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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
Private limited company
a company that is owned by the shareholders
24
Franchise
a method of distributing products or services (a joint venture between franchisor and franchisee)
25
Franchisor
individual or organisation that owns the trademarks and business model
26
Franchisor disadvantages
loss of complete brand control, increased potential for legal disputes, initial investment, federal and state regulation
27
Pressure groups
group of people who share a common interest and try to influence the decision of businesses, governments, and/or organisations
28
Stakeholder
an individual, group, or organisation that has an interest in the company that can be affected or can affect the business
29
Market penetration
existing product, existing market
30
Product development
new product, existing market
30
Market development
existing product, new market
31
Company diversification
new product, new market
32
Business objectives
The aims or targets that a business works towards.
33
Economic problem
Limited resources to satisfy all the wants, causing scarcity of resources
34
Land
natural resources
35
Specialisation of labor
expertise (is when a group or person performs a certain task or a narrow range of tasks)
36
Consumer
a person who uses a good or service
37
Added Value
the difference between the sales price and cost of the good sold
38
MEDC
More Economically Developed Countries
39
LEDC
Less Economically Developed Countries
40
What is a MEDC?
higher standard of living
41
Privatisation
process where a piece of property or business goes from being owned by the government to being privately owned
42
Nationalization
process of taking privately owned companies or assets and putting them under the control of the government
43
Components of a business plan
executive summary, descriptions of human relations, descriptions of products or services, market/competitive analysis, financials, marketing plan
44
Executive summary
an overview of the business
45
Description of products or services
understand about your product or service
46
Market/competitive analysis
who is your competition
47
External growth
using other means to acquire capital for financing for growth
48
Sole trader
a business owned by one person
49
Franchisee
an individual or company that holds a franchise for the sale of goods or the operation of a service.
50
Franchisee advantages
reduced risk of failure, ongoing business support, market expertise, brand recognition, increase buying power
51
Franchisee disadvantages
restricting regulations, initial cost, ongoing investment, potential conflict, lack of financial privacy
52
Globalization
the spread of products, technology, information, and jobs across the world
53
Subsidiary
a company that belongs to another company
54
SWOT analysis
a method for guiding business strategy
55
Entrepreneurship
the brain and process of how to create the product
56
Division of labor
a person who is capable (different worker performing different tasks)
57
What is the purpose of business?
to address a need or want (or to solve a problem)
58
Formula for added value
sales price - cost of good sold = added value
59
Four sectors of the economy
primary, secondary, tertiary, quaternary
60
Tertiary sector
part of the economy that provides products (service or good)
61
Quaternary sector
part of the economy that is an industry based off knowledge from humans
62
What is a LEDC?
lower standard of living (little access to nutrition, health care, education, and more)
63
Mixed economy
an economic system combining capitalism and socialism
64
Socialism
all citizens share economic resources that the government distributes equally
65
Description of human relations
relationships within the company
66
Four different types of external growth
horizontal integration, forward vertical integration, backward vertical integration, conglomerate integration
67
Four different types of internal growth
market penetration, product development, market development, company diversification
68
Horizontal integration
acquisition of another company in the same business line
69
Limited liability
financial responsibility of shareholders is only what they invested in a business
70
Unlimited liability
the responsibility of business owners for all of the debts of the business
71
Unincorporated business
a business that is not registered with the government
72
Public limited company
a company that can be owned by anybody
73
Joint venture
when two or more businesses agree to combine resources for a specific goal (a new business entity) over a finite period of time.
74
Internal stakeholders
people who work within the company
75
External stakeholders
people outside of the company who get effected of affects the company
76
Multinational corporations
a company that has business operations in at least two or more countries
77
Host country
a country where a company that is based in another country has business activities
78
SWOT
strengths, weaknesses, opportunities, threats
79
Why do some businesses prefer to remain small?
Easier to manage, less workload, controlled risk, quality over quantity
80
Advantages of a joint venture
Can dissolve at the end, resources are shared, cheaper than merging, keep separate identities
81
Disadvantages of a joint venture
uneven division of work and resources, trade disclosure (trade secrets to be exposed)

Business (3 decks)

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