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Business P Test 1
| Question | Answer |
|---|---|
| Factors of Production | Four fundamental elements - natural resources, capital, human resources, and entrepreneurship- that business need to achieve their objectives. |
| Natural Resources | all input that offer value in their natural state, such as land, fresh water, wind, and mineral deposits. |
| Capital | Includes machines, tools, buildings, information, and technology – the synthetic resources a business needs to produce goods and services (Capital does not include money). |
| Human Resources | The factor encompasses he physical, intellectual, and creative contribution of everyone who works within an economy. |
| Entrepreneurship | are people who take the risk of launching and operating their own businesses, largely in response to the profit incentive. They tend to see opportunities where others don’t, and they use their own resources to capitalize on that potential. |
| Side Note for Entrepreneurship | Entrepreneurship can kick start an economy; the key ingredient is economic freedom: freedom of choice (who to hire, what to produce), freedom from excess regulation, and freedom from too much taxation. |
| Social Environment | embodies the values, attitudes, customs, and beliefs shared by groups of people. |
| Demographics | the measurable characteristics of population (population size and density and specific traits such as age, gender, and race). |
| Diversity | includes gender, age, religion, and nationality. Hispanic and Asian population are growing faster than any other ethic population. Growing diversity in a workforce shows both innovation and ability to reach a broad customer base. |
| Aging Population | the average age in the U.S is 36.7, the rapid aging population brings opportunities for companies who cater to elder people but hurt other businesses. Also with more people retiring the ration of working and retired is a major concern. |
| Rising Workers Rate | Workers of all ages cont. 2 seek flexibility 4rm their employers. People have higher expectation from their employers in terms of salary job responsibilities & flexibility – & less willing 2 pay dues by working extra-long hours or doing a high volume work |
| Ethics and Social Responsibility | demands transparent financial management and more accountability from senior executives. Consumers and workers have begun to insist that companies play a proactive role in making their communities – and often the world community – better places. |
| Sustainability | doing business today without harming the ability of future generations to meet their needs. |
| Fiscal Policy | refers to government efforts to influence the economy through taxation and spending decisions that are designed to encourage growth, boost employment and curb inflation. |
| Budget Surplus | When spending is higher than revenue |
| Budget Deficit | borrowing money to cover the shortfall |
| Federal Debt | The sum of all the money borrowed over the years and not yet repaid. |
| Monetary Policy | refers to the actions that shape economy by influencing interest rates and the supply of money |
| Money Supply | The total amount of money within the overall economy. |
| M1 | All currency – Paper bills and metal coins - plus checking accounts and traveler’s checks. |
| M2 | All of M1 plus most saving accounts money market accounts and certificates of deposit (low savings vehicles with fixed terms typically less than one year). |
Created by:
cassandra_mary
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