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Business 101 > Topic 1 (Ch. 1-2) > Flashcards

Topic 1 (Ch. 1-2) Flashcards

1
Q

Define business

A

Any activity that seeks to provide goods and services to others, while operating at a profit

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2
Q

Define goods

A

Tangible products, such as computers, food, clothing, cars and appliances

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3
Q

Define services

A

Intangible products, such as education, healthcare, insurance, recreation, etc.

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4
Q

Define entrepreneur

A

A person who risks time and money to start and manage a business

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5
Q

Define revenue

A

The total amount of money, a business takes, and during a given period by selling goods and services

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6
Q

Define profit

A

The amount of money a business earns above and beyond what it spends for salaries and other expenses

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7
Q

Standard of living

A

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

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8
Q

Quality of life

A

The general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, etc.

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9
Q

Define stakeholders

A

All of the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

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10
Q

Factors of production

A

The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge

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11
Q

Examples of business environment

A

Economic and legal environment, technological environment, competitive environment, the social environment, and the global business environment

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12
Q

Define productivity

A

The amount of output you generate given the amount of input

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13
Q

Define e-commerce

A

The buying and selling of goods over the Internet

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14
Q

Define empowerment

A

Giving Frontline workers a responsibility, authority, freedom, training, and equipment. They need to respond quickly to customer requests

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15
Q

Define demography

A

The statistical study of the human population with regard to size density, and other characteristics, such as age, race, gender, and income

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16
Q

Define economics

A

The study of how society chooses to employ resources to produce goods and services, and distribute them for consumption among various competing groups and individuals

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17
Q

Macro economics

A

The part of economics study that looks at the operation of a nations economy as a whole

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18
Q

Micro economics

A

The part of economic study that looks at the behavior of people and organizations in particular markets

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19
Q

Invisible hand

A

A phrase coined by Adam Smith to describe the process that turns self-directed getting into social and economic benefits for all

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20
Q

Define capitalism

A

An economic system, in which all are most of the factors of production and distribution are privately owned and operated for profit

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21
Q

State capitalism

A

A combination of freer markets, and some government control

22
Q

Define supply

A

The quantity of products that manufactures or owners are willing to sell a different prices at a specific time

23
Q

Demand

A

The quantity of products that people are willing to buy

24
Q

Market price

A

The price determined by supply and demand

25
Q

Define perfect competition

A

The degree of competition in which there are many sellers in America, and none is large enough to dictate the price of a product

26
Q

Monopolistic competition

A

The degree of competition in which a large number of sellers produce very similar products. That buyer’s nevertheless perceive is different.

27
Q

Oligopoly

A

A degree of competition, which just a few sellers dominate the market

28
Q

Monopoly

A

A degree of competition, which only one seller controls the total supply of a product or service and sets the price

29
Q

Define Socialism

A

An economic system, based on the premise that some, if not most basic businesses should be owned by the government, so that profits can be more evenly distributed among the people

30
Q

Brain drain

A

The last of the best and brightest people to other countries

31
Q

Define communism

A

An economic and political system, in which the government makes almost all economic decisions, and owns almost all the major factors of production

32
Q

Free market economies

A

Economic systems, in which the market marginally determines what goods and services get produced who gets them, and how the economy grows (capitalism)

33
Q

Command economies

A

Economic systems, in which the government largely decides what goods and services will be produced who will get them, and how the economy will grow (socialism and communism)

34
Q

Mixed economies

A

Systems in which some allocation of resources is made by the market and some by the government

35
Q

Gross domestic product

A

The total value of final goods and services produced in a country in a given year

36
Q

Gross output

A

A measure of total sales volume at all stages of production

37
Q

Unemployment rate

A

The number of civilians, at least 16 years old, who are unemployed and tried to find a job within the prior four weeks

38
Q

Four types of unemployment

A

Frictional unemployment, structural unemployment, cyclical, unemployment, and seasonal unemployment

39
Q

Inflation

A

A general rise in the process of goods and services over time

40
Q

Disinflation

A

A situation in which price increases are slowing

41
Q

Deflation

A

A situation in which prices are declining

42
Q

Stagflation

A

A situation when the economy is slowing, but prices are going up anyhow

43
Q

Consumer price index (CPI)

A

Monthly statistics that measure the pace of inflation or deflation

44
Q

Core inflation

A

CPI minus food and energy costs

45
Q

Producer price index (PPI)

A

Index that measures the change in prices at the wholesale level

46
Q

Recession

A

Two or more consecutive quarters of decline in the GDP

47
Q

Depression

A

A severe recession usually with deflation

48
Q

Fiscal policy

A

The federal government efforts to keep the economy stable by increasing or decreasing taxes, are government spending

49
Q

Keynesian economic theory

A

The theory that a government policy of increasing spending and cutting taxes, could stimulate the economy in a recession

50
Q

Monetary policy

A

The management of the money supply in interest rates by the federal reserve bank

Business 101 (13 decks)

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