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Introduction/environment Flashcards

1
Q

What is a stakeholder?

A

Different individuals/groups who are affected by the policies & decisions made by an organisation

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2
Q

What does PESTLE stand for?

A

Political
Economic
Social
Technological
Legal
Environmental

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3
Q

What is the circular economy

A

Implies that what we buy/sell must be used over and over again

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4
Q

What is the purpose of the circular economy

A

To eliminate waste and to encourage a sustainable way of life

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5
Q
A
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6
Q

What is a business

A

Organisation that strives fr profit by providing goods/services to customer

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7
Q

Standard of living

A

Measured by output of goods and services people can buy with the money they have

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8
Q

Quality of life

A

General level of human happiness based on things such as life expectancy, education standards , health, sanitation and leisure time

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9
Q

Risk

A

Potential to lose time and money or otherwise not be able to accomplish an organisations goals

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10
Q

Non profit organization

A

Organisation that exists to achieve so,e goal other than the usual business goal of profit

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11
Q

4 factors of production

A

Natural resources
Capital
Entrepreneurship
Laboura

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12
Q

Natural resources

A

Commodities that are useful inputs in their natural state

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13
Q

Labour

A

Economic contribution of people working with them minds and muscles

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14
Q

Capital

A

Tools, machinery, equipment, and buildings used to produce goods and services and get them to the consumer

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15
Q

Entrepreneurs

A

People who combine inputs of natural resources, labour and capital to produce goods or services with the intention of making a profit or accomplishing a non-profit goal

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16
Q

7 subenvironments of external business environment

A

Economic
Political (and legal)
Demographic
Social
Competitive
Global
Technological

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17
Q

Demography

A

Study of people’s vital statistics, such as age, gender, race and ethnicity, and location

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18
Q

What are the 4 major differentiators among economic systems regarding government decisions

A
  1. How to allocate limited resources to best satisfy unlimited societal needs
  2. What goods and services to produce in what quantities
  3. How and by whom goods and services are produced
  4. How to distribute goods and services to consumers
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19
Q

Capitalism

A

Economic system based on competition in the market place and private ownership of factors of production. All factors of production are privately owned

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20
Q

What is capitalism also known as

A

Private enterprise system

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21
Q

What are the 4 right garunteed by a capitalist system

A
  1. Right to own property
  2. Right right to make profit
  3. Right to make free choices
  4. Right to compete
22
Q

What is communism

A

The complete opposite of capitalism. Government owns all resources and controls all markets.

23
Q

Socialism

A

An economic system in which basic industries are owned by the government or by private sector under strong government control. A socialist state controls critical, large scale industries such as transportation, communications, and utilities

24
Q

Mixed economic systems

A

Uses a mixture of capitalism, communism and socialism

25
Two main sub areas of economics
Macroeconomics Microeconomics
26
Economic growth
Increase in a nations output of goods and services
27
Business cycle
A graphical representation of the upward and downward changes in economic activity
28
4 types of unemployment
Frictional Structural Seasonal Cyclical
29
Frictional unemployment
Short term unemployment that’s not related to business cycle (eg. People unemployed that are waiting for a better job)
30
Structural unemployment
Unrelated to business cycle but involuntary.relates to available jobs not matching skills of available workers. (Eg. If birth rate decreases, less teachers will be needed)
31
Cyclical unemployment
Occurs when a downturn in the business cycle reduces the demand for labor throughout the economy
32
Seasonal unemployment
Occurs during specific times of the year in certain areas (eg. Employees used to harvest produce are only needed when produce is ready for harvest)
33
Demand pull inflation
Occurs when the demand for goods and services is greater than supply - buyers have more money to spend
34
Cost push inflation
Triggered by an increase in production cost
35
How is inflation measured
Changes Consumer price index (CPI)
36
What is CPI
An index of the prices of a market basket of goods and services purchased by typical urban consumers
37
What is the PPI
The producer price index measures the prices paid by producers and wholesalers for various commodities, such as raw materials, partially finished goods and finished goods
38
Monetary policy
Refers to a governments programs for controlling the amount of money circulating in the economy and interest rates.
39
Fiscal policy
fiscal policy is the use of government revenue collection and expenditure to influence a country's economy
40
What is the result of the government spending more than it receives
Federal budget deficit
41
Demand
Quantity of goods/services consumers are willing to buy at different prices
42
Supply
Quantity of good/service that businesses will make available t various prices
43
What is the point a which the demand curve intersects The supply curve called
Equilibrium
44
What happens to demand curve with an increase in demand and with a decrease
Increase - shifts right Decrease - shifts left
45
What are the four different market structures
1. Perfect competition 2. Pure monopoly 3. Monopolistic competition 4. Oligopoly
46
Characteristics of perfect competition
- large number of firms in market - firms sell similar products - buyers/sellers have good info about prices, sources of supply etc - easy to open new business and close old one
47
Pure monopoly
Market structure in which a single firm accounts for all industry sales of a particular good or service. It is characterised by barriers to entry
48
3 characteristics of monopolistic competition
- many firms in the market - firms offer products that are close substitutes but still differ from one another - it’s relatively easy to enter the market
49
2 characteristics of an oligopoly
- few firms produce most or all of the output - large capital requirements or other factors limit the number of firms
50

Busman (6 decks)

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