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