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91 Cards in this Set
- Front
- Back
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Whats innovation?
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- something entirely new.
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What are domestic goods?
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- products made by firms in the USA
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What are foreign goods?
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- products not made by firms in the USA
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what does effectiveness mean?
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- it means making the right decisions about what products or service to offer customers and the best ways to produce and deliver them
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what does efficiency mean?
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- it means producing products and services quickly at a low cost without wasting time and materials
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what is GDP?
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- its the total market value of all goods and services produced in a country in one year.
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what is an entrepreneur?
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- its someone who starts, manages, and owns a business.
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what is a franchise?
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- its a legal agreement in which someone purchases the right to sell a company's product or service.
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what is an intrapreneur?
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- its an employee who is given funds and freedom to create a special department within a company in order to develop something new.
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what is the baby boom?
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- is the high birth rate period from 1945 to 1965
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what is the baby bust?
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- is the low birth rate period following the baby boom period
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what is labor force?
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- mostly people aged 16 or over who are available for work, whether employed or unemployed
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what is the labor participation rate?
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- is the percentage of the labor force either employed or actively seeking employment
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what is comparable worth?
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- paying workers equally for jobs but not identical job requirements
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what is generation x?
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- people in the post baby boom generation
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what is net generation?
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- people born between 1977-1997
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what is business ethics?
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- of rules that define right from wrong conduct of an organization
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what is a code of ethics?
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- formal published collection of values and rules that reflect a firm's goals
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what are stakeholders?
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- any individual or groups affected by the firm's actions such a s owners, customers, suppliers, employees, creditors, and government public
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what are nongovernmental organizations?
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- independent groups that renew businesses regarding social responsibilities
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what is economics?
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- body of knowledge that relates to producing and using good and services to satisfy human wants
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what is non economic wants?
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- desire for non material things that are no scarce, such as air, sunshine, and friendship.
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what are economic wants?
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- desire for scarce materials goods and services, such as cars, houses, clothes
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what is utility?
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- ability of a good or service to satisfy a want
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utility - form?
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- (created by changes in the form or shape of a product to make it useful [swimsuit = particular fabric and style])
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utility - place?
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- (created by having good/service at the place where it is needed or wanted [swimsuit = available in nearby store where it can be purchased])
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utility - time?
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- created when a product or service is available when its needed/wanted[swimsuit = is it available when i want to buy or use it])
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utility - possession?
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- (created when ownership of good/service is transferred from one to another, through buying or renting [swimsuit = good price to pay])
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what are the four factors of production?
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natural resources, labor, capital goods, and entrepreneurship.
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what is capital formation?
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- the production of capital goods
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what is an economic system?
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- organized way for a country to decide how to use its productive resources
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what are the three types of economic systems?
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- market economy, command economy, and mixed economy
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market economy?
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ex: USA} (individual buying decisions in the marketplace - people own everything),
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command economy?
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ex: Cuba} (central planning, authority under the control of the country's government - government controlled),
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mixed economy?
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(uses aspects of a market and command economy).
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what is privatization?
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- transfer of authority to provide a good/service from a government to individuals or privately owned businesses (ex: selling telephone services to private firms)
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what are the three types of economic-political systems?
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- capitalism, socialism , communism
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capitalism?
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market economy]
(private citizens are free to go into business for themselves. produce whatever, and distribute what they produce) |
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socialism?
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mixed economy] (government controls the use of the country's factors of production; it limits the individual's right to own property for productive purposes),
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communism?
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command economy] (all or almost all production is controlled by government).
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what is private property?
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- of items of value that individuals have the right to own, use and sell
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what is a profit?
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- how much you earned by subtracting the total costs of production from the total received from purchases by customers.
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what is supply?
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- number of products that will be offered for sale at a particular time and for a certain price
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what is demand?
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- number of products that will be bought at a given time at the given price
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what is economic growth?
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- when a country's output exceeds its population growth
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what is a business cycle?
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- pattern of irregular but repeatitive expansion and contraction of the GDP lasting about 5 yrs before it starts over.
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what is a recession?
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- decline in the GDP that continues for six months or more
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what is a depression?
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- long and severe drop in the GDP
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what is an inflation?
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- rapid rise in prices caused by inadequate supply of goods/services
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what is international business?
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- business activities that occur between two or more countries
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what is a trading bloc?
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- group of two or more countries who agree to remove all restrictions between them and the sales of goods and services while imposing barrier with non bloc countries
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what are the government policies?
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- tariffs, dumping, quotas, non-tariff barriers, embargoes, sanctions
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tariffs?
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- taxes on foreign goods to protect domestic industries and to earn revenue
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dumping?
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- selling of goods in a foreign market at a price below cost or below what it charges its home country
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quotas?
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- the quantity or dollar value permitted to enter a country
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non-tariff barriers?
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- non-tax methods of discouraging trade.
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embargoes?
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- when a government restricts a company from doing businesses in certain countries (ex: Cuba)
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sanctions?
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- milder form of embargo; it bans specific businesses ties with a foreign country (ex: americans cant sell nuclear technology with pakistan)
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what is an exchange rate?
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- value of one country's currency expressed in the currency of another country
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comparative advantage theory?
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- gains a trade advantage by
countries specializing in goods/services that it can provide better than other countries can |
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product life cycle theory?
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- good/service goes through four stages which include introduction, growth, maturity, and then decline
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what are the characteristics of an entrepreneur?
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- self-starter, independent, leader, creative, personable, experienced, well informed, and energetic
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what are the elements of a business plan?
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- nature of business, goals and objectives, marketing plan, financial plan, organizational plan
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what does sole proprietorship mean?
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- business owned and managed by one person
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what is a partnership?
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- business owned by two or more people
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what is a corporation?
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- business owned by a group of people and authorized by the state in which it is located to act as if it were a single person
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who are stockholders?
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- owners of the corporation
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who are the BOD?
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- ruling body of the corporation
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who are the officers?
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- top executives who are hired to manage the business
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what are shares?
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- -ownership equally divided parts
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what are dividends?
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- profits given to the stockholders
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what is a joint venture?
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- an agreement between two or more businesses to team up and work together to provide a good/service
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what is a virtual corporation?
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- network of companies that form alliances among themselves as needed to take advantage of fast-changing marketing conditions
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what is a cooperative?
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- a business owned and operated by its user-members for the purpose of supplying themselves with goods/services
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what is an s-corporation (limited liability corporation)?
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- special type of corporation allowed by states that is taxed as if it were a sole proprietorship or partnership
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what are non-profit corporations?
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- organizations that do not pay taxes and does not exist to make profits
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when do monopoly exist?
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- when one company provides a good/service without competition from other companies.
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what is a natural monopoly?
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- a monopoly that usually involves providing public services, such as public utilities and have a stable demand but are also costly to make.
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what is a patent?
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- an agreement in which the federal government gives an inventor the sole right for 20 yrs to make, use, or sell invention.
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what is a copyright?
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- its gives the author the right to reproduce, publish, and sell work for the their life plus 70 yrs after.
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what is a trademark?
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- its a unique name, symbol, or special mark on product/service that is reserved for the author.
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what does information liability mean?
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- for physical or economic injury arising from incorrect/wrongful use of data
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what are cookies?
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- files of information about the user that some Web sites create and store on the user's own computer
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what is a license?
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- a way to limit and control those who plan to enter certain types of businesses
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what is a public franchise?
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- a contract that permits a person or organization to use public property for private profit
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what is a proportional tax?
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- tax that remains the same regardless of the amount of purchase
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what is a progressive tax?
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- tax based on the ability to pay
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what is a regressive tax?
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- tax in which the actual tax decreases as the taxable amount increase
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what is a income tax?
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- a tax on the profits of businesses and the earnings of individuals
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what is a sales tax?
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- tax levied on the retail price of goods/services at the time they are sold
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what is a property tax?
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- tax on material goods owned
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