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31 Cards in this Set
- Front
- Back
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Aptitude
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capacity for learning
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Brainstorming
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to think freely in order to generate ideas
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Capitalism
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an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
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Command Economy
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an economic system in which activity is controlled by a central authority and the means of production are publicly owned
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Consensus
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general agreement
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Demand
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the quantity of goods or services that consumers are willing and able to buy a various prices
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Employees
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one employed by another usually for wages or salary and in a position below the executive level
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Entrepreneurs
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an individual who undertakes the creation, organization, and ownership of a business
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Entrepreneurship
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the process of recognizing an opportunity, testing it in a market, and gathering resources necessary to go into business
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Equilibrium price
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The point at which the supply and demand curves meet
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Free entreprise system
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an economic si\ystem in which people have important rights: to make economice choices of what products to buy, to own private property, and to choose to start a business and compete with other businesses
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Functions of business
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Producation, marketing, managment & finance
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Market economy
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an economy in which most goods and services are produced and distributed through free markets
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monopoly
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A market structure in which a particular commodity has only one seller
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Opportunity cost
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the added cost of using resources (as for production or speculative investment) that is the difference between the actual value resulting from such use and that of an alternative
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Productivity
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level of output received from each worker
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Scarcity
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A situation that occurs when people's needs and wants are unlimited and the resources to produce the good and services to meet those needs and wants are limited
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Self-assessment
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Evaluation of one's strengths and weaknesses
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Supply
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How much of a good or service a producer is willing to produce at diffrent prices
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Trade show
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Special meeting at which companies display theri products
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Memorandum
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a short written form of business communication that has a set format
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Board of directors
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A group of people who meet severl times a year to make important decisions affecting the company
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Business broker
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A person who selld businesses for living
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Business plan
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a documant that describes all the step necessary in opening and oprating a successful business
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Corporation
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a business with the legal rights of a person, and which may be owned by many people
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Cover letter
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a letter that explains or provides more imformation about a document or set of documents
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Dividends
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distribution of profite to shareholders by corporations
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Franchise
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a legal agreement that gives an individual the right to market a companys products or services in a particular area
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Incorporate
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to set a business up as a corporation
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Partnership
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a business owned by two or more poeple
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Initial franchise fee
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a fee the franchise owner pays to return for the right to run the franchise
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