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107 Cards in this Set
- Front
- Back
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Monopoly
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A business has a monopoly when there is no competition.
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Nonprice Competition
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Occurs when a business focuses on factors other than price.
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Factors include
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providing quality products, services and location.
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Price Competition
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Occurs when a business focuses on meeting or having a lower price than the competitor.
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Partnership
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Business that is legally owned by two or more people jointly responsible for success or failure of business.
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Sole Proprietorship
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A business that is owned by a single owner that provides the money and skill to run the business.
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Shortage
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Occurs when demand exceeds supply
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Surplus
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Occurs when supply exceeds demand.
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Scarcity
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The economic term for limited resources.
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Infrastructure
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The transportation, utilities and communication services necessary for a country to have for distribution of goods and services.
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Capital
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Money, buildings, or equipment that is used to run a business.
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Labor
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Includes all the resource of people that work.
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Land
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A Includes all the resources that are from the land, sea or air (raw materials).
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Factors of Production
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Resources which include
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Economic Resources
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Factors of Production which include all items that are used to produce goods and services.
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Brand Promise
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A statement that lets the customer know what they can expect from a company’s products/services.
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Customer Service Mindset
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The belief that the customer is the most important priority of the business.
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Staff Meeting
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Regularly scheduled meetings that are held for staff members to give updates on their projects.
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Resumé
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A summary of a job applicants education, skills, experience, and references.
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Letter of Application
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Lets employers know that a person is interested in a position, how they heard about the position, and details on why they should be hired.
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Job Interview
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Meeting with a potential employer where they will ask you questions about you and your work experience.
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Job Application
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Form that gathers info about potential employees.
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Entrepreneurship
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Field where a person provides the necessary skill, time and money to start a new business venture.
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Time Management
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Way to budget time so all tasks can be accomplished.
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Overhead Costs
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The costs not directly related to the production or selling of goods.
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Purchasing
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Preparing a plan and buying the goods that a business will use for production or sale.
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Project Plan
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Written description including goals/objectives and how they will be achieved.
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Project Manager
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Managing specific activities of the business.
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ADA
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American’s with Disabilities Act is a federal act that protects people with disabilities from discrimination.
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Time Management
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Way to budget time so all tasks can be accomplished.
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Overhead Costs
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The costs not directly related to the production or selling of goods.
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Purchasing
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Preparing a plan and buying the goods that a business will use for production or sale.
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OSHA
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The Occupational Safety & Health Administration is a government body that enforces safety guidelines at the work place.
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Operations
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Scheduling, logistics, facilities management, safety, and information management.
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Marketing
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Process of planning, pricing, promoting, and selling products.
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Environmental Scan
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The analysis of outside sources that impact the business environment.
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Information Management
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Uses data to make decisions.
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Human Resource Management
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A way to manage the employees of a business
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Finance
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Overseeing the revenue, expenses, budgets, and financial statements of a business.
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Income Statement
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Business’s income and expenses over a period of time, such as one month or a year.
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Balance Sheet
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A statement of a business’s assets, liabilities, and owners equity.
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Cash Flow Statement
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A monthly statement that shows when cash will go in and out of the business.
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Accounting
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A system to manage and control a business’s finances.
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Net sales
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Total sales minus returns and allowances equal net sales.
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Cash Flow Statement
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A monthly statement that shows when cash will go in and out of the business.
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Accounting
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A system to manage and control a business’s finances.
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Net sales
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Total sales minus returns and allowances equal net sales.
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Gross Sales
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Total of all sales during a given time period.
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Budget
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A plan to manage finances.
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Cost of Goods Sold
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Amount spent to produce and purchase goods that are sold in the business
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Risk Management
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Way a business plans to handle any insurable or non-insurable risks they may encounter.
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Insurance
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Covers the potential loss of property or people in a business.
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Identity Theft
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When one steals info from another person and steals funds from that person.
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Dividends
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The cash payment of profits from a corporation to its shareholders.
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Investments
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When money is used to make more money
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Fixed Expenses
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Expenses that are always the same no matter how many units are produced.
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Variable Expenses
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Expenses that change based on the number of units that are produced.
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GAAP
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Generally Accepted Accounting Practices refers to the standard guidelines used in financial accounting.
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Equity
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Individual’s value as a stockholder within a company
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Liability
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The money that is owed to others by the business.
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Asset
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All items that have a cash value that are owned by the business.
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Risk
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Potential that a business takes for loss or failure.
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Interest
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The fee paid for borrowing money.
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Treasury Notes
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Way for government to borrow money from the people. Maturity dates 1-10 years.
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Government Bonds
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Way for government to borrow money from the people. Have an interest rate and maturity rate.
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Electronic Funds Transfer
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Includes the use of technology for banking services.
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Leadership
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Involves guiding a group or business toward their goal.
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Integrity
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Adherence to moral and ethical principles
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Initiative
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Doing what needs to be done without having to be prompted by others!
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Inflation
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Occurs when prices rise. Low inflation is characteristic of a stable economy.
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Gross Domestic Product
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GDP is a measure of the total output of goods and services produced by a country.
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Law of Diminishing Returns
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A concept in economics that if one factor of production (number of workers, for example) is increased while other factors (machines and workspace, for example) are held constant, the output per unit of the variable factor will eventually diminish.
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Competition
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Occurs between businesses trying to gain or keep customers and take customers from their competitors.
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Profit
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The amount of money made after costs and expenses have been covered.
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Private Enterprise
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A market economy where an individual has the right to private property, freedom of choice, profit, and competition.
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Market Economy
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Economic decisions are made by the companies and individuals.
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Command Economy
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The government controls all factors of production.
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Communism
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The government owns all of the industry and provides for its people.
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Socialism
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The government provides for the people and owns many of the industries.
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Capitalism
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The economy is driven by the marketplace and competition, with limited governmental involvement.
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Demand
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The amount of an item that consumers are willing to buy at a given price.
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Supply
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The amount of an item producers are willing to produce and sell at a given price.
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Economic Utilities
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Adding value to a product through form, place, time, possession , and information.
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Economic Services
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Intangible items of monetary value.
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Economic Goods
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Tangible items of monetary value.
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Customer Relationship Management
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Create relationships with customers through personal communications,
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Nonverbal Cues
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Eye contact, posture, gestures, facial expressions, and movement.
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Subchapter S Corporation
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A tax election that the owner may take to run their earnings and profits through to shareholders as earnings.
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Corporation
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A legal entity that is owned by several people (stockholders) that have limited liability.
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Administrative Law
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Includes rules and procedures that are regulated by a government agency.
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Environmental Law
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Includes state and federal statues that protect the environment, wildlife, land, water, and prevent pollution.
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Management
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The coordination of resources to reach an organization’s goals.
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Mentor
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A person that serves as a source of information and inspiration to someone with less experience.
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Trade Association
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A group or organization that serves the people in a given field.
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Trade Shows
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A place where businesses can show their products to potential clients.
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Trade Journals
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A publication that serves a specific industry.
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Internship
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A way that people can gain work experience in a given field.
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Networking
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A way for business people to meet others and build a list of contacts for future reference.
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Executive Summary
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An introduction or overview of a written plan
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Limited Partnership
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A type of ownership where each partner is only liable for debt up to the amount they invested in the business.
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General Partnership
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A type of ownership where each partner has unlimited liability
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Franchisor
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The owner of the parent company that grants rights to use their name and products
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Franchisee
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The owner of a franchise
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Franchise
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An agreement with a company to use their name and sell their products in a given area is known as a franchise
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Entrepreneur
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People who create, start and manage new businesses.
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Ethics
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Values and principles that guide decisions.
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Stereotypes
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A standardized conception or image held in common by a group of people
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