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Semester 1 > Management Ch 1 > Flashcards

Management Ch 1 Flashcards

1
Q

Business

A

organisation that provides goods or

services to earn profits

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2
Q

Profits

A

difference between a business’s revenues

and its expenses

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3
Q

External Environment

A

everything outside an organisation’s

boundaries that might affect it

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4
Q

Domestic Business Environment

A

the environment in which a firm conducts

its operations and derives its revenues

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5
Q

Global Business Environment

A

the international forces that affect a

business

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6
Q

Technological Environment

A

all the ways by which firms create value for

their core business

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7
Q

Political-Legal Environment

A

the relationship between business and

government

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8
Q

Sociocultural Environment

A

the customs, mores, values, and
demographic characteristics of the society
in which an organization functions

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9
Q

Economic Environment

A

relevant conditions that exist in the
economic system in which a company
operates

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10
Q

Economic System

A

a nation’s system for allocating its

resources among its citizens

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11
Q

Factors of Production

A

resources used in the production of goods
and services labor, capital, entrepreneurs,
physical resources, and information
resources

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12
Q

Labor (Human Resources)

A

physical and mental capabilities of people

as they contribute to economic production

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13
Q

Capital

A

funds needed to create and operate a

business enterprise

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14
Q

Entrepreneur

A

individual who accepts the risks and
opportunities involved in creating and
operating a new business venture

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15
Q

Physical Resources

A

tangible items that organizations use in the

conduct of their businesses

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16
Q

Information Resources

A

data and other information used by

businesses

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17
Q

Planned Economy

A

economy that relies on a centralized
government to control all or most factors
of production and to make all or most
production and allocation decisions

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18
Q

Market Economy

A

economy in which individuals control
production and allocation decisions through
supply and demand

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19
Q

Communism

A

political system in which the government

owns and operates all factors of production

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20
Q

Market

A

mechanism for exchange between buyers

and sellers of a particular good or service

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21
Q

Capitalism

A

system that sanctions the private
ownership of the factors of production and
encourages entrepreneurship by offering
profits as an incentive

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22
Q

Mixed Market Economy

A

economic system featuring characteristics

of both planned and market economies

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23
Q

Privatisation

A

process of converting government

enterprises into privately owned companies

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24
Q

Socialism

A

planned economic system in which the
government owns and operates only
selected major sources of production

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25
Q

Demand

A

the willingness and ability of buyers to

purchase a good or service

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26
Q

Supply

A

the willingness and ability of producers to

offer a good or service for sale

27
Q

Law of Demand

A

principle that buyers will purchase
(demand) more of a product as its price
drops and less as its price increases

28
Q

Law of Supply

A

principle that producers will offer (supply)
more of a product for sale as its price rises
and less as its price drops

29
Q

Demand and Supply Schedule

A

assessment of the relationships among
different levels of demand and supply at
different price levels

30
Q

Demand Curve

A

graph showing how many units of a
product will be demanded (bought) at
different prices

31
Q

Supply Curve

A

graph showing how many units of a
product will be supplied (offered for sale)
at different prices

32
Q

Market Price (Equilibrium Price)

A

profit-maximizing price at which the
quantity of goods demanded and the
quantity of goods supplied are equal

33
Q

Surplus

A

situation in which quantity supplied

exceeds quantity demanded

34
Q

Shortage

A

situation in which quantity demanded

exceeds quantity supplied

35
Q

Private Enterprise

A

economic system that allows individuals to
pursue their own interests without undue
governmental restriction

36
Q

Competition

A

vying among businesses for the same

resources or customers

37
Q

Perfect Competition

A

market or industry characterized by
numerous small firms producing an
identical product

38
Q

Monopolistic Competition

A

market or industry characterized by
numerous buyers and relatively numerous
sellers trying to differentiate their products
from those of competitors

39
Q

Oligopoly

A

market or industry characterized by a
handful of (generally large) sellers with the
power to influence the prices of their
products

40
Q

Monopoly

A

market or industry in which there is only
one producer that can therefore set the
prices of its products

41
Q

Natural Monopoly

A

industry in which one company can most
efficiently supply all needed goods or
services

42
Q

Economic Indicators

A

statistics that help assess the performance

of an economy

43
Q

Business Cycle

A

short-term pattern of economic expansions

and contractions

44
Q

Aggregate Output

A

the total quantity of goods and services
produced by an economic system during a
given period

45
Q

Standard of Living

A

the total quantity and quality of goods and
services people can purchase with the
currency used in their economic system

46
Q

Gross Domestic Product (GDP)

A

total value of all goods and services
produced within a given period by a
national economy through domestic factors
of production

47
Q

Gross National Product (GNP)

A

total value of all goods and services
produced by a national economy within a
given period regardless of where the
factors of production are located

48
Q

GDP per Capita

A

gross domestic product divided by total

population

49
Q

Real GDP

A

GDP adjusted to account for changes in

currency values and price changes

50
Q

Nominal GDP

A

GDP measured in current dollars or with all

components valued at current prices

51
Q

Purchasing Power Parity

A

the principle that exchange rates are set so
that the prices of similar products in
different countries are about the same

52
Q

Productivity

A

a measure of economic growth that
compares how much a system produces
with the resources needed to produce it

53
Q

Balance of Trade

A

the economic value of all the products that
a country exports minus the economic
value of all the products it imports

54
Q

National Debt

A

the amount of money the government

owes its creditors

55
Q

Stability

A

condition in which the amount of money
available in an economic system and the
quantity of goods and services produced in
it are growing at about the same rate

56
Q

Inflation

A

occurs when widespread price increases

occur throughout an economic system

57
Q

Consumer Price Index (CPI)

A

a measure of the prices of typical products
purchased by consumers living in urban
areas

58
Q

Unemployment

A

the level of joblessness among people
actively seeking work in an economic
system

59
Q

Recession

A

a period during which aggregate output, as

measured by GDP, declines

60
Q

Depression

A

a prolonged and deep recession

61
Q

Fiscal Policies

A

policies used by a government regarding

how it collects and spends revenue

62
Q

Monetary Policies

A

policies used by a government to control

the size of its money supply

63
Q

Stabilization Policy

A

government economic policy intended to
smooth out fluctuations in output and
unemployment and to stabilize prices

Semester 1 (8 decks)

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