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bus 101

business profit seeking activity
goods tangable items sold
service intangable offering
economic system set of rules allocate a countries resources to satisfy citzens needs
1/5 factors of production labor
1/5 factors of production capital
1/5 factors of production entrepreneurs
1/5 factors of production info. resources
1/5 factors of production natural-physical resources
capitalism free market, competition
communism planned ecomenmy
socialism almost planned, inbetween
mixed market lesser socialism
gdp gross demestic product
decline in gdp for 2 quaters recession
major recession depression
fiscal policy taxes or expenditures
monetary policy gov. programs
inflation rise in goods, lowered purchasing power
absolute advantage only country to produce a product
free trade no gov. restrictions
protectionism gov protects local business from outside competition
barrier to trade distance
barrier to trade language
barrier to trade cultural difference
barrier to trade tarrif
barrier to trade import quatas
industrial business firms that produce goods that are often used by other businesses or organizations to make things
service firms businesses that provide assistance to satisfy specialized
manufacturing firms businesses that produce goods
finance delas with all money matters related to running a business
third world nation countries undeveloped have few manufacturing firms and have poor people
commercial business firms engaged in marketing, finance,and furnishing servuces
industry a word often used to refer all business in the same category
service activities of value that do not result in the ownership of a physical product
global competetion the ability of profit making organizations to compete with other businesses in other countries
effectiveness occurs when a compnay makes the right decisions in deciding what products or services customers use
efficiency occurs when an organization produces needed goods at low cost
domestic goods made in u.s.
foreign goods made in a different country
total quality management a commitment to excelence thats accomplished by teamwork and improvement
output the quality or amount produced witin a given time
productivity refers to producing the largest quantity in the least time by using effiecnt mehtods and modern equipment
mass production an assembly process in which a large number of products are produced identcially
downsize cutting back on the goods provided and shrinking the size of a firm and their emplyees
empowerment lets workers decide how to perform their work tasks and offer idead on how to improve the work process
GDP the total value of goods produced and services provided in a year
Created by: EvanC