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Ch. 1 B.E.

Business Essentials

QuestionAnswer
What is perfect competition? Lots of small businesses producing the same product
Example of perfect competition? Farmers
What is monopolistic competition? Many sellers try to seem to be different from competitiors
Example of monopolistic competition? Clothing Companies
What is an oligopoly? When a market or industry has only a few (usually large) sellers
Example of oligopoly? breakfast cereals
What is an monopoly? When a market or industry only has one producer
Example of a natural monopoly? electric companies
What is labor? Physical and mental capabilities of people as they contribute to economic production
What is capitol? Funds needed to create and operate a business
What is an entrepreneur? Individual who accepts the risks and opportunities involved with creating and operating a new business
What is a physical resource? Tangible items that organizations use in their conduct of their businesses
Example of a physical resource? supplies, parts, offices, computers, equipment
What are information resources? Data and other information that businesses use
What is supply? Willingness and ability of producers to offer a good or service for sale
What is demand? Willingness and ability of buyers to purchase a product (good or service)
When does a surplus occur? a situation in which quantity supplied exceeds quantity demanded
When does a shortage occur? a situation in which quantity demanded exceed quantity supplied.
When does competition occur? occurs when 2 or more businesses vie for the same resources or customers.
What is a market economy? individuals control production and allocation decisions though supply and demand
What is capitalism? allows the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive
What is an external environment? consists of everything outs tide an organizations boundaries
What is a domestic business business environment? the environment in which a firm conducts its operations and derives its revenues
What is the global business environment? the international forces that affect a business
What is the technological environment? all the ways by which firms create value for their constituents (including electronics and telecommunications, physical equipment, human knowledge, etc)
What is the political-legal environment? reflects the relationship between business and government
What is the socioculture environment? includes the customs, morals, values, and demographic characteristics of the society in which the business functions
What is the economic environment? refers to relevant conditions that exist in the economic system in which a company operates
What are profits? difference between revenue and expenses
What is standard of living? total quantity and quality of goods and services people can purchase with the currency used in their economic system
What is the national debt? amount of money the government owes its creditors
Created by: BSHSbusiness
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