unit 1-2 Flashcards
What is a Good?
A tangible product (e.g., phone).
What is a Service?
An intangible product (e.g., haircut).
Who is a Producer?
A person or entity that creates goods/services.
What is a Manufacturer?
A large-scale producer.
Who is a Consumer?
A person who purchases goods/services.
What is a Market?
A place for buying/selling.
What is Demand?
Consumer willingness to buy.
What is the difference between Needs and Wants?
Needs are essentials (food), wants are desires (luxury items).
What is the difference between Trends and Fads?
Trends are long-term changes, fads are short-lived.
What is Maslow’s Hierarchy?
An order of human needs (physiological → self-actualization).
What is a Business?
An organization that produces goods/services for profit.
What is Interdependence in business?
Businesses rely on others to function.
What is Unlimited Liability?
Personal responsibility for business debts.
What is Limited Liability?
Responsibility only for the investment made.
Who are Shareholders?
Individuals who own shares in a corporation.
What is a Small Business?
An independently owned, small scale business.
What is a Home-based Business?
A business that operates from home.
What are Ethics?
Moral principles.
What is Social Responsibility?
Contribution to society’s well-being.
What is a Sole Proprietorship?
A business with one owner, full control, unlimited liability.
What is a Partnership?
A business with two or more owners, shared responsibility, unlimited liability.
What is a Corporation?
A business owned by shareholders, limited liability.
What is a Franchise?
A business model licensed to others, providing brand recognition.
What is a Merger?
The combination of two companies.
What is an Acquisition?
One company buying another.
What is Marketing?
The function that promotes and sells products.
What is Operations?
The function that produces goods/services.
What is Finance?
The function that manages money.
What is HR?
The function that manages employees.
What is R&D?
The function that innovates products/services.
What are the Factors of Production?
Land, Labor, Capital, and Entrepreneurship.
What is Land in the context of production?
Natural resources.
What is Labor?
Human effort.
What is Capital?
Tools and machinery.
What is Entrepreneurship?
Innovation and risk-taking.
