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Intro To Business Final > Final > Flashcards

Final Flashcards

0
Q

Explain limited resources

A

We have to make a decision. A or b

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1
Q

What is business? And what is business’s based on?

A

All activities related to producing and manufacturing to consumers wants and needs. Based on wants and needs

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2
Q

Opportunity cost

A

What you give up when you chose one thin over another

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3
Q

Career cluster

A

Group of related jobs in a field

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4
Q

4 factors of production

A

Natural human capital entrepreneurial

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5
Q

Why is the us called a private enterprise system?

A

Businesses are privately owned not by the government

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6
Q

Supply

A

What producers provide at varied prices

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7
Q

Demand

A

What we are willing and able to buy

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8
Q

Surplus

A

Greater than deman

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9
Q

Shortage

A

Demand is greater than supply

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10
Q

Equilibrium

A

Supply is equal to demand the price all business owners like to meet

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11
Q

Business cycle

A

Recession depression growth prosperity

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12
Q

Scarcity

A

Lack of basic needs fulfilled

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13
Q

Poverty

A

Needs aren’t met

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14
Q

What is a country’s standard of living?

A

What it costs to be average

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15
Q

3 major economic indicators

A

GDP inflation unemployment

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16
Q

GDP

A

How productive a country is

17
Q

Inflation

A

Rapid rise in prices

18
Q

Social responsibility

A

Being fair in hiring firing promoting

19
Q

Green products

A

Less negative impact on the environment

20
Q

4P’s of marketing

A

Product place price and promotion

21
Q

4 stages of product life cycle

A

Intro growth maturity decline

22
Q

3 motivations for buying

A

Rational emotional patronage

23
Q

Rational

A

Logic

24
Q

Emotional

A

You see you have to have it

25
Q

Patronage

A

Loyalty

26
Q

4 main channels of advertising

A

Print tv radio mass media

27
Q

Various forms of business ownerhip

A

Sole proprietorship partnership corporation franchise nonprofit

28
Q

Direct competition

A

Same industry competing location

29
Q

Indirect competition

A

Differ industry but can take costumes away and location

30
Q

Imports

A

Higher quality goods cheap labor certain country’s produce certain things

31
Q

Exports

A

Sell to other country’s

32
Q

Trade barrers

A

Quota
Tariff
Embargo

33
Q

Quato

A

Limit on imports

34
Q

Takes on imports

A

Tariff

35
Q

Can’t trade with others

A

Embargo

36
Q

difference in money with imports or exports

A

Balance of trade

37
Q

Global strategy

A

Don’t change product same material for every country

38
Q

Multicultural

A

Different for each country

39
Q

American mentality of business

A

Get things done quickly do business like we do.

Intro To Business Final (1 decks)

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