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Business > Intro To Business > Flashcards

Intro To Business Flashcards

1
Q

Franchisor advantages

A

access to capital, efficient growth, minimal employee supervision, increased brand awareness, reduced risk

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2
Q

Scarcity

A

Limited quantities of resources to meet unlimited wants

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3
Q

Opportunity cost

A

giving up something, for something else

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4
Q

Four factors of production

A

land, labor, capital, entrepreneurship

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5
Q

Labor

A

the effort/work taken for production

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6
Q

Captial

A

money & machinery

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7
Q

Customer

A

someone who pays for goods or services

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8
Q

What do businesses do to add value to a product?

A

by creating a need that consumers and customers don’t know they had

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8
Q

Primary sector

A

part of economy that revolves around raw materials and extracting raw materials

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9
Q

Secondary sector

A

part of economy that transforms raw materials into manufactured goods

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10
Q

GDP

A

Gross Domestic Product: the total value of all finished products (goods and services) produced in a country during a certain period of time (tends to be one year).

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11
Q

Enrepreneur

A

creates something for themselves

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11
Q

Why do countries have a high GDP in the Primary Sector?

A

not have enough money to be in other sectors, nice climate to produce agriculture

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12
Q

Intrapreneur

A

company benefits from the ideas of an intrapreneur

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13
Q

Communism

A

most of the property is owned by the government (controls who gets what)

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14
Q

Financials

A

how much capital is needed and when it is payed back

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15
Q

Internal growth

A

the business has to provide everything (capital & resources) to expand

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16
Q

Backward vertical integration

A

integration with a business in the same industry but a supplier of the existing business

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17
Q

Forward vertical integration

A

involves acquiring a business forward in the supply chain, getting it closer to customers

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18
Q

Conglomerate integration

A

integration with a business in a different industry

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19
Q

Partnership

A

a business owned by two or more people

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20
Q

Partner

A

manage the company (help with opperations)

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21
Q

Shareholder

A

have partial ownership over a company through shares (invested money)

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22
Q

Incorporated business

A

where the business is registered with a government, so that it can become separate legal entity

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23
Q

Private limited company

A

a company that is owned by the shareholders

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24
Q

Franchise

A

a method of distributing products or services (a joint venture between franchisor and franchisee)

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25
Q

Franchisor

A

individual or organisation that owns the trademarks and business model

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26
Q

Franchisor disadvantages

A

loss of complete brand control, increased potential for legal disputes, initial investment, federal and state regulation

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27
Q

Pressure groups

A

group of people who share a common interest and try to influence the decision of businesses, governments, and/or organisations

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28
Q

Stakeholder

A

an individual, group, or organisation that has an interest in the company that can be affected or can affect the business

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29
Q

Market penetration

A

existing product, existing market

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30
Q

Product development

A

new product, existing market

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30
Q

Market development

A

existing product, new market

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31
Q

Company diversification

A

new product, new market

32
Q

Business objectives

A

The aims or targets that a business works towards.

33
Q

Economic problem

A

Limited resources to satisfy all the wants, causing scarcity of resources

34
Q

Land

A

natural resources

35
Q

Specialisation of labor

A

expertise (is when a group or person performs a certain task or a narrow range of tasks)

36
Q

Consumer

A

a person who uses a good or service

37
Q

Added Value

A

the difference between the sales price and cost of the good sold

38
Q

MEDC

A

More Economically Developed Countries

39
Q

LEDC

A

Less Economically Developed Countries

40
Q

What is a MEDC?

A

higher standard of living

41
Q

Privatisation

A

process where a piece of property or business goes from being owned by the government to being privately owned

42
Q

Nationalization

A

process of taking privately owned companies or assets and putting them under the control of the government

43
Q

Components of a business plan

A

executive summary, descriptions of human relations, descriptions of products or services, market/competitive analysis, financials, marketing plan

44
Q

Executive summary

A

an overview of the business

45
Q

Description of products or services

A

understand about your product or service

46
Q

Market/competitive analysis

A

who is your competition

47
Q

External growth

A

using other means to acquire capital for financing for growth

48
Q

Sole trader

A

a business owned by one person

49
Q

Franchisee

A

an individual or company that holds a franchise for the sale of goods or the operation of a service.

50
Q

Franchisee advantages

A

reduced risk of failure, ongoing business support, market expertise, brand recognition, increase buying power

51
Q

Franchisee disadvantages

A

restricting regulations, initial cost, ongoing investment, potential conflict, lack of financial privacy

52
Q

Globalization

A

the spread of products, technology, information, and jobs across the world

53
Q

Subsidiary

A

a company that belongs to another company

54
Q

SWOT analysis

A

a method for guiding business strategy

55
Q

Entrepreneurship

A

the brain and process of how to create the product

56
Q

Division of labor

A

a person who is capable (different worker performing different tasks)

57
Q

What is the purpose of business?

A

to address a need or want (or to solve a problem)

58
Q

Formula for added value

A

sales price - cost of good sold = added value

59
Q

Four sectors of the economy

A

primary, secondary, tertiary, quaternary

60
Q

Tertiary sector

A

part of the economy that provides products (service or good)

61
Q

Quaternary sector

A

part of the economy that is an industry based off knowledge from humans

62
Q

What is a LEDC?

A

lower standard of living (little access to nutrition, health care, education, and more)

63
Q

Mixed economy

A

an economic system combining capitalism and socialism

64
Q

Socialism

A

all citizens share economic resources that the government distributes equally

65
Q

Description of human relations

A

relationships within the company

66
Q

Four different types of external growth

A

horizontal integration, forward vertical integration, backward vertical integration, conglomerate integration

67
Q

Four different types of internal growth

A

market penetration, product development, market development, company diversification

68
Q

Horizontal integration

A

acquisition of another company in the same business line

69
Q

Limited liability

A

financial responsibility of shareholders is only what they invested in a business

70
Q

Unlimited liability

A

the responsibility of business owners for all of the debts of the business

71
Q

Unincorporated business

A

a business that is not registered with the government

72
Q

Public limited company

A

a company that can be owned by anybody

73
Q

Joint venture

A

when two or more businesses agree to combine resources for a specific goal (a new business entity) over a finite period of time.

74
Q

Internal stakeholders

A

people who work within the company

75
Q

External stakeholders

A

people outside of the company who get effected of affects the company

76
Q

Multinational corporations

A

a company that has business operations in at least two or more countries

77
Q

Host country

A

a country where a company that is based in another country has business activities

78
Q

SWOT

A

strengths, weaknesses, opportunities, threats

79
Q

Why do some businesses prefer to remain small?

A

Easier to manage, less workload, controlled risk, quality over quantity

80
Q

Advantages of a joint venture

A

Can dissolve at the end, resources are shared, cheaper than merging, keep separate identities

81
Q

Disadvantages of a joint venture

A

uneven division of work and resources, trade disclosure (trade secrets to be exposed)

Business (3 decks)

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