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Bus. 1,2,3,4, apend
| Term | Definition |
|---|---|
| Value | The relationship between the price of a good or service and the benefits that it offers its customers |
| Business | Any organization or activity that provides goods and services in an effort to earn a profit |
| Profit | The money that business earns in sales minus expenses |
| loss | when a business incurs expenses that are greater than its revenue |
| entrepreneurs | people who risk their time, money, and other resources to start and manage a business |
| standard of living | the quality and quantity of goods and services available to a population |
| quality of life | the overall sense of well-being experienced by either an individual or group |
| nonprofits | business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain |
| factors of production | Four fundamental elements- natural resources, capital, human resources, and entrepreneurship- that businesses need to achieve their objectives. |
| Business environment | the setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment. |
| speed to market | the rate at which a new product moves from conception to commercialization. |
| business technology | includes any tools in business that businesses can use to become more efficient and effective |
| e-commerce | Business transactions conducted online |
| Demographics | the measurable characteristics of a population. |
| Free trade | An international economic and political movement designed to help goods and services flow more freely across international boundaries. |
| economy | A financial and social system of how resources flow through society, from production, to distribution, to consumption. |
| economics | The study of the choices that people, companies, and governments make in allocation society's resources. |
| Macroeconomics | The study of a country's overall economic dynamics, such as the employment rate or taxation policies. |
| Microeconomics | The study of a smaller economic units such as individual consumers, families, and individual businesses. |
| Fiscal policy | Government efforts to influence the economy through vacation and spending. |
| Monetary policy | Federal reserve decisions that shape the economy by influencing interest rates and the supply of money. |
| M1 money supply | Includes all currency plus checking accounts and traveler's checks |
| M2 money supply | Includes all of M1 money supply plus most savings accounts, money market accounts, and certificates of deposits. |
| Budget surplus | When revenue is higher than the spending |
| Budget deficit | When spending is higher than revenue |
| Supply | the relationship between the price of a goo and the quality sellers are willing and able to offer for sale. |
| Supply curve | a graph of the supply relationship between price and quantity form a supplier standpoint. |
| Demand | the relationship between the price of a good and the quantity buyers are willing to buy |
| demand curve | a graph of the demand relationship |
| Communism | an economic and political system that calls for public ownership of virtually all enterprises, under the direction of a song central government |
| socialism | government controls key enterprises. Higher taxes |
| Inflation | a period of rising average prices across the economy |
| consumer price index | a measure of inflation that evaluates the change in the weighted-average price of goods and services. that the average consumer buys each month |
| producer price index | a measure of inflation that evaluates the change over time in the weighted average wholesale prices |
| Business cycle | the periodic contraction and expansion that occur over time in virtually every economy |
| Productivity | the basic relationship between the production of goods and services and the resources needed to produce them calculated via the following equation; output/input= productivity |
| Importing | buying products that have been produced or grown in foreign nations |
| opportunity cost | the opportunity of giving up the second-best choice when making a decision |
| tariff | taxes levied against imports |
| embargo | a complete ban on international trade of a certain item |
| world trade organization | a permanent global institution to promote international trade and to settle international trade disputes |
| world bank | an international cooperate of 188 member countries, working together to reduce poverty in the developing world. |
| general agreement on tariffs and trade | an international trade treaty designed to encourage worldwide trade among its members |
| international monetary fund | an international organization organization 188 member nations; that promotes international economic cooperation and stable growth. |
| trading bloc | an group of countries that have reduced or even eliminated tariffs, allowing for the free flow of goods amount the member nations |
| common market | a group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations |
| north american free trade agreement | the treaty among the United States, Mexico, and Canada that eliminated trade barriers and investment restrictions over a 15-year period starting 1994. |
| European Union | the world's largest common market, composed of 28 european nations |
| ethics | beliefs about rights and wrongs |
| social responsibility | the obligation of business to contribute to society |
| ethical dilemma | a decision that involves a conflict of values; every potential course of action has some significant negative consequences |
| business ethics | the application of right and wrong in the work place |
| code of ethics | a formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations |
| whistle blowers | employees who report their employer's illegal or unethical behavior to either the authorities or the media |
| social responsibility | the obligation of a business to contribute to society |
| stakeholders | any groups that have a stake in the performance and actions of an organization |
| consumerism | a social movement that focuses on four key consumer rights; safety, informed, right to choose, and to be heard |
| corporate philanthropy | All business donations to nonprofit groups, including money, products, and employee time |
| cause related marketing | marketing partnerships between businesses and nonprofit organizations, designed to spike the sales for the company and raise money for the nonprofit. |
| corporate responsibility | business contributions the the community through the actions of the business itself rather than donations of money and time |
| sustainable development | doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs |
| social audit | a systematic evaluation of how well a firm is meeting its ethics and social responsibility objectives |
| laws | the rules governing the conduct and actions of people within society that are enforceable by the government |
| administrative laws | laws established by government agentcies |
| statutory laws | state and local acts of Federal statues passes by us congress, |
| case law | also called common law; the law that arises from court decisions |
| civil law | disputes between private citizens |
| intentional torts | arise from willful acts |
| negligence | arise from unintentional acts |
| criminal law | involves cases where the state investigates and prosecutes individuals who have harmed society |
| contrat | a binding agreement that is enforceable in the court of law |
| express contract | a contract that is explicitly spelled out in writing or words |
| implied contract | a contract based on behavior |
| breach of contract | when one of the parties fails to satisfy the term of an agreement, the injured party must seek a remedy by suing civil court |
| compensatory damages | these are monetary payments. |
| specific performance | requires the party who breached the contract to do exactly what the terms of the contract |
| sale | occurs when tittle to a good passes from one party to another in exchange for a price |
| title passes | when the seller's performance of duties has been completed or as outlined in the contract |
| patents | legal monopoly over their invention |
| trademark | distinctive mark,symbol, word, or phrase |
| copyrights | exclusive rights to own, produce, copy and sell creative work |
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