Deca terms to know – Flashcards
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AIDA
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Attention, Interest, Desire, Action
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Baby boom generation
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large group of people born between 1947 and 1965
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Balance Sheet
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a financial statement that shows a company's assets, liabilities, and net worth on a given date. Assets - Liabilities = Net Worth
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Brand name
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the name that identifies the goods and services of one business
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Business cycle
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the ups and downs in the economy (prosperity, contraction, recession, expansion)
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Business-to-business
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the exchange of goods and service between businesses
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Capital
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money available for investment purposes such as starting a business
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Channel of distribution
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the path a product takes from manufacturer to final consumer
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Complementary goods
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goods that are used with one another (e.g. skis and ski poles
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Convergence
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a process in which 2 or more technologies come together to form a new one or to perform new functions (e.g. internet + magazine + movies combine to share content and marketing)
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Corporation
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a legal business entity that exists independently of its owners (most large companies)
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Demography
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the study of statistics relating to population or communities
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Direct competition:
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the rivalry that exists when 2 or more businesses produce similar goods and services
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Discretionary income
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the amount of money left to spend after all necessary spending (food, shelter, etc.)
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e-business
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short form for "electronic business" - conducted over the internet
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Entrepreneur
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a person who organizes, manages, and assumes the risk of starting and operating an enterprise
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Factors of production
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items required to produce goods and services including land, labour, and capital
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Foreign exchange rate
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how much of another country's currency your country's currency will buy
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Franchise
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a type of business in which a person buys the right to use a business name and to sell a product or service (e.g. Tim Horton's franchise)
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Free trade
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trade between countries without taxes (called tariffs)
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GAAPs
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generally accepted accounting principles
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GDP
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gross domestic product - the value of all final goods and services produced in a country in one year
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Human resources
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he aspect of business operations that deals with attracting and keeping employees
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Income statement:
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the financial statement that reports a business's income and expenses for a fiscal period (Revenues - Cost of Goods Sold = Gross Income - Expenses = Net Income)
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Indirect competition
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competing with other businesses selling different goods
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Inflation
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a rise over time in the price of goods and services
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Infrastructure
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a system that makes a nation or organization run (e.g. transportation, utilities, etc)
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Interest rate
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the rate charged for money lent
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ISO
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International Organization for Standardization
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Law of Demand and Supply
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determines equilibrium price for goods and services; as price decreases consumers are willing to buy more, but suppliers are willing to supply less
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Leadership
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ability to inspire others to follow their example in a positive way
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Limited liability
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the extent to which shareholders are responsible for a company's debts
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Management
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the planning, organizing, and controlling of all business activities
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Market niche
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a small segment of a larger market
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Marketing
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all business activities used to plan, price, promote, and distribute goods and services to satisfy consumer needs and wants
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MNC
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Multi-national Corporation
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Net worth
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the difference between what one owns and what one owes
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Networking
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the process of meeting people informally
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NAFTA:
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North American Free Trade Agreement
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Partnership
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2 or more people own a business
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Patent
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exclusive rights to make, use, or sell an invention
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Performance standards
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specific, measurable, easy-to-communicate expectations that are used as part of the process in assessing employees' performance
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Personal selling
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one-to-one communication that tries to persuade a customer to buy
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4 P's
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product, price, place, promotion
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Publicity:
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the act of bringing company activities to the attention of the public
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Public relations
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activities by which a company tries to maintain its good reputation
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Quality control
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process to determine which products can be sold and which rejected
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R&D
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research and development
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Retailer
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one who sells directly to the consumer
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Risk tolerance:
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ability to take calculated risks
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Social responsibility
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he duty to care for others whose actions can be affected in a damaging way
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Sole proprietorship
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business owned and operated by one person
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Standard of living
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measurement of the number and quality of goods and services that members of a country enjoy
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Stocks
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money organizations raise by selling ownership shares in a company
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Substitute goods
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goods that can easily be replaced by each other (e.g. coffee and tea)
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SWOT
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strengths, weaknesses, opportunities, threats
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Target market:
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group of consumers the business wants to reach
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Telemarketing
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maintaining contact with customers by telephone
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Trade bloc:
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a zone in which trading occurs without restrictions (e.g. European Union)
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Trademark
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a registered brand name (or symbol)
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Training
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program that improves a person's ability to perform job skills
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Unemployment rate
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percentage of the labour force that are unable to find work
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Unlimited liability
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person is responsible for paying all debts (e.g. sole proprietor)
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Wholesaler
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one who buys goods and services in order to sell them to other businesses for resale
