Introduction to Business Review – Flashcards
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What do you need to product goods and services?
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a society needs natural resources, human resources, capital resources, and entrepreneurial resources
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Inflation
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reduces the purchasing power of money
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Labor - give an example
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managers, supervisors, workers
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Service
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tasks that people or machines perform for payment
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The Federal Reserve
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has the most responsibility for maintaining a sound banking system and as a result a healthy economy
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Scarcity
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shortage of resources
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Nonrenewable
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limited resources
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GDP (gross domestic product)
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Value of goods and services produced by a country
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Standards of money
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portable, durable, stable in value
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Law of Demand
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Buy less of an item at a higher price than at a lower price
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Competition
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When a company differentiates it's product from other companies' products
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Law of Supply
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Produce more of an item at a higher price
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The business environment
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is/are the external and internal circumstances that surround the business
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Boom/Peak/Expansion
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Maximum employment in the economy, experience growth
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Recession
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GDP is slowing down
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Recovery
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inflation rate rises and unemployment decreases
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Trough/Depression
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massive cutbacks by businesses
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Communist Economy
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everyone gets equal treatment. However, there is a lack of motivation and there is no individual decision making. In addition, the central government handles all problems and makes all decisions
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Capitalist Economy
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competition promotes lower prices and higher quality;
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Accounting equation
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A=L+OE
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CPA
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Certified Public Accountant, Accounting degree, 150 college credit hours, and pass test
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Owener's Equity
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Include cash investment by the owner, and sales
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Dow Jones Industrial Average
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most popular and widely used stock index
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Assets
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Cash, equipment, prepaid insurance, and supplies are all examples
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capital gain
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selling a stock for more than what you paid for it
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Accountant
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person who has the ability to analyze a company's financial reports
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Income stocks
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High dividends and stable prices
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Consumer Staples
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Like toothpaste, is least likely of the industries of teh economy to be affected by the business cycle
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liability
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An amount of money owed by the company
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Growth stocks
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Higher risk and volatile (very sudden change) prices
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blue chip stock
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Stock of large, stable company with dividends
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a diversified portfolio
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investing money in a variety of industries (Kraft, Ford, Apple, American Express)
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4 Ps of Marketing (Marketing Mix)
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Product, Place, Price, Promotion
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bullish
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an investor's strategy of "buy low, and sell high.
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Situational Leadership Theory
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, one should lead employees according to the level of experience they have in the position.
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Unlimited liability
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a disadvantage of a sole proprietorship; you are responsible for all debts
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entrepreneur
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work long hours, but keep all profits
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franchise
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must pay fees, have little choices in how to run the business, have brand recognition, assistance with running the company
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franchise
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A legal agreement between two parties that gives an individual the right to market a company's products or services in a particular area
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Business plan
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a written description of a new business idea which describes all aspects of the business
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Marketing
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process of developing, promoting, and distributing a product
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Distribution
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function of marketing involves moving goods from the manufacturer to the end user
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Target Market
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a group of potential customers with similar wants and needs towards whom you focus marketing efforts
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demographics
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examples include: age, income, education, gender, ethnicity, family unit
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Psychographics
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examples include enjoys wearing athletic wear, likes the color pink, is a runner, enjoys reading, saves/invests money
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Effective managers
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use a variety of leadership styles
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future leaders
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need to supply both a vision and a moral and ethical foundation for growth for companies
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sole proprietor
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are the only owner of a business; disadvantage: lack of knowledge in all subject matter
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corporation
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Advantage of this type of business ownership is: limited liability, ease of obtaining financial capital
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Free Rein Leadership
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when you give employees the option to make decision regarding the bsuiness
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Democratic Leadership
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managers and employees working together to make decisions
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Autocratic Leadership
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You dictate to employees exactly what they are to do (no input from the employees)
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Jurors
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must be unbias
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perjury
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A witness that has not told the truth; lied on the stand
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Leading
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asking a yes/no question
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irrelevant
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not related to the case
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hearsay
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didn't hear, see, or feel
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Opening statement
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allows for the prosecutor and defendant to give brief preview of what they will say
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what is the difference between a trial by judge vs jury?
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It's who will decided the case
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closing statement
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summarizing facts stated by an attorney at the end of the trial
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direct examination
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The initial questioning of a witness by a prosecutor
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Overruled
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judge disagrees with an attorney's objection
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sustained
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judge agrees with an attorney's objection
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import
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products from another country
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export
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ship products to other countries
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Code of Ethics
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Most businesses police themselves by setting and following this strict set of guidelines for maintaining ethics in the workplace
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Advantages to trading with other countries
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Large global markets, Increased productivity, Inspiring innovation
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Comparative Advantage
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theory that states a country should sell to other countries those products that it produces most efficiently and effectively, and buy from other countries those products that it cannot produce as efficiently or effectively
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Trade Surplus
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A favorable balance of trade that occurs when the value of a country's exports exceeds that of its imports
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cross examination
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Allows the defense lawyer to ask questions to the witness after the prosecutor has finished questioning
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Bailiff
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this is who the jury initially notifies when a decision is made in a court case
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Mrs. Bell
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Best Intro to Business teacher
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direct mail/marketing
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text messages, mail, email
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advertising
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TV & radio commercials, magazine ads, social media, billboards
