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Unit 1 Flashcards

The Enviorrnment of Business

1
Q

What is a business?

A

An organization that attempts to earn a profit through the sale of goods or services.

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2
Q

What do businesses do to enhance value in society?

A
  • Improve quality of life by fulfilling wants and needs
  • Provide choices for consumers
  • Offer opportunities for start-up companies and jobs
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3
Q

Why is studying business important?

A

It impacts job performance and job search, making individuals more valuable employees.

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4
Q

What is profit?

A

What remains after all business expenses have been deducted.

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5
Q

What is a loss in business terms?

A

When expenses are greater than sales or revenue.

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6
Q

Define the Free Enterprise System.

A

A market system with little control and regulation of business by the government.

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7
Q

What is microeconomics?

A

An area of economic study that focuses on specific markets, choices, and behaviors that affect price, cost, and demand.

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8
Q

What is macroeconomics?

A

An area of economic study that focuses on the impact of variables on economic infrastructure in its entirety.

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9
Q

What characterizes an entrepreneur?

A

A person who pursues a business venture with growth and expansion as primary goals.

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10
Q

What are external business environments?

A

The conditions outside of a business that affect how it operates.

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11
Q

What is a domestic business environment?

A

Business done within a company’s own nation.

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12
Q

What is a global business environment?

A

A dynamic set of external conditions and forces that affect how businesses operate on an international scale.

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13
Q

What do technological environments refer to in business?

A

Outside factors in technology that fundamentally change the way businesses operate.

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14
Q

What defines a political-legal environment?

A

Governmental decisions that affect business operations.

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15
Q

What factors are encompassed in sociocultural environments?

A
  • Religion
  • Language
  • Education norms
  • Social systems
  • Demographics
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16
Q

What are economic environments in business?

A

Economic factors that affect the purchasing of goods and services, such as employment levels and inflation.

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17
Q

Fill in the blank: A _______ is a person who pursues a business venture with growth and expansion as primary goals.

A

[entrepreneur]

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18
Q

True or False: A loss means a business is successful.

A

False

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19
Q

What are the factors of production?

A

The resources necessary to produce output.

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20
Q

The factors of production are split in what ways?

A

Physical resources, Human resources, capital, entrepreneurs, and information resources

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21
Q

What are physical resources?

A

Tangible items that go into the production of goods.

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22
Q

What are human resources?

A

Labor involved in making, distributing, and selling a product or service.

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23
Q

What is capital in economic terms?

A

Funds that a business uses to operate and grow.

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24
Q

Who are entrepreneurs?

A

A special type of human resource that helps to expand and grow the business in creative ways.

25
What are information resources?
Intangible assets like patents and ideas that a company owns.
26
What are economy systems?
How a society chooses to distribute goods, services, and resources.
27
What are the two broad catagories of economy system?
planned and market economy
28
What is a planned economy?
An economy where a central authority controls and chooses how to distribute resources for production.
29
What are the two major types of planned economies?
Communism and socialism.
30
What is communism?
A system where the government owns all businesses and controls resource distribution.
31
Where is communism active in the modern world?
In places like North Korea and Cuba.
32
What is socialism?
A system where the government owns select businesses or pieces of the economy.
33
Where is socialism predominantly found?
Throughout Europe.
34
What is a market economy?
An economy where supply and demand dictate how to distribute resources for production.
35
What is a mixed market economy?
A combination of a planned economy and a market economy.
36
What is supply and demand?
The law of demand shows that as price decreases, quantity demanded increases; the law of supply shows that as price increases, quantity supplied increases.
37
What is market price?
The current price of a good or service that a customer is willing to pay.
38
What is equilibrium price?
The price at which the quantity demanded and the quantity supplied meet.
39
What is a surplus?
When there is more supply of a product than demand for it.
40
What is a shortage?
When there is more demand for a product than there is supply.
41
What are opportunity costs?
The benefits received by making another choice or taking alternative actions.
42
What is perfect competition?
An industry market structure characterized by a very large number of firms selling a homogeneous product.
43
What is monopolistic competition?
An industry market structure characterized by a large number of firms selling similar products.
44
What is an oligopoly?
An industry market structure characterized by only a few firms selling similar products.
45
What is a monopoly?
An industry market structure characterized by one firm supplying a unique product to the entire market.
46
What is a small business?
A small business is defined as an organization with fewer than 500 employees that attempts to earn a profit with the sale of goods or services.
47
What are the characteristics of small businesses?
Small businesses have 500 or fewer employees, are independently owned, do not dominate the market, and can be found in various sectors.
48
What percentage of sales in the U.S. are attributable to small businesses?
Approximately 50% of all sales in the United States are attributable directly to small businesses.
49
What role does the Small Business Administration (SBA) play?
The SBA provides financial and organizational help to small businesses, including loans and advice on government contracts.
50
What is the definition of an entrepreneur?
An entrepreneur is a person who pursues a business venture with growth and expansion as a primary goal.
51
What is a sole proprietorship?
A sole proprietorship is a business that is owned and operated by one person.
52
What are the advantages of being a sole proprietor?
Advantages include easy startup and closure, retention of all profits, simple taxes, pride in work, and the ability to build customer relationships.
53
What are the disadvantages of being a sole proprietor?
Disadvantages include daunting workload, funding issues, difficulty attracting employees, unlimited liability, and continuity issues.
54
What is a partnership?
A partnership is a business that’s owned by two or more people who are actively involved in the business.
55
What are the types of partners in a partnership?
Types of partners include general partners, limited partners, and master limited partners.
56
What are the advantages of a partnership?
Advantages include ease of startup, access to skills and capital, direct profit distribution, and individual taxation.
57
What are the disadvantages of a partnership?
Disadvantages include unlimited liability for general partners, potential for disagreements, continuity issues, and frozen assets.
58
What is a co-op?
A co-op, or cooperative, is owned and operated by its members, organized around a common goal, with profits distributed based on contribution.

Bus 100 (4 decks)

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