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Finals > Intro to Business Semester 1 > Flashcards

Intro to Business Semester 1 Flashcards

1
Q

What is a market economy?

A

capitalism, free choice, free private ownership

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2
Q

What is a traditional economy?

A

No technology, primitive, based on survival

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3
Q

What is a command economy?

A

North Korea or Russia

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4
Q

What are the 3 driving Economic questions each country/society has to answer?

A

-What to produce?
-How to produce it?
-Who to produce it for?

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5
Q

4 factors of production?

A

land, labor, capital, entrepreneurship

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6
Q

What is diminishing marginal utility?

A

More of something you have, the less you like/enjoy it

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7
Q

What direction does the supply curve go?

A

Up into the right

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8
Q

What direction does the demand curve go?

A

Down into the right

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9
Q

What is the equilibrium?

A

The point where the quantity supplied is equal to the quantity demanded.

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10
Q

What happens if there is a change in price?

A

There is a change in quantity demanded

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11
Q

What are the Shifters? (Shift the demand curve)

A

PIPER
Population
Incomes
Preferences
Expectations
Related goods

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12
Q

What direction does an inelastic curve go?

A

Vertical, no change in price will change demand

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13
Q

What direction does an elastic curve go?

A

Horizontal, small change in price creates large change in demand.

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14
Q

The Law of Supply

A

When price goes up, quantity supplied goes up

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15
Q

The law of demand

A

When price goes up, quantity demanded goes down

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16
Q

Shortage?

A

Quantity demanded is greater than quantity supplied.

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17
Q

Surplus?

A

Quantity demanded is less than quantity supplied.

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18
Q

What effect does competition have on prices and profits for businesses in our economy.

A

Makes prices lower

19
Q

What is GDP?

A

Global domestic product, total amount of money that a country makes in a year

20
Q

What is unemployment?

A

people who are jobless, actively looking for work, and available to take a job.

21
Q

What is inflation?

A

A rise in general prices, 1 dollar is not worth as much.

22
Q

What is Sole propietorship?

A

A business owned and run by one person.

23
Q

What was a partnership?

A

Two or more people to do trade or business.

24
Q

Unemployment rate formula

A

unemployed/labor force

25
Q

how many countries do we trade with

A

180

26
Q

Trade surplus

A

Exports>imports

27
Q

what is an entrepreneur

A

a person who takes a risk to start a business for profit

28
Q

4 p’s of marketing

A

product, price, place, promotion

29
Q

Dow?

A

top 500 companies

30
Q

which stock exchange can you not visit

A

NASDAQ- 4 or more letter ticker

31
Q

How many companies listed on NYSE

A

2400

32
Q

How many companies on Nasdaq

A

3300

33
Q

What is the largest employer in the us

A

government

34
Q

Whatis a business okan

A

overview of business that u show banks for loan, always revising

35
Q

what is a mission statement

A

the purpose of your business

36
Q

What is a monopoly

A

one business has whole industry

37
Q

outsourcing

A

giving american jobs elsewhere; making apple phones in china

38
Q

Country with greatest gdp

A

US

39
Q

The point in the business cycle when GDP is growing, unemployment is shrinking and prices are rising

A

Expansion

40
Q

The value of what you gave up

A

opportunity cost

41
Q

the consumer price index is a measure of…

A

inflation

42
Q

Usually 3-8% of sales goes back to the franchiser

A

royalty fee

43
Q

the process of satisfying a customers needs or wants while making a profit

A

marketing

Finals (4 decks)

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