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Introduction to BUS
Chapter 1
| Question | Answer |
|---|---|
| Business | An entity that trades goods or services in exchange for money. |
| Goods | Tangible, or physical, merchandise that may be finished products, raw materials, or supplies. Examples include groceries, cars, or houses. |
| Services | Intangible items such as insurance, banking, and health and personal care where the product comprises expertise and knowledge, rather than a physical item. |
| Profit | The amount of earnings that remain after subtracting expenses (the costs required to run a business) from revenue. |
| Revenue | Earnings companies make from the sale of their products. |
| Variable Expenses | Costs that cannot be predicted and fluctuate based on multiple variables, including sales and labor costs. |
| Fixed Expenses | Reliable costs that do not fluctuate in a given time frame, including executive-level salaries and business taxes. |
| Capitalism | The economic system in which resources are produced and distributed through private ownership. |
| Laissez-Faire Economy | A guiding principle of capitalism that claims that economic systems should be free of government intervention and driven by market forces alone. |
| European Union (EU) | The EU went from a regional economic agreement among six neighboring states in 1951 to the current organization of 27 European countries. |
| NAFTA | This agreement among Canada, Mexico, and the US, enacted 1/1/95 meant to promote a competitive global presence among the countries of North America by enabling cross-border movement of goods and services and protecting intellectual property rights. |
| General Agreement on Tariffs and Trade (GATT) | This agreement was signed in 1947 by 23 countries, including the US, to encourage global trade among members. GATT is based on a “most favored nation” principle. |
| WTO | This international organization, based in Geneva, Switzerland, aims to set international trade rules, negotiate trade agreements, encourage global trade, and resolve disputes among its approximately 150 member nations. |
| Cyberterrorism | Coordinated, politically motivated attack against information, computer systems, computer programs, and data. |
| 5 Laws and Government Agencies That Affect U.S. Business | OSHA, EEOC, Sherman Antitrust Act, Clayton Act, & Contract Clause. |
| Capital | The investment required to operate a business. |
| Economics | The study of the distribution of limited resources. |
| Supply | The amount sellers are willing to sell at different price levels to meet demand. Price and quantity supplied are directly related. |
| Demand | Willingness of consumers to buy at different price levels. Price and quantity demanded are inversely related. |
| Opportunity Costs | The implicit costs that one sacrifices when choosing one option over another. |
| Physical Resources | The land, machinery, and buildings required to effectively create a product. |
| Entrepreneurs | Individuals who perceive a need in the marketplace and the prospect of profits, which gives them the incentive to pursue the venture. |
| Labor | A group or class of people who work for others, performing particular jobs in organizations. |
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