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bus 101
| word | def. |
|---|---|
| business | profit seeking activity |
| goods | tangable items sold |
| service | intangable offering |
| economic system | set of rules allocate a countries resources to satisfy citzens needs |
| 1/5 factors of production | labor |
| 1/5 factors of production | capital |
| 1/5 factors of production | entrepreneurs |
| 1/5 factors of production | info. resources |
| 1/5 factors of production | natural-physical resources |
| capitalism | free market, competition |
| communism | planned ecomenmy |
| socialism | almost planned, inbetween |
| mixed market | lesser socialism |
| gdp | gross demestic product |
| decline in gdp for 2 quaters | recession |
| major recession | depression |
| fiscal policy | taxes or expenditures |
| monetary policy | gov. programs |
| inflation | rise in goods, lowered purchasing power |
| absolute advantage | only country to produce a product |
| free trade | no gov. restrictions |
| protectionism | gov protects local business from outside competition |
| barrier to trade | distance |
| barrier to trade | language |
| barrier to trade | cultural difference |
| barrier to trade | tarrif |
| barrier to trade | import quatas |
| industrial business | firms that produce goods that are often used by other businesses or organizations to make things |
| service firms | businesses that provide assistance to satisfy specialized |
| manufacturing firms | businesses that produce goods |
| finance | delas with all money matters related to running a business |
| third world nation | countries undeveloped have few manufacturing firms and have poor people |
| commercial business | firms engaged in marketing, finance,and furnishing servuces |
| industry | a word often used to refer all business in the same category |
| service | activities of value that do not result in the ownership of a physical product |
| global competetion | the ability of profit making organizations to compete with other businesses in other countries |
| effectiveness | occurs when a compnay makes the right decisions in deciding what products or services customers use |
| efficiency | occurs when an organization produces needed goods at low cost |
| domestic goods | made in u.s. |
| foreign goods | made in a different country |
| total quality management | a commitment to excelence thats accomplished by teamwork and improvement |
| output | the quality or amount produced witin a given time |
| productivity | refers to producing the largest quantity in the least time by using effiecnt mehtods and modern equipment |
| mass production | an assembly process in which a large number of products are produced identcially |
| downsize | cutting back on the goods provided and shrinking the size of a firm and their emplyees |
| empowerment | lets workers decide how to perform their work tasks and offer idead on how to improve the work process |
| GDP | the total value of goods produced and services provided in a year |
Created by:
EvanC
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