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Business Exam

Needs Things you must have in order to stay alive
Wants Are the extras; you don’t need them to survive but they make life more pleasant
Consumer Is a person or business that buys and uses food, clothing, or anything grown, made, or provided by producers
Trends Is a general direction in society that may last for a long time
Fads Is a craze that people take up quickly and then drop just as quickly
Business The production and sale of goods or services to consumers; can be small or big
Good Any item or product that you can purchase, posses, and use is a good
Services Helpful acts- performed in exchange for pay
Interdependence Consumers and producers depend on each other; consumers need producers to manufacture and supply goods and services; producers need consumers to buy the goods and services they manufacture and offer
Producer Make goods or provide services
Manufacturer Company or business that produces the goods
Business environment Refers to different forces or surroundings that affect business operations (customers, competitors, suppliers, distributors, industry trends, substitutes, regulations, government activities, the economy, demographics, and social and cultural factors)
Market Exists wherever buyers and sellers come together to do business, the buyers with money to exchange for the goods or services offered by the sellers
Demand Represents the consumer side of the market
Production Is the process of converting a business’s resources into goods and services
Factors of production Factors and elements on the production process; include land, capital, labor, information and entrepreneurship
Land Defined as a factor of production, it refers to the natural resource used to produce goods and services
Capital Is the money used to start a business and to keep it in running
Labor Is the human element and includes all mental and physical work that people put into producing goods and services
Information Using computers and other technologies, businesses track information about their operations, customers, and competitors
Entrepreneurship The activity of people who bring together all the factors of production to start a business
Marketing All the business activities used to plan, price, promote, and distribute goods or services to satisfy consumer needs and wants
Human resources Are the people aspects of a business; the owners, managers, and employees
Management Planning, organizing, and controlling of all business activities
Finance Managing money
Law of Supply As the prices rise, the quantity supplied by the producers tends to rise- vice versa
Balance of Trade The comparison between the total of imports
Law of Demand When the market demands a high quantity of a good or service, prices for that good or service will be high; vice versa
Sole Proprietorship Is a business owned and operated by one person
Share holder A person who buys shares in a company; is a part owner of the company
Public Corporation Does not have restrictions on its number of share holders
Franchise A franchisor sells to another person the rights to use the business name and to sell a product or service in a given country
Limited Liability The partner or investor cannot lose more money than the amount invested
Corporation Legal entity that exists independently of its owners, who are called shareholders
Crown Corporation Are owned by federal, provincial or municipal governments
Cooperative Business that is owned and operated by a group of people with a strong common interest
Ethics Standards of conduct that society believes people should follow
Recession The whole economy starts to slow down
Depression Economic activity is very low and unemployment is extremely high
Globalization Doing business internationally
Small Business One that is independently operated
Social Responsibility Is the duty to care for others whose actions can be affected in a damaging way
Comparative Advantage States that some countries are better equipped to make and sell particular goods and services
Infrastructure A system that makes and organization or a nation run; includes roads, postal service, telephone wiring, etc.
Balance of Payments Is the total flow of money going into the country minus the total flow of money leaving the country
Foreign Subsidy A company that operates in the foreign country but its owned by the parent company
Currency Nations money
Foreign Exchange Rate This rate rules how much of another nation’s currency your own currency will buy
Tariff Barrier Involves using both tariff and non-tariff barriers, and is used to achieve a favorable balance of trade
Quota Slows the entry of foreign goods by making them more expensive than domestic products
Embargo Restricts trade, but does not involve a tax
Recruitment A process that involves attracting people to apply for a job, checking applicants’ qualifications and hiring the person who has been chosen
Job Description Describes the requirements and responsibilities of a particular job
Training Teaching skills that are learned by practice
Development Long process of upgrading an employee’s performance over time by giving him or her opportunities to grow
Assessment Asses how well an employee do on the job
Planning -First critical step for managers to take -Involves forecasting the future -Usually begins with research
Management The function of directing and administrating all, or part of, a business
Objectives Goals
Structure Arrangement of employees according to their responsibilities and positions
Leading -Setting a direction for others -Involves giving assignments, clarifying roles, explaining routines, and providing motivation and feedback
Controlling Ensuring that company performance is going according to plan, that the objectives are being met
Discrimination Involves unfair treatment of individuals on the basis of their race, national or ethnic origin, color, religion, age, sex, sexual orientation, marital status, conviction for an offence that has been pardoned, or physical handicap
Harassment -Being repeatedly annoyed by someone -Includes verbal abuse, threats, unwelcome invitations, requests, or statements about a person’s body, clothing, race, age, as well as leering or similar gestures, unnecessary physical contact and physical assault
Affirmative Action Process of improving employment practices so that they are fair to people who may have been discriminated against in the past -sometimes called employment equality
Income money received on a regular basis through work or investment
Saving Putting away a portion of your income today, in order to have money in the future
Interest The bank pays you a small fee so it can use your money while it is in the account
Bonds -When governments and companies want to raise money for projects they often issue bonds -They borrow a sum of money from you and agree to pay it back, with interest, on a certain date
Principal What you originally paid for the bond
Stocks -Money organizations raise by selling ownership in the company in the form of shares -When you purchase a share or stock you become one of the shareholders of that company -Shareholders are not responsible for debts or decisions of the company
Social Assistance Government programs that provide income for people who are unable to work due illness, layoffs, or age
Personal Performance Usually means that you are doing more than is needed just to keep the job
Emotional Quotient Includes self-awareness, altruism, personal motivation, empathy, and the ability to love and to be loved
Pension Pension plans enable employees to continue receiving income after they have retired
Investment You give up the use of the money for a period of time in exchange for a chance to make more
Entrepreneur Person who organizes, manages, and assumes the risks of starting and operating an enterprise
Dot-com company Does business on the internet or helps other companies offer products or services over the internet
Aptitude Natural talents, tendencies or capacities
Risk-tolerance Is the degree to which you can comfortably accept taking chances
Mission statement Presents the aims, objectives, and general principals that a company focuses on
Created by: nguyenbqm
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