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Business Principles > Cp1 US Business Environent > Flashcards

Cp1 US Business Environent Flashcards

0
Q

Difference between business revenues and it’s expenses

A

Profits

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1
Q

Organization that provides goods or services that are sold to earn profits

A

Business

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2
Q

The freedom of consumers to choose how to satisfy their wants and needs “voting with our dollar”

A

Consumer Choice Demand

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3
Q

The power to choose how much money we are allowed to make

A

Capitalism

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4
Q

To stay out of public business

A

Official Role of Government

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5
Q

The Benefits of Business

A

Provides goods and services
Employ people
Invented services
Increase qualify of life and standard of living

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6
Q

Everything outside and organizations boundaries that might affect it

A

External Environment of Business

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7
Q

The environment in which a firm conducts it’s operations and devices it’s revenues

A

Domestic Business Environment

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8
Q

How does a firm conducts it’s operations and devices it revenues

A

Seeks to be close to its customers
Establishing strong relationships with its suppliers
Distinguishing itself from its competitors

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9
Q

The international forces that affect a business (define)

A

Global Business Environment

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10
Q

Greece is controlling the entire European Union and America number one trading is with the European Union

A

International trade agreements

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11
Q

The country Dafur has no resources so we don’t help them because of no profit

A

International Economic conditions

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12
Q

All the ways by which firms create value for their constituents (define)

A

Technological Environment

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13
Q

International forces that’s affects a business (name the two)

A

Trade agreements and economic conditions

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14
Q

All the ways by which firms create value for their constituents (name the 4 ways)

A

Human knowledge
Work methods
Physical equipment
Electronics an telecommunications

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15
Q

The regulatory relationship between business and the government (legal system) and it’s agencies that define what organizations can and can’t do

A

Political Legal Environment

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16
Q

when a cigarette ad has to say you will die

A

Product identification laws

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17
Q

When the government make sure commercials are giving out true info

A

Advertising practices

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18
Q

When government requires business to tell the side effects to a medication

A

Safety and health considerations

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19
Q

Equality to hire any race/gendar

A

Acceptable standards of business conduct

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20
Q

Pro of anti business sentiment in government and political stability is important for _______ firms

A

International

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21
Q

Making sure it’s safe to have commercial

A

Local Zoning requirements

22
Q

You have to accept customers no matter what their condition is (involving their health)

A

Affordable Care Act

23
Q

The customs, values, demographic characteristics of the society in which an organization function

A

Sociocultural Environment

24
Q

The relevant conditions that exist in the economic system in which a company operates

A

Economic Environment

25
Q

Types of Economic Systems

A

Planned Economy

Market Economy

26
Q

When the government controls everything

A

Planned Economy

27
Q

When the government allows business’s invent and create combinations of supply and demand

A

Market Economy

28
Q

What are the planned economy’s called

A

Communism and Socialism

29
Q

When the government provides and controls everything ex. Home, health and care

A

Communism

30
Q

Government controls some/select parts of the economy

A

Socialism

31
Q

The process of converting government enterprises into privately owned companies

A

Privatization

32
Q

Government supports private ownership and encourages entrepreneurship

A

Capitalism

33
Q

Characteristics of both planned and market economies

A

Mixed Economy

34
Q

When price goes down, demand goes down

A

Law and Demand

35
Q

The ability of buyers to purchase a product,good or service

A

Demand

36
Q

The ability of producers to offer a good/service

A

Supply

37
Q

a situation in which the quantity demanded will be greater than the quantity supplied

A

Shortage

38
Q

A situation in which the quantity exceeds/is more then the quantity demand

A

Surplus

39
Q

Companies have to compete

A

Degrees of Competition

40
Q

No one company that can control/domint

A

Perfect Competition

41
Q

An industry with only a few large sellers

A

Oligopoly

42
Q

Industry that has only one company

A

Monopoly

43
Q

Total of all goods and services produced by a country

A

Gross Domestic Product

44
Q

The amount of money that the government owes it’s creditors

A

National Dept

45
Q

People actively looking for a job that doesn’t have a job

A

Unemployment

46
Q

Decline in activity across the economy and fall in GDP

A

Recession

47
Q

A long/prolonged depression/recession in an economy or market

A

Depression

48
Q

(CRM) customer relationship management using tags to go on your keys is a example of what

A

Seeking to be close to customers

49
Q

One company buying many suppliers is exp of

A

Establishing strong relationships with its suppliers

50
Q

Companies having something different about each other is exp of

A

Distinguishing itself from competitors

51
Q

Hearing Lady Gaga on a Michael Kores commercial is exp of

A

Sociocultural Environment

52
Q

Name steps to doing a Skeletal P&L Statement

A

Sales-cost of goods sold=gross margin

Gross margin- expenses=loss

53
Q

What is the purpose of a skeletal P&L Statement

A

To figure out how much a company/business lost or gain

Business Principles (10 decks)

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