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business 101 > chapters 1-6 > Flashcards

chapters 1-6 Flashcards

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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

entrepreneur

A

a person who risks time, effort, and money too 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 available goods and services will be 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

gross domestic product (GDP)

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 a one-year period

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21
Q

inflation

A

a general rise in the level of prices

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22
Q

deflation

A

a general decrease in the level of prices

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23
Q

unemployment rate

A

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

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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

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25
Q

producer price index (PPI)

A

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

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26
Q

business cycle

A

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

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27
Q

recession

A

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

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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

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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

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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

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31
Q

federal deficit

A

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

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32
Q

national debt

A

the total of all federal deficits

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33
Q

competition

A

rivalry among businesses for sales to potential customers

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34
Q

perfect/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

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35
Q

supply

A

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

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36
Q

demand

A

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

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37
Q

market price

A

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

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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

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39
Q

product differentiation

A

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

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40
Q

oligopoly

A

a market (or industry) in which there are few sellers

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41
Q

monopoly

A

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

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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

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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 entrepreneur

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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

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45
Q

specialization

A

the separation of a manufacturing process into distinct tasks and the assignment of 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

49
Q

ethics

A

the study of right and wrong and the morality of the choices individuals make

50
Q

business ethics

A

the application of moral standards to business situations

51
Q

plagiarism

A

knowingly taking someone else’s words, ideas or other original material without acknowledging the source

52
Q

sarbanes-oxley act of 2002

A

provides sweeping new legal protection for employees who report corporate misconduct

53
Q

code of ethics

A

a guide to acceptable and ethical behavior as defined by the organization

54
Q

whistle-blowing

A

informing the press or government officials about unethical practices within one’s organization

55
Q

social responsibility

A

the recognition that business activities have an impact on society and the consideration of that impact in business decision making

56
Q

corporate citizenship

A

adopting a strategic approach to fulfilling economic, ethical, environmental, and social responsibilities

57
Q

caveat emptor

A

a Latin phrase meaning “let the buyer beware”

58
Q

economic model of social responsibility

A

the view that society will benefit most when business is left alone to produce and market profitable products that society needs

59
Q

socioeconomic model of social responsibility

A

the concept that business should emphasize not only profits but also the impact of its decision on society

60
Q

consumerism

A

all activities undertaken to protect the rights of consumers

61
Q

minority

A

a racial, religious, political, national, or other group regarded as different from the larger group of which it is a part and that is often singled out for unfavorable treatment

62
Q

affirmative action program

A

a plan designed to increase the number of minority employees at all levels within an organization

63
Q

equal employment opportunity commission (EEOC)

A

a government agency with the power to investigate complaints of employment discrimination and the power to sue firms that practice it

64
Q

hard- core unemployed

A

workers with little education or vocational training and a long history of unemployment

65
Q

pollution

A

the contamination of water, air, or land through the actions of people in an industrialized society

66
Q

recycling

A

converting used materials into new products or components for new products in order to prevent their unnecessary disposal

67
Q

green marketing

A

the process of creating, making, delivering, and promoting products that are environmentally safe

68
Q

social audit

A

a comprehensive report of what an organization has done and is doing with regard to social issues that affect it

69
Q

international business

A

all business activities that involve exchanges across national boundaries

70
Q

absolute advantage

A

the ability to produce a specific product more efficiently than any other nation

71
Q

comparative advantage

A

the ability to produce a specific product more efficiently than any other product

72
Q

exporting

A

selling and shipping raw materials or products to other nations

73
Q

importing

A

purchasing raw materials or products in other nations and bringing them into one’s own country

74
Q

balance of trade

A

the total value of a nation’s exports minus the total value of its imports over some period of time

75
Q

trade deficit

A

a negative balance of trade

76
Q

balance of payments

A

the total flow of money into a country minus the total flow of money out of that country over some period of time

77
Q

licensing

A

a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation

78
Q

letter of credit

A

issued by a bank on request of an importer stating that the bank will pay an amount of money to a stated beneficiary

79
Q

bill of lading

A

document issued by a transport carrier to an exporter to prove that merchandise has been shipped

80
Q

draft

A

issued by the exporter’s bank, ordering the importer’s bank to pay for the merchandise, thus guaranteeing payment once accepted by the importer’s bank

81
Q

strategic alliance

A

a partnership formed to create competitive advantage on a worldwide basis

82
Q

trading company

A

provides a link between buyers and sellers in different countries

83
Q

countertrade

A

an international barter transaction

84
Q

multinational enterprise

A

a firm that operates on a worldwide scale without ties to any specific nation or region

85
Q

import duty (tariff)

A

a tax levied on a particular foreign product entering a country

86
Q

dumping

A

exportation of large quantities of a product at a price lower than that of the same product in the home market

87
Q

nontariff barrier

A

a nontax measure imposed by a government to favor domestic over foreign suppliers

88
Q

import quota

A

a limit on the amount of a particular good that may be imported into a country during a given period of time

89
Q

embargo

A

a complete halt to trading with a particular nation or in a particular product

90
Q

foreign-exchange control

A

a restriction on the amount of a particular foreign currency that can be purchased or sold

91
Q

currency devaluation

A

the reduction of the value of a nation’s currency that can be purchased or sold

92
Q

General Agreement on Tariffs and Trade (GATT)

A

an international organization of nations dedicated to reducing or eliminating tariffs and other barriers to world trade

93
Q

World Trade Organization (WTO)

A

powerful successor to GATT that incorporates trade in goods, services and ideas

94
Q

economic community

A

an organization of nations formed to promote the free movement of resources and products among its members and to create common economic policies

95
Q

export-import bank of the united states

A

an independent agency of the US government whose function is to assist in financing the exports of American firms

96
Q

multilateral development bank (MDB)

A

an internationally supported bank that provides loans to developing countries to help them grow

97
Q

International Monetary Fund (IMF)

A

an international bank that makes short-term loans to developing countries experiencing balance-of-payment deficits

98
Q

sole proprietorship

A

a business that is owned (and usually operated) by one person

99
Q

unlimited liability

A

a legal concept that holds a business owner personally responsible for all the debts of the business

100
Q

partnership

A

a voluntary association of two or more persons to act as co-owners of a business for profit

101
Q

general partner

A

a person who assumes full or shared responsibility for operating a business

102
Q

limited partner

A

a person who invests money in a business but has no management responsibility or liability for losses beyond the amount he or she invested in the partnership

103
Q

corporation

A

an artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts

104
Q

stock

A

the shares of ownership of a corporation

105
Q

stockholder

A

a person who owns a corporation’s stock

106
Q

closed corporation

A

a corporation whose stock is owned by relatively few people and is not sold to the general public

107
Q

open corporation

A

a corporation whose stock can be bought and sold by any individual

108
Q

domestic corporation

A

a corporation in the state in which it is incorporated

109
Q

foreign corporation

A

a corporation in any state in which it does business except the one in which it is incorporated

110
Q

alien corporation

A

a corporation chartered by a foreign government and conducting business in the united states

111
Q

common stock

A

stock owned by individuals or firms who may vote on corporate matters but whose claims on profits and assets are subordinate to the claims of others

business 101 (1 decks)

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