Introduction To Business

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, education, health care, insurance, recreation, and travel and tourism

Front 4

Entrepreneur

Back 4

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

Front 5

Revenue

Back 5

Total amount of money a business takes in during a given period by selling goods and services

Front 6

Profit

Back 6

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

Front 7

loss

Back 7

when a business's expenses are more than its revenues

Front 8

Standard of living

Back 8

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

Front 9

Stakeholder

Back 9

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

Front 10

5 Factors of Production

Back 10

Land, Labor, Capital, Entrepreneurship, Knowledge

Front 11

Productivity

Back 11

The amount of output you generate given the amount of input

Front 12

Demography

Back 12

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

Front 13

Greening

Back 13

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

Front 14

Economics

Back 14

the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

Front 15

Macroeconomics

Back 15

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

Front 16

Microeconomics

Back 16

part of economics study that looks at the behavior of people and organizations in markets for particular products or services

Front 17

Resource Development

Back 17

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

Front 18

Invisible Hand

Back 18

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

Front 19

Oligopoly

Back 19

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

Front 20

Brain Drain

Back 20

the loss of the best and brightest people to other countries

Front 21

Free-market Economies

Back 21

Economic systems in which the market largely determines what goods and services get produced, who gets them, and how the economy grows

Front 22

Gross Domestic Product (GDP)

Back 22

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

Front 23

Gross output (GO)

Back 23

Measure of total sales volume at all stages of production

Front 24

Stagflation

Back 24

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

Front 25

Consumer Price Index (CPI)

Back 25

Monthly stats that measure the pace of inflation or deflation

Front 26

Core Inflation

Back 26

CPI minus food and energy costs

Front 27

Producer Price Index (PPI)

Back 27

an index that measures prices at the wholesale level

Front 28

Fiscal Policy

Back 28

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

Front 29

Monetary Policy

Back 29

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