Intro Flashcards
Define business?
“the practice of making ones living by engaging in commerce”
“organization or economic system where goods and services are exchanged for one another or for money”
Define commerce?
“exchange of goods or services for money or in kind, usually on a scale large enough to require transportation from place to place”
Define going concern?
“accounting term for a company that has the resources needed to continue operating indefinitely until it provides evidence to the contrary”
“companies ability to make enough money to stay afloat or avoid bankruptcy”
Define Liquidation?
“Process in law and business by which a company is brought to an end and the assets are distributed to the claimants (creditors and shareholders)”
- assets are sold and turned to cash (first to secured creditors and then to unsecured creditors)
- secured creditors are banks (can place liend on it so they can sell it for the debt owed)
Define bankruptcy?
permits an honest but unfortunate person to obtain relief from their debts white treating the creditors equally and fairly
exceptions: student loans, alimony, child support, debt from fraud.
Define scarcity?
a balance between unlimited wants and needs & limited resources
Define opportunity cost?
“a benefit, profit, or value of something that must be given up to acquire or achieve something else”
“its never free because you had to forgo something else”
Explain supply and demand and how it relates to price and quantity?
e.g. wages and veterinarians (rural vets and food animal vets)
Describe some common trends in vet med?
- corporatization (VCA)
- pets becoming people
- feminization of the profession (practice ownership/impact on supply and labour)
- consolidation in agriculture (food animal medicine)
- baby boomers –> millennials
- student debt
