First Terms Flashcards
A field that combines marketing information management with cluster service. The goal is to create relationships with costumers through personal communications.
Coustmer relationship management
The economic term for limited resources
Scarcity
Uses data to make management decisions
Information management
The government is not involved in business and the economic decision are made by individuals and companies
Market economy
Another terms for a market economy, characterized by an individuals right to: Private property Freedom of choice Profit Competition
Private enterprise
A legal entity that is owned by several people (stockholders) that have limited liability.
Corproation
A type if ownership where each limited partner is only liable for debt up to the amount they have invested in the business
Limited partnership
The amount of money made after costs and expenses have been covered
Profit
Also known as factors of production, include all the items that are used to produce goods and services
Economic resources
The costs not directly related to the production or selling of goods
Overhead costs
Refer to the concept of adding value to a product through form, place, time, possession and information
Economic utilities
An introduction and overview of the information contained in a written plan
Executive summary
Is a field where a person provides the necessary skills, time and money to start a new business venture
Entrepreneurship
Intangible items of monetary value. Examples include: haircut, shoe shine, or house cleaning
economic services
The owner of the parent company that grants the rights to use their manner and products
Franchisor
Refers to the potential that a business takes for loss or failure
Risk
The Occupational Safety and Health Administration is a government body that provides and enforces safety guidelines for the workplace
Occupational Safety and Health Administration (OSHA)
Adherence to moral and ethical principals; soundness of moral character; honesty.
Integrity
A way to manage the employees of a business. Human resource Managers keep records on hiring/ firing, training, evaluation and discipline of employees.
Human resource management
The belief that the customer is the most important priority of the business.
Customer service mindset
A way for business people to meet others that are in business and build a list of contacts that can be used for future reference or projects.
Networking
People who create, start and manage new businesses
Entrepreneur
A form of communication without using words, can include: Eye contact Posture Gestures Facial expressions Movement
Nonverbal Cues
Values and principles that guide decisions
Ethics
Means doing what needs to be done without having to be prompted by others
Initiative
include money,buildings, or equipment that is used to run a business
Capital resources
Includes all the resources of people that work
Labor resources
Includes all the resources that are from the land sea or air. These are all considered raw materials
Land resources
The owner of a franchise
Franchisee
Occurs when prices rise. Low inflation is characteristic of a stable economy
Inflation
Business expenses that change based in the number of units that are produced are known as variable expenses.
Variable expenses
Marketing is the process of planning, pricing, promoting, selling and distributing products that will satisfy the needs of customers and ensure a profit for the business
Marketing
Factors of production, also known as resources, include land, labor, capital and entrepreneurship.
Factors of production
