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72 Cards in this Set

  • Front
  • Back
Profit
amount of money a business earns above and beyond what it spends for salaries and other expensies
Risk
chance and entreprenuer takes of losing time and money on a business that may not prove profitable.
Stakeholders
people who stand to gain or lose by the policies and activities of a business.
Factors of production
resources used to create wealth: land, labor, capital, entrepreneur, and knowledge.
Demography
statical study of the human population w/ regard to it size, density and other characteristics.
Gross Domestic Product (GDP)
total value of goods and services produced in a country's given year.
Consumer Price Index (CPI)
measures in some ways of inflation and deflation: How costly it is to live.
Fiscal Policy
Gov't attempt to keep the economy stable: increase or decrease of what the gov't takes and gov't spending.
Monetary Policy
manage money supply and interest rates
Federal Reserve System
Semi private organization not under gov't rule, but some are appointed by the president.
Unemployment rate
16 yrs or older that can't find a job
Recession
2 or more consecutives declined quarters in Gross Domestic Product(GDP)
Inflation
rise in price of goods
Deflation
prices of goods go down
Stagflation
economy is slowing, but prices continue to increase
Federal deficit
the amount the gov't spends over the amount it gets from taxes.
Money Supply
amount of money(controlled by the fed)
Interest Rate
contolled by the feds to stimulate or decrease economy life.
Free-Market Economy
Economic systems in which the market largely determines what goods and services get produced, who gets them and how the economy grows.
Macroeconomics
studies of the entire country impact of businesses.
Microeconomics
studies of individual businesses
Perfect Competition
all sellers are equal, no big competition to dicitate.
Monopoly
only one seller for a product
Oligopoly
group of sellers for a product.
Communism
owns all business and all corporation.
Socialism
to ensure equal distribution of money between the people
Capitalist
to be successful in capitalists system you must have money to invest.
Culture
The way we do things: if it familiar we are comfortable: if not it is uncomfortable.
Capitalism
economic system which most of the factors of production and distribution are privately owned and operated for profit.
Ethnocentricity
my culture is the best; I look at my culture and do not acknowledge your culture.
Federal deficit
the amount the gov't spends over the amount it gets from taxes.
Money Supply
amount of money(controlled by the fed)
Interest Rate
contolled by the feds to stimulate or decrease economy life.
Free-Market Economy
Economic systems in which the market largely determines what goods and services get produced, who gets them and how the economy grows.
Macroeconomics
studies of the entire country impact of businesses.
Microeconomics
studies of individual businesses
Perfect Competition
all sellers are equal, no big competition to dicitate.
Monopoly
only one seller for a product
Oligopoly
group of sellers for a product.
Communism
owns all business and all corporation.
Socialism
to ensure equal distribution of money between the people
Capitalist
to be successful in capitalists system you must have money to invest.
Culture
The way we do things: if it familiar we are comfortable: if not it is uncomfortable.
Capitalism
economic system which most of the factors of production and distribution are privately owned and operated for profit.
Ethnocentricity
my culture is the best; I look at my culture and do not acknowledge your culture.
Euro
single monetary unit to place th national currencies of 12 member nations in Europe.
Devaluation
when a country lowers the value of its currency relative to the currency of diff. nations.
Tariffs (Revenue vs. Protective)
A tax on incoming goods. Revenue tax- to raise money. Protective Tax- to protect jobs.
Strategic alliance
long term partnership between 2 or more companies established to help each company build competetive markets
Joint venture
partnership where 2 or more companies join to undertake a majorproject
Foreign subsidiary
buying a place in a foreign country for a different market
Licensing
opening up a facility; you can use the manufactoring name
global marketing
idea of having one product, and everyone loves it; don't change it; might have to tweek it a little in different countries
NAFTA
North America Free Trade Ossociation; allows trading to go in and out of other countries
exchange rate
value of one nation's currency relative to the currencies of other countries
quota
limits how much can come in
embargo
total ban on all imports from different countries
trade protectionism
use of the goverment regulations to limit the import of goods and services
common market
regional group of countries that have a common external tariff, no internal tariff, and a cordination of laws to facilitate exchange
World Trade Organization
Free Market Society
Direct investment
companies in other countries invest in your company
deflation
prices of goods that go down
inflation
prices of good that rise
dumping
selling prducts in a foreign country at lower prices that those charged in the producing country
comparative advantage
bartering in which several countries may be involved, each trading goods for goods.
absolute advantage
occurs when a country has a monoply on producing a product or is able to produce it at a cost below that of all other countries
exporting
selling products to another country
importing
buying products from another country
balance of payments
differnce between money coming into the country and money going out of the country
balance of trade
nation's ratio of exports to imports
exchange rate
value of one nation's currency to another nation's currency
free trade
movement of goods and services amoung nations without political or economic trade barriers