

the resources used to create wealth: land, labor, capitol, entrepreneurship, and knowledge

A

factors of production

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15
Q

the surrounding factors that either help or hinder the development of businesses

A

business environment

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16
Q

everything from phones and copiers to computers, mobile devices, medical imaging machines, and the various software programs and apps that make business processes more effective, efficient, and productive

A

technology

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17
Q

the amount of output you generate given the amount of input (hours worked)

A

productivity

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18
Q

the buying and selling of goods over the internet

A

e-commerce

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19
Q

an electronic storage file for information

A

database

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20
Q

the obtaining of individuals’ personal information, such as Social Security and credit card numbers, for illegal purposes

A

identity theft

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21
Q

giving frontline workers the responsibility, authority, freedom, training, and equipment the need to respond quickly to customer request

A

empowerment

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22
Q

the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income

A

demography

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23
Q

the movement of the temperature of the planet up or down over time

A

climate change

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24
Q

the trend toward saving energy and producing products that causes less harm to the environment

A

greening

25
Q

the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals

A

economics

26
Q

the part of economics study that looks at the operation of a nation’s economy as a whole

A

macroeconomics

27
Q

the part of economics study that looks at the behavior of people and organizations in particular markets

A

microeconomics

28
Q

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

A

resource development

29
Q

a phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all

A

invisible hand

30
Q

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

A

capitalism

31
Q

a combination of freer markets and some government control

A

state capitalism

32
Q

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

A

supply

33
Q

the quantity of products that people are willing to buy at different prices at a specific time

A

demand

34
Q

the price determined by supply and demand

A

market place

35
Q

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

A

perfect competition

36
Q

the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different

A

monopolistic competition

37
Q

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

A

oligopoly

38
Q

a degree of competition in which only one seller controls the total supply of a product or service, and sets the price

A

monopoly

39
Q

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

A

socialism

40
Q

the loss of the best and brightest people to other countries

A

brain drain

41
Q

economic systems in which the market largely determines what goods and services get produced, who gets them, and ho the economy grows

A

free-market economies

42
Q

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

A

command economies

43
Q

economic systems in which some allocation of resources is made by the market and some by the government

A

mixed economies

44
Q

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

A

gross domestic product (GDP)

45
Q

a measure of total sales volume at all stages of production

A

gross output (GO)

46
Q

the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks

A

unemployment rate

47
Q

a general rise in prices of goods and services over time

A

inflation

48
Q

a situation in which price increases are slowing (the inflation rate is declining)

A

disinflation

49
Q

a situation in which prices are declining

A

deflation

50
Q

a situation when the economy is slowing but prices are going up anyhow

A

stagflation

51
Q

monthly statistics that measure the pace of inflation of deflation

A

consumer price index (CPI)

52
Q

an index that measures prices at the wholesale level

A

producer price index (PPI)

53
Q

the periodic rises and falls that occur in economies over time

A

business cycles

54
Q

tow or more consecutive quarters of decline in the GDP

A

recession

55
Q

a severe recession, usually accompanied by deflation

A

depression

56
Q

the sum of government deficits over time

A

national debt

57
Q

the theory that a government policy of increasing spending could stimulate the economy in a recession

A

Keynesian economic theory

58
Q

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

A

monetary policy

Intro to Business (5 decks)

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