Intro To Business

Front 1

Business

Back 1

All Profit-seeking Activities and enterprises that provide goods and services necessary to an economic system.

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Profits

Back 2

Rewards earned by business people who take the risks involved in blending people, tech, and information to create and market goods and services

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Not-For-Profit Organization

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Business like establishment that has primary objectives other than returning profits to owners.

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Factors of Production

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Natural resource, capital, Human Resources, and Entrepreneurship.

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Natural Resource

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All production inputs that are useful in their natural state, including agricultural land, building sites, forests, and mineral deposits.

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Capital

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an organizations technology, tools, information, and physical facilities.

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Human Resources

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in an organization, anyone who works, providing either physical or intellectual input

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Entreprenuership

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ability to see an opportunity and take the risks inherent in creating and operating a business.

Front 9

Private Enterprise System

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economic system that rewards firms for their ability to identify and serve the needs and demands of customers.

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Capitalism

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economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers; also called the private enterprise system.

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Private Property

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most basic freedom under private enterprise system; the right to own, use, buy, sell, and bequeath land, buildings, machinery, equipment, patents, individual possessions, and various intangible kinds of property

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Consumer Orientation

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business philosophy that focuses first on determining unmet consumer wants and needs and then designing products to satisfy those needs

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Branding

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name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors offerings

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Transaction Management

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building and promoting products in the hope that enough customers will buy them to cover costs and earn profits.

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Relationship Era

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Business era in which firms seek ways to actively nurture customer loyalty by carefully managing their interactions with buyers

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Diversity

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In a workforce, the blending of individuals of different genders, ethnic backgrounds, cultures, religions, ages, and physical/mental disabilities

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Outsourcing

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using outside vendors to produce goods or fulfill services and functions previously handled in-house or in-country

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Nearshoring

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outsourcing production or services to locations near a firms home base.

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Vision

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The ability to perceive market marketplace needs and what an organization must do to satisfy them.

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critical thinking

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Ability to analyze and assess information to pinpoint problems and opportunity.

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creativity

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Capacity to develop novel solutions to perceived organizational problems.

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Describe Private Enterprise

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The private enterprise system is an economic system that rewards firms for their ability to perceive and serve the needs and demands of consumers. Competition in the private enterprise system ensures success for firms that satisfy consumer demands. Citizens in a private enterprise economy enjoy the rights to private property, profits, freedom of choice, and competition. Entrepreneurship drives economic growth.

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Identify and describe Factors of Production

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The factors of production consist of four basic inputs: natural resources, capital, human resources, and entrepreneurship. Natural resources include all productive inputs that are useful in their natural states. Capital includes technology, tools, information, and physical facilities. Human resources include anyone who works for the firm. Entrepreneurship is the ability to see an opportunity and take the risks inherent in creating and operating a business.

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Define Business

Back 24

all profit-seeking activities and enterprises. Some businesses produce tangible goods, such as automobiles, breakfast cereals, and digital music players; others provide services such as insurance, hair styling, and entertainment, ranging from Six Flags theme parks and NFL games to concerts

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Six Era's in the history of business

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Colonial period, the Industrial Revolution, the age of industrial entrepreneurs, the production era, the marketing era, and the relationship era.

Front 26

Explain how today's business workforce and the nature of work itself are changing

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The workforce is changing in several significant ways: (1) it is aging and the labor pool is shrinking, and (2) it is becoming increasingly diverse. The nature of work has shifted toward services and a focus on information. More firms now rely on outsourcing, offshoring, and nearshoring to produce goods or fulfill services and functions that were previously handled in-house or in-country. In addition, today's workplaces are becoming increasingly flexible, allowing employees to work from different locations. And companies are fostering innovation through teamwork and collaboration.

Front 27

Identify the skills and attributes needed for the 21st century manager

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Today's managers need vision, the ability to perceive marketplace needs and the way their firm can satisfy them. Critical-thinking skills and creativity allow managers to pinpoint problems and opportunities and plan novel solutions. Managers are dealing with rapid change, and they need skills to help lead their organizations through shifts in external and internal conditions.

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Three Ethical Challenges

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Conflict of Interest, Honestly and Integrity, Loyalty vs Truth

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Conflict of Interest

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when a businessperson is faced with a situation in which an action benefiting one person or group has the potential to harm another.

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Integrity

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adhering to deeply felt ethical principles in business situations.

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3 Stages of Ethical Standard Development

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Stage 1: Pre-conventional, Stage 2: Conventional, Stage 3 Post-conventional

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Stage 1: Pre-Conventional

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Individual looking out for their own interests. Rules are followed only out of fear of punishment or hope of reward

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Stage 2: Conventional

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Individual considers the interests and expectations of others in making decisions. Rules are followed because it is part of belonging to the group.

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Stage 3: Post Conventional

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Individual follows personal principals for resolving ethical dilemmas. He or she considers person, group, and societal interests.

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Stakeholders

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customers, investors, employees, and public affected by or with an interest in a company.

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Whistle Blower

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employee's disclosure to company officials, government authorities, or the media of illegal, immoral, or unethical practices committed by an organization.

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Discrimination

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biased treatment of a job candidate or employee.

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Sexual Harassment

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unwelcome and inappropriate actions of a sexual nature in the workplace.

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Sexism

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discrimination against members of either sex, but primarily affecting women.

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Social Responsibility

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management's acceptance of the role that ethics plays in their business and their obligation to consider consumer satisfaction, and societal well-being of equal value to profit in evaluating the firm's performance.

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Corporate Philanthropy

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an organization's effort to contribute to the communities in which it earns profits through cash contributions, donations of equipment and products, and supporting the volunteer efforts of company employees.

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Consumerism

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public demand that a business consider the wants and needs of its customers in making decisions.

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Consumer rights

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Be Heard, Be Safe, Be Informed, and to Choose

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Product liability

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the responsibility of manufacturers for injuries and damages caused by their products.

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Economics

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Social science that analyzes the choices people and governments make in allocating scarce resources

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Microeconomics

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Study of small economic units, such as individual consumers, families, and businesses.

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Microeconomics

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Study of small economic units, such as individual consumers, families, and businesses.

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Macroeconomics

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Study of national economic issues pertaining to use of resources, national policies and standards of living.

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Microeconomics

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Study of small economic units, such as individual consumers, families, and businesses.

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Macroeconomics

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Study of national economic issues pertaining to use of resources, national policies and standards of living.

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Demand

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Willingness and ability of buyers to purchase goods and services at different prices

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Microeconomics

Back 52

Study of small economic units, such as individual consumers, families, and businesses.

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Macroeconomics

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Study of national economic issues pertaining to use of resources, national policies and standards of living.

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Demand

Back 54

Willingness and ability of buyers to purchase goods and services at different prices

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Supply

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Amount of goods and services for sale at different prices

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Microeconomics

Back 56

Study of small economic units, such as individual consumers, families, and businesses.

Front 57

Macroeconomics

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Study of national economic issues pertaining to use of resources, national policies and standards of living.

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Demand

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Willingness and ability of buyers to purchase goods and services at different prices

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Supply

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Amount of goods and services for sale at different prices

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Demand curve

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Graph of the amount of a product that buyers will purchase at different prices

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Supply curve

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Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.

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Supply curve

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Graph that shows the relationship between different prices and the quantities that sellers will offer for sale, regardless of demand.

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Mixed market economy

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System that mixes private and planned economy.

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Privatization

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Conversion of government owned and operated companies to private ownership

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Recession

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Cyclical economic contraction that's lasts six months or more

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Depression

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Prolonged recession or significant drop in GDP

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Productivity

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Relationship between goods and services produced in a nation each year and the input needed to produce them.

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GDP

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Sum of all goods/services produced within a countries boundaries.

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Inflation

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Economic situation characterized by rising prices caused by excess demand and increased costs of raw materials, parts, human resources, and other factors of production.

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Core inflation rate

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Inflation Rate of an economy after after energy and food prices are taken away.

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Hyperinflation

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Characterized by soaring prices

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Deflation

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Opposite of inflation. Caused by falling prices.

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Equilibrium price

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Prevailing market price at which you can buy an item.

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Consumer price index

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Measurement of monthly avg change in prices for goods/services

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Unemployment rate

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Percentage of total workforce actively search for work without having a job.

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Frictional unemployment

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Joblessness who are temporarily unemployed but looking for work.

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Cyclical unemployment

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The out of work to economic contraction

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Structural unemployment

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People who remain unemployed for long periods of time with little hope of them finding comparable work.

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Monetary policy

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Government action to increase or decrease money supply and change bank requirements and interest rates to influence banks to give loans

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Expansionary monetary policy

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Government increasing money supply to cut borrowing cost to encourage business to make new investments and stimulate economic growth and employment

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Restrictive monetary policy

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Government reducing money supply to curb rising prices, overexpansion, and rapid economic growth

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Fiscal policy

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Government spending and taxation decisions designed to control inflation, unemployment, improve the standard of living and encourage growth

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Bidget

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Organizations plan to raise and spend money during a given period of time.

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Pure competition

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Market structure in which large numbers of buyers and sellers exchange homogenous products and no single participant can significantly influence price.

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Budget deficit

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Situation in which government spends more than the amount it raises in Taxes

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Balanced bidget

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Equal revenue to spending

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Budget surplus

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Excess funding due to spending less than receiving.

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Monopolistic competition

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Market of lots of buyers and sellers selling heterogeneous products so each participant has some control over price

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Oligopoly

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Market where few sellers compete and high start up costs serve as barriers to new competitor

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Monopoly

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Market where a single seller dominates trade in goods or service which buyers can find no close substitute.

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Regulated monopoly

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Market where local, state, or federal government grants exclusive rights to a single firm in a certain market.

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Planned economy

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System in which government controls ownership, profits, and resources to accomplish government goals rather than those set by individual firm.

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Socialism

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Economic system where the government owns and operates major indistries

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Communism

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System where all property is shared equally by people of the community under direction of government

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Balance of trade

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Difference of exports and imports

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Balance of payments

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Flow of money in or out of a country

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Tariff

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Tax, surcharge, duty on foreign products

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Quota

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Limit set in particular products that countries can import during specific times.

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Dumping

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Selling abroad at prices below production cost to capture market share from competition.

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Embargo

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Total ban on trading with a country

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GATT

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General agreement on tariffs and trade. International accord to reduced tariffs on trade.

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WTO

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World trade organization. Monitors GATT agreements and mediates trade disputes