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