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Bu111
Chapter 1 midterm review
| Question | |
|---|---|
| GDP | Total value of all goods and services produced within a given period by a national economy through domestic factors of production |
| Real GDP | GDP calculated to account for changes in currency values and price changes |
| Business Cycle | Pattern of short term ups expansions and contractions in an economy. |
| Standard of living | Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system |
| Aggregate output | Total quantity of goods and services produced by an economic system during a given period |
| Nominal GDP | GDP measured in current dollars or with all components valued at current prices |
| Purchasing Power Parity | principle that exchange rates are set so that the prices of similar products in different countries are about the same |
| Productivity | Measure of economic growth that compares how much a system produces with the resources needed to produce it |
| External environment | Everything outside an organization's boundaries that might affect it |
| Organizational boundaries | Separates the organization from its environment |
| Economic environment | The conditions of economic system in which an organization operates |
| Stability | Condition in an economic system in wich the amount of money available and the quantity of goods and services produced are growing at about the same rate. |
| Inflation | Occurrence of wide-spread price increases throughout an economic system |
| CPI | Measure of the prices of typical products purchased by consumers living in urban areas |
| Deflation | A period of generally falling prices |
| Unemployment | The level of joblessness among people actively seeking work in an economic system |
| Fiscal policies | Policies whereby governments collect and spend revenues |
| Monetary Policies | Policies whereby the government controls the size of the nation's money supply. |
| Technology | All the ways firms create value for their constituents |
| Research and Development | Those activities that are necessary to provide new product, services and processes |
| Basic R&D | Improving knowledge in an area without a primary focus on whether any discoveries that might occur are immediately marketable |
| Applied R&D | Focusing specifically on how a technological innovation can be put to use in the making of a product or service that can be sold in the marketplace |
| Technology transfer | The process of getting a new technology out of the lab and into the marketplace. |
| Political-legal environment | Conditions reflecting the relationship between business and government, usually in the form of government regulation |
| Socio-cultural environment | Conditions including the customs, values, attitudes, and demographic characteristics of the society in which an organization functions |
| Core competencies | Skills and resources with which an organization competes best and creates the most values for owners |
| Outsourcing | Strategy of paying suppliers and distributors to perform certain business processes or to provide needed materials or services. |
| Viral marketing | Strategy of using the internet and word-of-mouth marketing to spread product information |
| Process | Any activity that adds value to some input, transforming it into an output for a customer. |
| Business process management | Approach by which firms move away from department-oriented organization and toward process-oriented team structures that cut across old departmental boundaries |
| Acquisition | The purchase of a company by another, larger firm, which absorbs the smaller company into its operations |
| Merger | The union of two companies to form a single new business |
| Horizontal Merger | A merger of two firms that have been direct competitors in the same industry |
| Vertical Merger | A merger of two firms that have previously had buyer-seller relationship. |
| Conglomerate Merger | A merger of two firms in completely unrelated businesses |
| Friendly take-over | An acquisition in which the management of the acquired company welcomes the firm's buyout by another company |
| Hostile take-over | An acquisition in which the management of the acquired company fights the firm's buyout by another company |
| Poison Pill | A defence that management adopts to make a firm less attractive to an actual or potential hostile suitor in take-over attempt |
| Divestiture | Occurs when a company sells part of its existing business operations to another company |
| GNP | Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located |
Created by:
Tomini1
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