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69 Cards in this Set

  • Front
  • Back
any activity that seeks to provide goods and services to others while operating at a profit
a person who risks time and money to start and manage a business
the total amount of money a business takes during a given period by selling goods and services
Amount of money a business earns above and beyond what it spends for salaries and expenses
occurs when a business' expenses are more than its revenue
the chance an entrepreneur take sof losing time and money on a business that man not prove profitable
Quality of Life
the general well being of a society
Standard of living
a level of material comfort measured by goods services and luxuries
all the people who stand to gain or lose by the policies and activities at a business and whose concerns the business needs to address
contracting with other companies to fo some of the firm's function
foreign companies often have offices and factories in the U.S.
everything from phones to copiers that make businesses more effective, efficient and productive
producing the desired results
producing goods/services at the least amount of resources
amount of output you generate
giving frontline workers the responsibility, authority and freedom to respond quickly to customer requests
the statistical study of the human population
the study of how society employs resources to produce goods and services for consumption among various groups as an individual
concentrates on the operation of a antions economy as a whole
the part of economic study that looks at the behavior of people and organization in particular markets
all or most of the land, factories and stores are owned by individuals not the government and operated for profit
Free Market
decisions about what and how much to produce are made by the market
the quantities of products businesses are willing to sell at different proces
few sellers due to high cost of entering marke
seller controls supply and sets prices
an economic system based on the premise that some basic businesses should be owned by the government in order to more evenly distribute profits among the people
An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production
Free Market Economics
the market largely determines what goods and services are produced
Mixed Economics
some allocation of resources is made by the market and some by government
Gross Domestic Product
(GDP) total value of final goods and services produced in a country in a given year
The general rise of the process of goods and services over time
Proces are declining because too few dollars are chasing too many goods
economy is slowing but the prices are going up
Consumer Price Index
Monthly statistics that measure the pace of inflation and deflation
Fiscal Policy
the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending
Monetary Policy
the management of the money supply and interest rates byt he Federal Reserve Bank
Comparative Advantage
Balance of Trade
knows these!
Trade Surplus
Trade Deficit
know these!
Balance Payments
the difference between money coming into a country and money leaving the country plus other money flows
when a firm provides the rights to manufacture its product or use its trademark to a foreign country for a fee
A contractual agreement where someone with a good idea for a business sells others the rights to use the name and sell a product/service in a given area
Contract Manufacturing
A foreign company produces provate-label goods to which a domestic company then attaches its own brand name or trademark
Joint Venture
a partnership in which two or more companies join to undertake a major project
Strategic Alliance
a long-term partnership between two or more coompanies establish to help each company build comparative advantages
Foreign Direct Investment
the buying of permanent property and business in foreign nations
Foreign Subsidiary
a company owned in a foreign country by another company called the parent company
Multinational Corporation
a company that manufactures and markets products in many different counties and has multinational stock ownership and management
Sovereign Wealth Funds
Investment funds controlled by governments holding large stakes in foreign companies
tax on imports
a complete ban on the import or export of a certain product or stopping all trade with a certain country
Sole Proprietorship
a business owned and usually managed by one person
two or more people legally agree to become co-owners of a business
a legal entity with authority to act and have liability apart from its owners
General Partnership
all owners share in operating the business and in assuming liability for business' debts
Limited Partnership
a partnership with one or more general partners and one or more limited partners
Conventional Corporation
a state chartered legal entity with authority to act and have liability separate from its owners
the result of 2 firms joining to form one company
Vertical Merger
join two forms in different stages of related business
Horizontal Merger
join two firms in the same industry and allows them to diversify and expand their products
Leverage Buyout
an attempt bye employees, management or a group of investors to bu out the stockholders in a company
the activity set of institutions and processes for creating, communicating, delivering and exchanging offering with value for customers
Marketing Plan
organizations may have formal or informal plan that directs their efforts
Marketing Segmentation
the first step in planning your marketing strategy
Test Marketing
testing product concepts among potential product users
Product Line
products that are closely related, either in terms of how they work or the customers they serve
Product Mix
the total number of product lines by a single firm
a producer offers a new product that takes sales away form its existing products
Marketing Intermediaries
organizations that assist in moving goods and services from Business to Business (B2B) or Business to consumers (B2C)
Agents and Brokers
intermediaries who bring buyers and sellers together and assist in negotiating an exchange but do not take title to the goods they offer