introduction to business chapter 1,2,3, and 4 – Flashcards

any activity that seeks to provide goods and services to others while operating at a profit

tangible products such as computers, food, clothing, cars, and appliances

intangible products such as education, health caare, insurance, recreation, and travel

a person who risks time and money to start and manage a business

the total amount of money a business takes in during a given period by selling goods and services

the amount of money a business earns above and beyond what it spends fro salaries and other expenses

when a business's espenses are more than its revenues

the chance an entrepreneur takes of losing time and money on a business that may not prove profitable

the amount of goods and services people can buy with the money they have

the gerneral well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide

all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address

contracting with other companies to do some or all of the functions of a firm, like its production or accounting tasks

an organization whose goals do not include making a personal profit for its owners or organizers

the resources used to create wealth: land, labor, capital, entrepeneurship, and knowledge

the surrounding factors that either help or hinder the development of businesses

everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and the various software programs that make business processes more effective, efficient, and productive

the amount of output you generate given the amount of input

the buying and selling of goods over the internet

an electronic storage file for information

the obtaining of individuals' personal information such as Social Security and credit card numbers, for illegal purposes

giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests

the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income

the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals

the part of economics study that looks at the behavior of people and organizations in particular markets

the part of economics study that looks at the operatiion of a nation's economy as a whole

the study of how to increase resources and to create the conditions that will make better use of those resources

an economic system in which all or most of the factors of production and distribution are privately owned and operated fro profit

the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time

the quantity of products that people are willing to buy at different prices at a specific time

the price determined by supply and demand

the degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different

a degree of competition in which just a few sellers dominate the market

a degree of competition in which only one seller controls the total supply of a product or service, and sets the price

an economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people

the loss of the best and brightest peole to other countries

an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production

economic systems in which the market largely decides what goods and services will be produced, who will get them, and how the economy will grow

economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow

economic systems in which some allocation of resources is made by the market and some by the government

the total value of final goods and services produced in a country in a given year

the number of civilians at least 16 years ofld who are unemployed and tried to find a job within the prior four weeks

a general rise in the prices of goods and services over time

a situation in which prices are declining

a situation when the economy is slowing but prices ar going up anyhow

monthly statistics that measure the pace of inflation or deflation

the periodic rises and falls that occur in economies over time

two or more consecutive quarters of decline in the gross domestic product

a severe recession, usually accompanied by deflation

the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending

buying products from another country

selling products to another country

the movement of goods and services among nations without political or economic barriers

the advantage that exists when a country has a monopoly on producting a specific product or is able to produce it more efficiently than all other countries

the total value of a nation's exports compared to its imports measured over a particular period

a favorable balance of trade; occurs when the value of a country's exports exceeds that of its imports

an unfavorable balance of trade; occurs when the value of a country's imports exceeds that of its exports

a global strategy in which a firm (the licensor) allows a foreign company (the licensee)to produce its product in exchange for a fee (a royalty)

the value of one nation's currency relative to the currencies of other countries

a tax imposed on imports

a limit on the number of products in certain categories that a nation can import

a complete ban on the import or export of the certain product, or the stopping of all trade with a particular country

agreement that created a free-trade area among the United States, Canada, and Mexico

standards of moral behavior that is, behavior accepted by society as right verses wrong

insiders who report illegal or unethical behavior

A business's concern for the welfare of society