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Business 101 > Quiz 1 > Flashcards

Quiz 1 Flashcards

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1
Q

Business

A

organizations that provide goods and/or services for a profit.

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2
Q

Nonprofit Organizations

A

organizations whose primary purpose is not to distribute profit, but to serve the interest of the general public.

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3
Q

Revenues

A

the total amount of money a business takes in during a given period by selling goods and services.

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4
Q

Profit

A

revenue greater than expenses.

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5
Q

Loss

A

expenses greater than profit.

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6
Q

Risk

A

chance

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7
Q

Goods

A

tangible products. e.g. computers, food, clothing, cars, appliances. ( can be touched )

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8
Q

Services

A

intangible products. e.g. education, health care, insurance, recreation, travel, tourist, etc. ( can’t be touched )

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9
Q

Stakeholders

A

people and organizations that are affected by business decisions. e.g. customers, investors, employees, government, communities.

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10
Q

Stockholders

A

a shareholder.

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11
Q

Standard of Living

A

amount of goods and services people can buy with the money they have.

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12
Q

Quality of Life

A

the level of satisfaction or dissatisfaction one derives from living in a particular place/region. e.g. level of education, housing, roads, health care, communication, transportation, political freedom, safety, etc.

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13
Q

5 Factors of Production

A

1) Land/Natural Resources- forest, minerals.
2) Labor- human production
3) Capitol- machinery and equipment
4) Entrepreneurship- starting a business
5) Knowledge

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14
Q

Forces in the Business Environment (7)

A

Economic Environment- types of economic system: the private enterprise system.

Technological Environment- Informational technology.

Legal and Political Environment- Contract laws (enables businesses to write enforceable contracts)

Competitive Environment-Competition refers to battle among businesses for consumer acceptance.

Social and Cultural Environment- Demography (e.g. diversity, aging, language, goals, values, etc)

Global Environment- The growth of international competition.

Ecological Environment- Climate change.

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15
Q

Economics

A

How society chooses to employ resources to produce goods and services

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16
Q

Microeconomics

A

small economic units, such as individual consumers, families and business.

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17
Q

Macroeconomics

A

study of the country’s overall economic issues.

e.g. competition, government policies, etc..

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18
Q

Supply

A

the amount of product you have to offer.

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19
Q

Demand

A

the amount of the product that people are willing to buy at different prices at a specific time

20
Q

Supply Curve

A

how many products will be offered for sale at different times.

21
Q

Demand Curve

A

how many products will be demanded at different prices.

22
Q

Law of Supply

A

producers will supply more of a product for sale as its price rises and less as it drops.

23
Q

Law of Demand

A

buyers will purchase more of a product as its price drops and less as its price increases.

24
Q

Equilibrium Price

A

market price. The price that the business and customers agree on to be a good amount for each.

25
Q

Surplus

A

exceeds the quantity demanded

26
Q

Shortage

A

less then demanded

27
Q

Factors that influence supply

A

Costs of input.
e.g. if the cost of fuel rises airlines may respond by cutting back the number of economy seats assigned to its routes, thus, shifting the supply curve to the left

28
Q

Factors that influence demand

A

consumer Income, customer taste

29
Q

Types of competition in private enterprise systems

A

Perfect competition, monopolistic (multiple) competition, product differentiation, oligopoly, monopoly(one)

30
Q

Capitalism

A

the private enterprise system- economic system in which all or most of the factor are privately owned and are operated for profit

31
Q

Communism

A

(command economy) economic and political system in which the state makes almost all economic decisions and owns almost all economies decisions and owns almost all of the factors of production.

32
Q

Socialism

A

Economic system based on the premise that some, if not most, basic businesses should be owned by the government so profit can be evenly distributed among the people.
-steel mills, coal mines, utilities.

33
Q

Mixed Ecomonies

A

exist where some allocation of resources is made by the market and some by the government

34
Q

What is productivity? What is its effectiveness for efficiency?

A

goods and services produces in a nation each year and the inputs needed to produce them.

35
Q

GDP

A

Gross Domestic Product - Total value of final goods and services produces in a country in a given year.

36
Q

GNP

A

Gross National Product- Total value of all goods and services produced by a national economy within given period regardless of where the factors of production are located.

37
Q

GDP per Capita

A

equals the sum total of output of all goods and services and then dividing that output by the population

38
Q

CPI

A

Consumer Price Index- consists of monthly stats that measure the pace of inflation or deflation

39
Q

PPI

A

Producer Price Index- measures prices at the producer or wholesale level.

40
Q

Types of inflation

A

Inflation, Disinflation, deflation, stagflation.

41
Q

Types of unemployment

A

Frictional, Seasonal, Cyclical, and Structural.

42
Q

Fiscal Policy

A

refers to government economic policy that determines how the government collects and spends its revenue.

43
Q

Monetary Policy

A

government policy that determines the size of a nations monetary supply.

44
Q

4 Phases of the Business Cycle

A

prosperity/boom, recession, depression, recovery, prosperity/boom

45
Q

chairman

A

girl ?

46
Q

treasurer

A

something lou ?

Business 101 (1 decks)

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