Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Intro to Business > Mid Term Review > Flashcards

Mid Term Review Flashcards

1
Q

What is the definition of business?

A

Business is any activity that provides goods or services to consumers for the purpose of making a profit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

For-profit?

A

Maximize/returns profits to owners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Nonprofit?

A

Directing any or all of the profits to a charitable cause, service, or organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the 4 factors of production?

A

Entrepreneur, Natural Resources, Labor/human capital, & Capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is an Entrepreneur?

A

A person who seeks to earn profits by knowing the risk of owning & running a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is Natural Resources?

A

They’re found in nature & can be used for the production of goods/services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is Labor/human capital?

A

Human resources like working in a factory field.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is Capital?

A

A resource that has been produced but is also used to produce other goods/services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the key Functional Areas?

A

Management, Operations, Marketing/sales, Finance, Research & Development

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Management?

A

Primary role of managers in business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Planning?

A

Managers set long & short term goals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Organizing?

A

Managers are responsible for organizing the operations of a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Controlling?

A

Large percentage of a managers time is spent controlling the activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Leading?

A

Managers serve as leaders for the organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are Stakeholders?

A

Individual/ group that has a legitimate interest in a company.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are Internal Stakeholders?

A

Groups/ people who work directly within business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are External Stakeholders?

A

Groups/ people outside a business who don’t work inside the business.

18
Q

What is the Monetary Policy?

A

Policies that affect bank leading, interest rates, & financial capital markets.

19
Q

What is the Fiscal Policy?

A

Government spending & taxes.

20
Q

What is the definition of Economics?

A

Study of how humans makes choices under conditions of scarcity.

21
Q

What is Scarcity?

A

NOT enough of something to satisfy everyone wants at a zero price.

22
Q

What is the definition of Microeconomics?

A

Focuses on the actions of individual agents within the economy like households, workers, & businesses.

23
Q

What is Economics of Scale?

A

A business finds that it’s production is becoming more efficient as it increases production.

24
Q

What is Demand?

A

The Law of demand states that as the price of a good decreases the buyers desire to purchase more of it.

25
Q

Definition of Law of Supply?

A

Higher price leads to a higher quantity supplied.

26
Q

What is the Equation for balance of payment?

A

Total inflow of money- total outflow of money.

27
Q

Trade surplus?

A

More goods/services are exported than imported.

28
Q

Licensing & Franchise agreements?

A

When businesses are getting their products & services into global markets.

29
Q

Foreign Direct Investment?

A

A way a business can reach the global market.

30
Q

What is Exporting?

A

Company that produces goods or products locally/sells them in foreign markets.

31
Q

Import Quotas?

A

Set limits on the quantity or value of imports.

32
Q

WTO stand for?

A

World Trade Organization

33
Q

Bribery is clearly what?

A

unethical & illegal

34
Q

Money is…

A

NOT a resource

35
Q

Excess supply/surplus is…

A

When the price is ABOVE the Equilibrium price

36
Q

Excess demand/shortage is…

A

When the price is BELOW the Equilibrium price

37
Q

What are the Economic Goals?

A

Growth, High Employment, & Price stability

38
Q

GDP stand for?

A

Gross Domestic Product

39
Q

What are the Unemployment Categories?

A

Cyclical, Structural, & Frictional

40
Q

What is Cyclical Unemployment?

A

Not enough total demand in the economy to provide jobs for everyone who wants to work.

41
Q

What is Structural Unemployment?

A

Labor market is unable to provide jobs for everyone because there is a mismatch between the skills of unemployed workers & the skills needed.

42
Q

What is Frictional Unemployment?

A

Time period to between jobs when a worker is searching for or transitioning from one job to another.

Intro to Business (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions