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Value The relationship between the price of a good or service and the benefits that it offers its customers
Business Any organization or activity that provides goods and services in an effort to earn a profit
Profit The money that business earns in sales minus expenses
loss when a business incurs expenses that are greater than its revenue
entrepreneurs people who risk their time, money, and other resources to start and manage a business
standard of living the quality and quantity of goods and services available to a population
quality of life the overall sense of well-being experienced by either an individual or group
nonprofits business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain
factors of production Four fundamental elements- natural resources, capital, human resources, and entrepreneurship- that businesses need to achieve their objectives.
Business environment the setting in which business operates. The five key components are: economic environment, competitive environment, technological environment, social environment, and global environment.
speed to market the rate at which a new product moves from conception to commercialization.
business technology includes any tools in business that businesses can use to become more efficient and effective
e-commerce Business transactions conducted online
Demographics the measurable characteristics of a population.
Free trade An international economic and political movement designed to help goods and services flow more freely across international boundaries.
economy A financial and social system of how resources flow through society, from production, to distribution, to consumption.
economics The study of the choices that people, companies, and governments make in allocation society's resources.
Macroeconomics The study of a country's overall economic dynamics, such as the employment rate or taxation policies.
Microeconomics The study of a smaller economic units such as individual consumers, families, and individual businesses.
Fiscal policy Government efforts to influence the economy through vacation and spending.
Monetary policy Federal reserve decisions that shape the economy by influencing interest rates and the supply of money.
M1 money supply Includes all currency plus checking accounts and traveler's checks
M2 money supply Includes all of M1 money supply plus most savings accounts, money market accounts, and certificates of deposits.
Budget surplus When revenue is higher than the spending
Budget deficit When spending is higher than revenue
Supply the relationship between the price of a goo and the quality sellers are willing and able to offer for sale.
Supply curve a graph of the supply relationship between price and quantity form a supplier standpoint.
Demand the relationship between the price of a good and the quantity buyers are willing to buy
demand curve a graph of the demand relationship
Communism an economic and political system that calls for public ownership of virtually all enterprises, under the direction of a song central government
socialism government controls key enterprises. Higher taxes
Inflation a period of rising average prices across the economy
consumer price index a measure of inflation that evaluates the change in the weighted-average price of goods and services. that the average consumer buys each month
producer price index a measure of inflation that evaluates the change over time in the weighted average wholesale prices
Business cycle the periodic contraction and expansion that occur over time in virtually every economy
Productivity the basic relationship between the production of goods and services and the resources needed to produce them calculated via the following equation; output/input= productivity
Importing buying products that have been produced or grown in foreign nations
opportunity cost the opportunity of giving up the second-best choice when making a decision
tariff taxes levied against imports
embargo a complete ban on international trade of a certain item
world trade organization a permanent global institution to promote international trade and to settle international trade disputes
world bank an international cooperate of 188 member countries, working together to reduce poverty in the developing world.
general agreement on tariffs and trade an international trade treaty designed to encourage worldwide trade among its members
international monetary fund an international organization organization 188 member nations; that promotes international economic cooperation and stable growth.
trading bloc an group of countries that have reduced or even eliminated tariffs, allowing for the free flow of goods amount the member nations
common market a group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations
north american free trade agreement the treaty among the United States, Mexico, and Canada that eliminated trade barriers and investment restrictions over a 15-year period starting 1994.
European Union the world's largest common market, composed of 28 european nations
ethics beliefs about rights and wrongs
social responsibility the obligation of business to contribute to society
ethical dilemma a decision that involves a conflict of values; every potential course of action has some significant negative consequences
business ethics the application of right and wrong in the work place
code of ethics a formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations
whistle blowers employees who report their employer's illegal or unethical behavior to either the authorities or the media
social responsibility the obligation of a business to contribute to society
stakeholders any groups that have a stake in the performance and actions of an organization
consumerism a social movement that focuses on four key consumer rights; safety, informed, right to choose, and to be heard
corporate philanthropy All business donations to nonprofit groups, including money, products, and employee time
cause related marketing marketing partnerships between businesses and nonprofit organizations, designed to spike the sales for the company and raise money for the nonprofit.
corporate responsibility business contributions the the community through the actions of the business itself rather than donations of money and time
sustainable development doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs
social audit a systematic evaluation of how well a firm is meeting its ethics and social responsibility objectives
laws the rules governing the conduct and actions of people within society that are enforceable by the government
administrative laws laws established by government agentcies
statutory laws state and local acts of Federal statues passes by us congress,
case law also called common law; the law that arises from court decisions
civil law disputes between private citizens
intentional torts arise from willful acts
negligence arise from unintentional acts
criminal law involves cases where the state investigates and prosecutes individuals who have harmed society
contrat a binding agreement that is enforceable in the court of law
express contract a contract that is explicitly spelled out in writing or words
implied contract a contract based on behavior
breach of contract when one of the parties fails to satisfy the term of an agreement, the injured party must seek a remedy by suing civil court
compensatory damages these are monetary payments.
specific performance requires the party who breached the contract to do exactly what the terms of the contract
sale occurs when tittle to a good passes from one party to another in exchange for a price
title passes when the seller's performance of duties has been completed or as outlined in the contract
patents legal monopoly over their invention
trademark distinctive mark,symbol, word, or phrase
copyrights exclusive rights to own, produce, copy and sell creative work
Created by: 658087624357213