Intro to Business Flashcards
Business as a going concern
Businesses are organized to pursue profits in the short term and over time. They differ from projects or hobbies in that they do not have a predetermined end date or singular definition of success.
Businesses are organized to pursue profits in the short term and over time. They differ from projects or hobbies in that they do not have a predetermined end date or singular definition of success.
Business as a going concern
Business as an organized activity
Business requires that resources be organized to deliver value to a market. Resources include, but are not limited to, land, labor, and capital.
Business requires that resources be organized to deliver value to a market. Resources include, but are not limited to, land, labor, and capital.
Business as an organized activity
business as a purposeful activity
Business requires that the resources that have been organized be put to purposeful use.
Business requires that the resources that have been organized be put to purposeful use.
business as a purposeful activity
business model
The way a business makes profits is referred to as its business model.
The way a business makes profits is referred to as its business model.
business model
business process outsourcing (BPO)
Moving necessary jobs to remote locations,
often overseas.
Moving necessary jobs to remote locations,
often overseas.
business process outsourcing (BPO)
business system
A business differs from a project in that the business is based on a system that is designed to deliver value to customers into the future.
A business differs from a project in that the business is based on a system that is designed to deliver value to customers into the future.
business system
capitalism
A form of economic system where the factors of production (land, labor, and capital) are owned by private individuals or companies and where exchange between economic actors is based on their own free choices.
A form of economic system where the factors of production (land, labor, and capital) are owned by private individuals or companies and where exchange between economic actors is based on their own free choices.
capitalism
communism
A form of economic system that is an extreme version of socialism, whereby economic actors are generally guided in their activities by a central authority.
A form of economic system that is an extreme version of socialism, whereby economic actors are generally guided in their activities by a central authority.
communism
competition
One of the dynamic forces that drives innovation in business is competition between business organizations.
One of the dynamic forces that drives innovation in business is competition between business organizations.
competition
corporatism
An economic system that preserves private property but that tends to use government regulations to guide how that property is used.
An economic system that preserves private property but that tends to use government regulations to guide how that property is used.
corporatism
creating value
The primary purpose of business. Customers are the ultimate judges of the value that a business organization creates.
The primary purpose of business. Customers are the ultimate judges of the value that a business organization creates.
creating value
economic institutions
Those agreements that exist, formally and informally, within the borders of a nation that promote or oppress business activity.
Those agreements that exist, formally and informally, within the borders of a nation that promote or oppress business activity.
economic institutions
entrepreneur
An individual who uses the resources at hand to create value for markets at a profit.
An individual who uses the resources at hand to create value for markets at a profit.
entrepreneur
globalization
The continuing integration of the world’s various economies via trade, currency flows, and standard rules of commerce.
The continuing integration of the world’s various economies via trade, currency flows, and standard rules of commerce.
globalization
incomplete contracts theory
Theory that holds that no contract can cover all possible uses of an asset, and thus people organize into a business to avoid the complexity of multiple such contracts.
Theory that holds that no contract can cover all possible uses of an asset, and thus people organize into a business to avoid the complexity of multiple such contracts.
incomplete contracts theory
Information Age
An era that was characterized by the advent of computing, automation, and population movement from industrial to information-oriented jobs.
An era that was characterized by the advent of computing, automation, and population movement from industrial to information-oriented jobs.
Information Age
initial public offering (IPO)
The formal process whereby private companies can begin to sell shares to the public; it concludes with listing shares on a major stock exchange like the NASDAQ.
The formal process whereby private companies can begin to sell shares to the public; it concludes with listing shares on a major stock exchange like the NASDAQ.
initial public offering (IPO)
intellectual property
Intangible assets owned by a business or an individual that arise from creativity, innovation, know-how, and reputation.
Intangible assets owned by a business or an individual that arise from creativity, innovation, know-how, and reputation.
intellectual property
market
A voluntary and regular gathering of people for the purpose of buying and selling goods and services from one another.
A voluntary and regular gathering of people for the purpose of buying and selling goods and services from one another.
market
NASDAQ
The National Association of Securities Dealers Automated Quotation system; a major stock exchange based in New York City.
The National Association of Securities Dealers Automated Quotation system; a major stock exchange based in New York City.
NASDAQ
repeatable
One of the mechanical elements of a business is to design production or service so that it can be provided to all customers with similar quality and reliability.
One of the mechanical elements of a business is to design production or service so that it can be provided to all customers with similar quality and reliability.
repeatable
scalable
One of the mechanical elements of a business is to make the production or service providing processes expandable to meet growing customer demand.
One of the mechanical elements of a business is to make the production or service providing processes expandable to meet growing customer demand.
scalable
socialism
A form of economic system where the factors of production (land, labor, and capital) are owned by the government, and where economic actors are constrained by a central planning system regarding with whom and in what quantities they may enter into exchange.
A form of economic system where the factors of production (land, labor, and capital) are owned by the government, and where economic actors are constrained by a central planning system regarding with whom and in what quantities they may enter into exchange.
socialism
sustainable competitive advantage
An advantage that a business organization has over its competitors that can be leveraged over a period of time.
An advantage that a business organization has over its competitors that can be leveraged over a period of time.
sustainable competitive advantage
transaction costs
The costs associated with economic exchange between two or more parties in an economic system.
The costs associated with economic exchange between two or more parties in an economic system.
transaction costs
value
In business, value is determined by a market or markets, and is often expressed via this equation: Value 5 Price 3 Quality.
In business, value is determined by a market or markets, and is often expressed via this equation: Value 5 Price 3 Quality.
value
value proposition
The value that a business brings to a market.
The value that a business brings to a market.
value proposition
