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