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25 Cards in this Set

  • Front
  • Back


economic and political philosophy where the government owns all of the industry and provides for its people


a form of risk management known as a risk transfer. with insurance, businesses can transfer their risk to the insurance company. the insurance company would cover the potential loss of property or people

staff meeting

regularly used to schedule meetings. The meetings are often held so that staff members can provide an update on any projects they may be working on


occurs when supply exceeds demand


doing what needs to be done without having to be prompted by others


includes all the resources that are from the land, sea, or air (these are considered raw materials)

executive summary

an introduction and overview of the information contained in a written plan


a system to manage and control a business's finances

private enterprise

another term for a market economy, characterized by and individual's right to: private property, freedom of choice, profit, or competition


the cash payment of profits from a corporation to its share holders


when prices rise. low inflation is characteristic of a stable economy


the process of planning, pricing, promoting, selling, and distributing products that will satisfy the needs of costumers and ensure a profit for the business


includes all the resource of the people that work

market economy

the government is not involved in business and the economic decisions are made by individuals and companies


occurs between businesses trying to gain customers, keep existing customers and take customers from their competitors

general partnership

a type of ownership where each partner has unlimited liability

job application

a form that gathers information about potential, employees. typical info may include: name, address, education, previous experience, special training, and references


an economic and political philosophy where the government provides for the people and owns many of the industries that provide necessary goods and services

project plan

a written description that includes goals/ objectives and how they will be achieved

costs of goods sold

the amount spent to produce and purchase goods that are sold in the business

gross domestic product

(GDP) a measure of the total output of goods and services that are produced by a country

customer service mindset

a belief that the customer if the most important priority of the business


a way for business people to meet others that are in business and build a list of contacts that can be used for the future reference or projects


when money is used to make more money

project management

involves managing specific activities of the business