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Introduction to BUS

Chapter 1

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.
Created by: reakeylea
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