Introduction To Business: Final - Study Guide

Front 1

Public Wants examples

Back 1

infastructure, health care, saftey, highways, public libraries, and parks

Front 2

Private wants examples

Back 2

watches, tvs, jets, watches

Front 3

what are the three basic needs

Back 3

food, water, shelter

Front 4

Goods

Back 4

physical product

Front 5

Services

Back 5

Tasks businesses preform for a customer for a fee

Front 6

what are limited resources

Back 6

resources that can't be renewed {scarcity}

- Oil

Front 7

what are unlimited resources

Back 7

resources that can be renewed {surplus}

-cattle

Front 8

competition

Back 8

Contest between two businesses to win customers

Front 9

scarcity

Back 9

shortage of resources

Front 10

What are the four factors of production (with examples)

Back 10

1. Natural resources: Trees, iron, coal, cattle

2. Labor resources: workers

3. Capital resources: buildings, material, equipment, and money

4. Entreprenuership: entreprenuer

Front 11

Price

Back 11

the amount given or asked for when goods/ services are sold

Front 12

Supply

Back 12

The quanity of goods or services that a business is willing to provied

Front 13

DEmand

Back 13

Consumers are willing to buy

Front 14

Mixed economy

Back 14

Combines elements of command and market economys

Front 15

command economys

Back 15

resources are controlled by the governmnet

Front 16

1600s

Back 16

service based economy

Front 17

1700s

Back 17

argicultural based economy

Front 18

1800s

Back 18

industrial based economy

Front 19

1900s

Back 19

imformative (computer based economy)

Front 20

GDP

Back 20

the total value of goods and services produced in a country within a given year

Front 21

Standard of living

Back 21

level of material comfort as measured y the goods and services that are avialable

Front 22

Inflatation

Back 22

the general increase in the cost of goods and services

Front 23

National debt

Back 23

The total amount of money a governmnet owes

Front 24

Prosperity

Back 24

peak of economic activity

Front 25

Reseccion

Back 25

economic activity slows down

Front 26

decession

Back 26

a deep slow down in econmic activity that can last for several years.

Front 27

What is "Black Tuesday"?

Back 27

The date when the stock market crashed -October 29th 1929

Front 28

What is a reward of entreperenturship

Back 28

You're your own boss

Front 29

Challanges of entreperenturship

Back 29

getting loans, taking care of desisions

Front 30

Business Plan

Back 30

a written description of a new business venture that describes all aspects of a business

Front 31

Exectutive summary

Back 31

A brief reacountting of key points in a business plan

Front 32

Management team plan

Back 32

Discusses any parter and your teams capabilites

Front 33

Product and service plan

Back 33

describes the proudcts and services that you want to offer

Front 34

Vision and Mission statements

Back 34

Mission: Asperations of the company

Vision: Purpose of the company

Front 35

Industry overview

Back 35

Presents research of indutry

Front 36

Market Analysis

Back 36

Research about company's customer profile

Front 37

Marketing plan

Back 37

Discusses how a company makes it's customers aware of its product/ Services

Front 38

Finaincal plan

Back 38

Forecasts the business, data is shown in finalcl statements

Front 39

contingency plan

Back 39

the likely risks of a business

Front 40

sole proprietorship

Back 40

a business ran by a single person

Front 41

What are advantages of a sole proprietorship

Back 41

-Only taxed once

- In charge of own business

- easy to do

- Make all desions and keep all profit

Front 42

What are disadvantages of a sole proprietorship

Back 42

/

Front 43

Partnership

Back 43

a company ran by 2 or more people

Front 44

what are advantages of a Partnership

Back 44

-easy to obtain capitale

- Banks are willing to lend money

- Taxed once

Front 45

what are disadvantages of a Partnership

Back 45

-unlimited liability

- partners share same common risks

-problems getting along

Front 46

corporation

Back 46

owned by many people and uses stock

Front 47

what are advantages of a corporation

Back 47

-Limited liabily

-ability to raise money by selling stock

- company does not end if owner dies

Front 48

what are disadvantages of a corporation

Back 48

-taxed twice

-government restrictions

-more difficult and costly to start

Front 49

unlimited liability

Back 49

owner is responsible for company's debts

Front 50

limited liability

Back 50

Firms owner is only responsible for no more than the money they invested

Front 51

Franchise

Back 51

Contractual agreement to use the name and sell the products/ services in a community in a desinated area

Front 52

management

Back 52

includes the process or function of planning, leading, organizing, and controlling

Front 53

what are the four functions of management

Back 53

planning

orgainizing

leading

controlling

Front 54

decentralized organizatoin

Back 54

gives authority to a number of differnt managers

Front 55

what is planning

Back 55

creating strategies and figuring out how standards should be met

Front 56

organizing

Back 56

arranging resources in an orderly and functional way to meet goals

Front 57

leading

Back 57

providing direction and vision

Front 58

controlling

Back 58

keeping a company on track and making sure goals are met

Front 59

multianational corportation

Back 59

a company that does business with many countries

Front 60

types of trade

Back 60

domestic and international

Front 61

imports

Back 61

goods and services that a country buys from another country

Front 62

exports

Back 62

goods and services that a country sells to another country

Front 63

Balance of trade

Back 63

the differnce in value between a country's imports/ exports over a period of time

Front 64

comparative advantage

Back 64

the ability of a country/ company to produce a good more efficently/ effictivily than another country

Front 65

exchange rates

Back 65

the price that one currnecy can buy another

-> change often

Front 66

protectionism

Back 66

the practice of a government putting limits on foriegn trade to protect businesses at home

Front 67

tariff

Back 67

a tax placed on imports to increase the price in the domestic market

-{for military or politcal reasons}

Front 68

quota

Back 68

a limit placed on the quantites of a product that can be imported

-{trade barrier}

Front 69

Embargo

Back 69

a ban on the import or export of a product

Front 70

free tradde

Back 70

few or no limits in trade ewtween companies

Front 71

who's in NAFTA

Back 71

United States, Mexico, Canada

Front 72

Markt

Back 72

a group of customers who share common wants and needs

Front 73

marketing

Back 73

the process of creating, promoting, and presenting a product or service to meet the wants and needs of customers, wherever they are

Front 74

Top 2 demographics

Back 74

age and gender (Sex)

Front 75

what are the 7 functions of marketing

Back 75

1. Distributing

2. Financing

3. Market infomation management

4. Pricing

5. Promote sevice/ management

6. Promotion

7. Selling

Front 76

prototype

Back 76

a model of an actual product

Front 77

what are the 7 steps of product development

Back 77

1. Generate ideas

2. Screen ideas

3. Develop a business plan

4. Develop the product

5. Test market the product

6. Introduce the product

7. Evaluate customer accpetance

Front 78

What are the 5 elements of the marketing mix (w/ description)

Back 78

1.Product