Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
30 Cards in this Set
- Front
- Back
|
business
|
an organization that provides goods or services to earn a profit
|
|
|
profits
|
the difference between a business's revenue and its expenses
|
|
|
external environment
|
everything outside an organization's boundaries that might affect it
|
|
|
domestic business environment
|
environment in which a firm conducts its operations and derives its revenues
|
|
|
global business environment
|
the international forces that affect business
|
|
|
technological environment
|
all the ways by which firms create values for their constituents
|
|
|
political-legal environment
|
the relationship between businesses and government
|
|
|
sociocultural environment
|
the customs, mores, values and demographic characteristics of the society in which an organization functions
|
|
|
economic environment
|
relevant conditions that exist in the economic system in which a company operates
|
|
|
economic system
|
a nation's system for allocating its resources among its citizens
|
|
|
factors of production
|
resources used in the productions of goods and services incl. labor, capital, etrepreneurs, physical resources and information resources
|
|
|
labor (human resources)
|
physical and mental capabilities of people as they contribute to economic production
|
|
|
capital
|
funds needed to create and operate a business enterprise
|
|
|
entrepreneur
|
individual who accepts the risks and opportunities involved in creating and operating a new business venture
|
|
|
physical resources
|
tangible items that organizations use in the conduct of their business
|
|
|
planned economy
|
economy that relies on a centralized government to control all or most of the factors of production and make all or most production and allocation decisions
|
|
|
market economy
|
economy in which individuals control production and allocation decisions through supply and demand
|
|
|
communism
|
political system in which the government owns and operates all factors of production
|
|
|
market
|
mechanism for exchange between buyers and sellers of a particular good or service
|
|
|
capitalism
|
system that santions the private ownership of the factors of production and encourages entreprenuership by offering profits as an inventive
|
|
|
mixed market economy
|
economic system featuring characteristics of both planned and market economies
|
|
|
privatization
|
process of converting government enterprises into privately owned companies
|
|
|
socialism
|
planned economic system in which the government owns and operates only selected major sources of production
|
|
|
demand
|
the willingness and ability of buyers to purchase a food or service
|
|
|
supply
|
the willingness of producers to offer a good or service for sale
|
|
|
law of demand
|
principle that buyers will purchase (demand) more of a product as its price drops and less as its price increases
|
|
|
law of supply
|
principle that producers will offer (supply) more of a product for sale as its price rises and less as it increases
|
|
|
demand and supply schedule
|
assesment of the relationships among different levels of demand and supply at different price levels
|
|
|
demand curve
|
graph showing hoe many units of a product will be demanded (bought) at differnt prices
|
|
|
supply curve
|
graph showing how many units of a product will be supplied (offered for sale) at different prices
|
