Buisness Unit 1

Front 1

Business

Back 1

Any activity that seeks to provide goods and services to others while operating at a profit

Front 2

Goods

Back 2

Tangible products such as computers, food, clothing, cars, and appliances

Front 3

Services

Back 3

Intangible products such as Education, Health Care, insurance, Recreation, and travel and tourism

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Entrepreneur

Back 4

A person who risks time and money to start and manage a business

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Revenue

Back 5

The total amount of money a business takes in during a given. By selling goods and services

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Profit

Back 6

The amount of money a business earns above and beyond what it spends for salaries and other expenses

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Loss

Back 7

When a business's expenses are more than its revenues

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Risk

Back 8

The chance and entrepreneur takes of losing time and money on a business that may not prove profitable

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Standard of living

Back 9

The amount of goods and services people can buy with the money they have

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Quality of life

Back 10

The general well-being of a society in terms of his political Freedom, natural environment, Education, Health Care, safety, amount of leisure, and rewards the add to the satisfaction and joy the other goods and services provide

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Stakeholders

Back 11

All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

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Outsourcing

Back 12

Outsourcing Contracting with other companies often in other countries to do something or all of the functions of a firm, like its production or accounting tasks

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Nonprofit organization

Back 13

An organization whose goals do not include making a personal profit for its owners or organizers

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Factors of production

Back 14

The resources used to create wealth. Land, labor, Capital, entrepreneurship, and knowledge

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Business environment

Back 15

The surrounding factors that either help or hinder the development of businesses

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Technology

Back 16

Everything from phones and copiers to computers, mobile devices, Medical Imaging machines, and the various software programs and apps that make business processes more effective, efficient, and productive

Front 17

Productivity

Back 17

The amount of output you generate given the amount of input

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E-commerce

Back 18

The buying and selling of goods over the internet

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Database

Back 19

An electronic storage file for information

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Identity theft

Back 20

The obtaining of individuals personal information, such as Social Security and credit card numbers, for illegal purposes

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Empowerment

Back 21

Giving Frontline workers the responsibility, Authority, Freedom, training, and Equipment they need to respond quickly to customer requests

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Demography

Back 22

The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income

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Climate change

Back 23

The movement of the temperature of the planet up or down over time

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Greening

Back 24

The trend toward saving energy and producing products that cause less harm to the environment

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Economics

Back 25

The study of how Society chooses to employ resources to produce goods and services and distribute them for consumption among various competitive groups and individuals

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Macroeconomics

Back 26

The part of Economics study that looks at the operation of a nation's economy as a whole

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Microeconomics

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The part of Economics study that looks at the behavior of people and organizations in particular markets

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Resource development

Back 28

The study of how to increase resources and to create the conditions that will make better use of those resources

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Invisible hand

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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all

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Capitalism

Back 30

An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit

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State capitalism

Back 31

A combination of free markets and some government control

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Supply

Back 32

The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time

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Demand

Back 33

The quantity of products that people are willing to buy at different prices at a specific time

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Market price

Back 34

The price determined by supply and demand

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Perfect competition

Back 35

The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product

Front 36

Monopolistic competition

Back 36

The degree of competition in which a large amount of sellers produce very similar products that buyer's nevertheless perceived as different

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Oligopoly

Back 37

A degree of competition in which just a few sellers dominate the market

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Monopoly

Back 38

A degree of competition in which only one seller controls the total supply of a product or service, and sets the price

Front 39

Socialism

Back 39

An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people

Front 40

Brain drain

Back 40

The loss of the best and brightest people to other countries

Front 41

Communism

Back 41

An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

Front 42

Free market economics

Back 42

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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Command economics

Back 43

Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow

Front 44

Mixed economies

Back 44

Economic systems in which some allocation of resources is made by the market and some by the government

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Gross domestic product GDP

Back 45

The total value of final goods and services produced in a country in a given year

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Gross output

Back 46

A measure of total sales volume at all stages of production

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Unemployment rate

Back 47

The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks

Front 48

Inflation

Back 48

A general rise in the prices of goods and services over time

Front 49

Disinflation

Back 49

A situation in which price increases are slowing, the inflation rate is declining

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Deflation

Back 50

A situation in which prices are declining

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Stagflation

Back 51

A situation when the economy is slowing but prices are going up anyhow

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Consumer Price Index CPI

Back 52

Monthly statistics that measure the pace of inflation or deflation

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Core inflation

Back 53

CPI minus food and energy cost

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Producer price index PPI

Back 54

An index that measures prices at the wholesale level

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Business Cycles

Back 55

The periodic Rises and Falls that occur in economies over time

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Recession

Back 56

Two or more consecutive quarters of decline in the GDP

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Depression

Back 57

A severe recession, usually accompanied by deflation

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Fiscal policy

Back 58

The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending

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National debt

Back 59

The sum of government deficits over time

Front 60

Keynesian economic theory

Back 60

The theory that a government policy of increasing spending could stimulate the economy in a recession

Front 61

Monetary policy

Back 61

The management of the money supply and interest rates by the Federal Reserve

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Importing

Back 62

Buying products from another country

Front 63

Exporting

Back 63

Selling products to another country

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Free trade

Back 64

The movement of goods and services among nations without political or economic barriers

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Comparative advantage Theory

Back 65

Theory that states that a country should sell to other countries those products that it produces most effectively and efficiently, and buy them from other countries those products that it cannot produce as effectively or efficiently

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Absolute advantage

Back 66

The advantage that exists when a country produces a specific product more efficiently than all other countries

Front 67

Balance of trade

Back 67

The total value of a nation's exports compared to its Imports measured over a particular period

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Trade Surplus

Back 68

A favorable balance of trade, occurs when the value of a country's exports exceeds that of its Imports

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Trade deficit

Back 69

An unfavorable balance of trade, occurs when the value of a country's Imports exceeds that of its exports

Front 70

Balance of payments

Back 70

The difference between money coming into a country and money leaving the country plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment

Front 71

Dumping

Back 71

Selling products in a foreign country at lower prices than those charged in the producing country

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Licensing

Back 72

A global strategy in which a firm allows a foreign company to produce its product in exchange for fee

Front 73

Contract Manufacturing

Back 73

A foreign company's production of private-label goods to which a domestic company then attaches its brand name or trademark, part of the broad category of Outsourcing

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Joint venture

Back 74

A partnership in which two or more companies join to undertake a major project

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Strategic Alliance

Back 75

A long-term partnership between two or more companies established to help each company build competitive market advantages

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Foreign direct investment FDI

Back 76

The buying of permanent property and businesses in foreign Nations

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Foreign subsidiary

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A company owned in a foreign country by another company, called the parent company

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Multinational corporation

Back 78

An organization that manufactures and markets products in many different countries and has multinational stock ownership and Multinational management

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Sovereign wealth funds

Back 79

Investment funds controlled by government holding investment stakes in foreign companies

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Exchange rate

Back 80

The value of one nation's currency relative to the currencies of other countries

Front 81

Devaluation

Back 81

Lowering the value of a nation's currency relative to other currencies

Front 82

Countertrading

Back 82

A complex form of bartering in which several countries may be involved, each trading goods for goods or services for

Front 83

Trade protectionism

Back 83

The use of government regulations to limit the import of goods and services

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Tariff

Back 84

A tax imposed on Imports

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Import quota

Back 85

A limit on the number of products in certain categories that a nation can import

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Embargo

Back 86

A complete ban on the import or export of a certain product, or the stopping of all trade with a particular country

Front 87

General agreement on tariffs and trade GATT

Back 87

A 1948 agreement that established an international forum for negotiating Mutual reductions and trade restrictions

Front 88

World Trade Organization WTO

Back 88

The international organization that replaced the general agreement on tariffs and trade and was assigned the duty to mediate trade disputes among nations

Front 89

Common Market

Back 89

A regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws that facilitate exchange, also called a trading Bloc and example is the European Union

Front 90

North American Free Trade Agreement NAFTA

Back 90

Agreement that created a free-trade area among the United States, Canada and Mexico

Front 91

Ethics

Back 91

Standards of moral behavior, that is, behavior accepted by society as right versus wrong

Front 92

Compliance-based ethics codes

Back 92

Ethical standards that emphasize preventing unlawful Behavior by increasing control and by penalizing wrongdoers

Front 93

Integrity based ethics codes

Back 93

Ethical standards that Define the organization's guiding values, create an environment that supports ethically sound behavior, and stress a shared accountability among employees

Front 94

Whistleblowers

Back 94

Insiders who report illegal or unethical Behavior

Front 95

Corporate social responsibility CSR

Back 95

A business's concern for the welfare of society

Front 96

Corporate philanthropy

Back 96

The dimension of social responsibility that includes charitable donations

Front 97

Corporate social initiatives

Back 97

Enhanced forms of corporate philanthropy directly related to the company's competencies

Front 98

Corporate responsibility

Back 98

The dimension of social responsibility that includes everything from hiring minority workers to making Safe products

Front 99

Corporate policy

Back 99

The dimension of social responsibility that refers to the position a firm takes on social and political issues

Front 100

Insider trading

Back 100

An unethical activity and which insiders use private company information to further their own fortunes or those of their family and friends

Front 101

Social audit

Back 101

A systematic evaluation of an organization's progress towards implementing socially responsible and responsive programs