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Business Success Seminar > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Business

A

Any activity that seeks to provide goods or services to others for profit.

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2
Q

Entrepreneur

A

The person risking time and money to start and manage a business.

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3
Q

What often leads to success in a new business?

A

Filling a market need

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4
Q

Revenue

A

Total amount of money a business takes in during a given period by selling goods and services.

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5
Q

Expense

A

What you lose

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6
Q

Formula for Profit

A

R - E = Profit (or loss)

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7
Q

Risk

A

Chance to lose money/time on a business

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8
Q

Non-Profit Organization

A

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

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9
Q

Goods

A

Tangible objects such as computers, food, clothing, and cars.

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10
Q

Services

A

Intangible objects such as education, healthcare, recreation, and travel.

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11
Q

Standard of Living

A

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

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12
Q

Profit

A

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

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13
Q

Loss

A

When a business expenses are more than its profit.

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14
Q

Quality of Life

A

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.

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15
Q

Stakeholder

A

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.

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16
Q

Outsourcing

A

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.

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17
Q

Insourcing

A

Insourcing is the assignment of a project to a person or department within a company rather than to a third party.

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18
Q

Importing

A

Buying products from another country.

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19
Q

Exporting

A

Selling products to another country.

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20
Q

Efficiency

A

Producing goods and services with the least amount of resources.

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21
Q

E-Commerce

A

The buying and selling of goods online.

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22
Q

Productivity

A

The amount of output you generate given the amount of input (e.g., hours worked).

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23
Q

Demography

A

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

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24
Q

Diversity

A

Diversity efforts now include older adults, people with disabilities, people with different sexual orientations, atheists, religious, extroverts, introverts, married people, and singles. It also means dealing sensitively with workers and cultures around the world.

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25
Q

Climate Change

A

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

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26
Q

Greening

A

The trend toward saving energy and producing products that cause less harm to the environment.

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27
Q

Economics

A

How society employs resources to produce goods and services.

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28
Q

Macroeconomics

A

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

29
Q

Microeconomics

A

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

30
Q

Resource Development

A

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

31
Q

Adam Smith

A

Believed freedom was vital to economy survival and people will work hard if they will be rewarded.

32
Q

Invisible Hand Theory

A

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

33
Q

Capitalism

A

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

34
Q

Pros and Cons of Capitalism

A
  1. The right to own private property.
  2. The right to own a business and keep all that business’s profits.
  3. The right to freedom of competition.
  4. The right to freedom of choice.
35
Q

Supply

A

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

36
Q

Demand

A

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

37
Q

Market Price (Equilibrium)

A

The price determined by supply and demand.

38
Q

Perfect Competition

A

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.

39
Q

Oligopoly

A

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

40
Q

Monopolistic Competition

A

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

41
Q

Monopoly

A

A monopoly occurs when one seller controls the total supply of a product or service, and sets the price.

42
Q

Socialism

A

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.

43
Q

Pros and Cons of Socialism

A

Pros: Social Equality, Free Education, Free Healthcare, Free Childcare, Longer Vacations, More Sick Leave.

Cons: No incentive for risk, no incentive for top performers.

44
Q

Communism

A

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.

45
Q

Pros and Cons of Communism

A

Cons: Prices don’t reflect supply and demand as they do in free markets, no incentive to work hard,

46
Q

Unemployment of rate

A

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

47
Q

Inflation

A

A general rise in the prices of goods and services over time.

48
Q

Deflation

A

A situation in which prices are declining.

49
Q

Consumer Price Index (CPI)

A

Monthly statistics that measure the pace of inflation or deflation.

50
Q

National Debt

A

The sum of government deficits over time.

51
Q

National Deficit

A

Amount of money government spends beyond what it gathers in taxes.

52
Q

National Surplus

A

Takes more than it spends.

53
Q

Business Cycles

A 
The periodic rises and falls  that occur in economies over  time. 
Economic Boom
Recession
Depression
Recovery Period
54
Q

Free Trade

A

The movement of goods and services among nations without political or economic barriers.

55
Q

Comparative Advantage Theory

A

A country should sell to other countries those products it produces most effectively and efficiently, and buy from other countries those products it cannot produce as effectively or efficiently.

56
Q

Balance of Trade

A

The total value of a nation’s exports compared to its imports over a particular period.

57
Q

Licensing

A

A global strategy in which a firm allows a foreign company (the licensee) to produce its product in exchange for a fee (a royalty).

58
Q

Franchising

A

Sells others the right to use the franchise name and sell product.

59
Q

Contract Manufacturing

A

A foreign company’s production of private-label goods to which a domestic company then attaches its brand name or trademark; part of the broad category of outsourcing.

60
Q

Multinational Corporation

A

An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management. sovereign wealth

61
Q

What types of trade protectionism exists?

A

Tariff-tax of imported goods
Import Quota-limit on number of products that a nation can import
Embargo-complete ban on the import or export of a certain product

62
Q

Trade Protection

A

The use of government relations to limit import of goods and services.

63
Q

Protective Tariff

A

Raise retail price of imports

64
Q

Revenue Tariff

A

Raise money for the government

65
Q

Ethics

A

Standards of moral behavior

66
Q

Ethical Dilemma

A

State of moral uncertainty between two or more options

67
Q

Corporate Social Responsibility

A

General concern business has for welfare of society.

68
Q

What questions can determine if something is ethical or not?

A

Is my action legal?
Is it balanced?
How will it make me feel about myself?

Business Success Seminar (7 decks)

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