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31 Cards in this Set
- Front
- Back
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Competition
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The rivalry among businesses to sell their goods and services
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Computer virus
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A program code hidden in a system that can later do damage to software or stored data
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Condominium
(condo) |
An individually owned housing unit in an apartment-like complex
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Copyright
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The protection of the creative work of authors, composers, and artists
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Corporation
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A separate legal and entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors
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Deductible
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The amount the insured must pay before the insurance company pays a claim
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Downsizing
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A planned reduction in the number of employees needed in a firm in order to reduce costs and make the business more efficient
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Federal Deposit Insurance Corporation
(FDIC) |
The federal agency that helps to regulate banks and other financial institutions
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Federal Reserve System
(FED) |
A system set up by the federal government to supervise and regulate member banks and help banks serve the public efficiently. All national banks are required to join the Federal Reserve System, and state banks may join
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Fixed-rate mortgage
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Interest rates on mortgages that are set for the term of the loan
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Human resources
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People producing goods and services; people who work for a business
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Infrastructure
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A factor that supports international trade in industrialized countries, including a nation's transportation, communication, and utility systems
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Interest
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The money received for letting others use your money; the money you pay for using someone else's money
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Just–in–time
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A logistics process in which goods arrive when needed for production, use, or sale rather than sitting in storage
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Layoff
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A type of termination which is a temporary or permanent reduction in the number of employees due to changing business conditions
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Marketing
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The activity, set of instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
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Medicaid
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A form of medical aid to low-income individuals and families administered by state governments. The federal government shares the cost of providing health benefits to eligible individuals and families
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Medicare
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The national health insurance program for people age 65 and older and some disabled people
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Monopoly
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When a business has control of the market for a product or service
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No-fault insurance
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Insurance allowing people who are injured in an automobile accident to collect further financial losses from their own insurance companies no matter who is at fault. Those losses include their medical bills, loss of wages, and other related expenses
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Opportunity cost
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The value of the next-best alternative that you were not able to choose
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Patent
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The exclusive right of an inventor to make, sell, and use a product or process
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Prime rate
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The rate banks make available to their best business customers, such as large corporations
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Promotion
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Persuasive communication
Any form of communication used to inform, persuade, or remind; communicating information about products and services to potential customers; the advancement of an employee to a position with greater responsibility |
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Recession
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The phase of the business cycle in which demand begins to increase, businesses lower production, unemployment begins to rise, and gross domestic product growth slows for two or more quarters of the calendar year
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Simple interest
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The interest on single-payment loans
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Small business
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An independent business with fewer than 500 employees
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Supply
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The quantity of a good or service that businesses are willing and able to provide
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Telecommuting
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Allows employees who primarily use personal computers and other technology to work from home. They communicate with managers, coworkers, and customers using the Internet, telephone, and fax machines
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Unemployment
Unemployment rate |
People who are looking for work and are willing to work, but are unable to find a job
The portion of people in the labor force who are not working |
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Whole life insurance
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Permanent insurance that extends over the lifetime, or whole life, of the insured
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