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Principles of Business > Terms & Concepts > Flashcards

Terms & Concepts Flashcards

1
Q

Organization

A

A group of persons coming together to achieve a particular goal

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2
Q

Enterprise

A

An initiative or business activity

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3
Q

Entrepreneurship

A

The willingness of an individual or group to undertake risks

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4
Q

Barter

A

A system of exchange without the use of money

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5
Q

Profit

A

A valuable return

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6
Q

Loss

A

A inexpensive return

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7
Q

Break-even

A

A position of zero profitd

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8
Q

Trade

A

The activity of exchange involving buyers and sellers

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9
Q

Economy

A

The network of economic agents and trading activities in a country, involving, producers,consumers,households and firms

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10
Q

Exchange

A

The giving up of one thing for another with or without the use of money

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11
Q

Producer

A

The economic agent that makes the good or generates the service

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12
Q

Good

A

A tangible product, it can be touched and stored for use at a later date

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13
Q

Service

A

An intangible product or series of related activites

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14
Q

Market

A

A physical or virtual situation where buyers and sellers interact to trade

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15
Q

Commodity

A

A good traded in bulk

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16
Q

Capital

A

Physical inputs into the production process

17
Q

Labour

A

The amount of physical, mental and social effort used to produce goods and services in an economy

18
Q

Specialization

A

The focus of effort on a particular task leading to expertise in the area

19
Q

Division of labour

A

The dividing of a job into different tasks or specializations, to be performed by different persons

20
Q

Globalization

A

The opening up of markets internationally, leading to a reduction of trading barriers among countries and greater access to goods and services

21
Q

Production

A

The process of being manufactured

22
Q

Consumption

A

The action of using up a resource

23
Q

Wants

A

Something you desire to have

24
Q

Need

A

Something that you must have to live

Principles of Business (13 decks)

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