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pointless vocab
| Term | Definition |
|---|---|
| producers | develop products for sale |
| raw goods | materials from natural resources |
| processors | refine natural resources |
| manufacturers | turn raw materials into goods |
| intermediaries | move and store final products |
| service firms | provide services |
| non profit organizations | businesses which provide goods and services by operating on donations |
| human resources | department that maintains staff |
| Maslow's hierarchy of needs | pyramid that expresses the needs of people at different levels |
| cooperation | working together |
| management | process of organizing a company |
| accounting | managing finances |
| assets | items of value |
| liabilities | debts or obligations |
| accounting equations | assets=liabilities+equity |
| balance sheet | financial statement that reports assets |
| income statement | statement that represents how much profit was made |
| finance | department that manages company funds |
| marketing | department that manages advertising |
| marketing mix | 4 different marketing stratagies |
| product life cycle | the stages of a product from idea to being destroyed |
| production | department responsible for producing goods |
| distribution | department that distributes goods |
| channel or medium | how a message is sent |
| communication | the exchanging of thoughts and ideas |
| either or | presenting an idea with only two choices |
| feedback | the reaction of the consumer |
| focusing | keeping attention on the goal |
| glittering generalities | characterized by important words in a statement |
| hearing | the ability to perceive sound |
| info source | the source of information |
| message | the meaning of information |
| noise | a distraction |
| paralinguistic | deals with peoples tone |
| primary source | an original source of information |
| propoganda | advertising that damages the opponent |
| proximity | the distance from something |
| reciever | the person who receives the information |
| secondary source | a source that is not original |
| ethics | the standard conduct that should be followed |
| ethical behavior | acting in a way that follows guidelines |
| moral behavior | acting based on what is right or wrong |
| legal behavior | conduct based on law |
| false financial statement | a financial statement with misleading data |
| embezzelment | taking another persons assets for your own use |
| ethical dilemma | a point where there are two different ethical choices |
| code of ethics | set of written guidelines |
| business social responsibility | duties and obligations of a business |
| stakeholders | parties that interact with the business |
| business ethics | professional standards of conduct |
| confidentiality | the safekeeping of trade secrets and information |
| ethical/unethical choices | choices based on values |
| legal/illegal choices | choices base on laws |
| moral principles | the principles of right and wrong |
| values | a persons beliefs |
| disclose | to reveal |
| discrimination | unfair treatment of a person due to race, religion, or culture |
| harassment | to repeatedly disturb or torment a person |
| morale | cheerfulness or confidence |
| colleague | a coworker |
| consequence | the result of doing something unethical |
| implication | the result of and action |
| breach | a contrary act |
| evaluate | to consider the value |
| economic system | the way society provides goods and services |
| communism | the economy is controlled by the government |
| socialism | the government has some control over the economy |
| capitalism | the people control the economy |
| traditional economy | people exchange goods |
| Adam Smith | father of modern economics |
| Karl Marx | father of communism |
| John Maynard Keyes | theories about unemployment were revolutionary |
| private enterprise system | economy focused on the private sector |
| economics | the way people exchange resources |
| human necessities | things needed for survival |
| human wants | goods that people want |
| land | natural resources |
| capital | monetary resources |
| entrepreneurship | the ability to start a business |
| resources | materials used to make goods |
| time utility | the time at which a product is available |
| place utility | the place at which a product is avaliable |
| form utility | how desirable a product is |
| possession utility | how easy a product is to pay for |
| info utility | how easy it is to learn about a product |
| utility | market value of a product |
| mixed economy | elements of two different economies |
| market economy | the consumers decide what to produce |
| command economy | the government has control over what is produced |
| capitalism | privately owned businesses |
| free enterprise system | the economy is controlled by the people |
| competition | struggle between two companies |
| price competition | competition between companies for the consumers by using different prices |
| non-price competition | competition between companies for the consumers |
| monopoly | situation where one company controls the market |
| oligopolies | situation where a few companies control the market |
| risk | possible loss or failure |
| profit | possible amount of money that can be made |
| supply | the amount of a product available |
| demand | the amount of a produced that is wanted |
| surplus | an excess of a product |
| shortage | a lack of a product |
| equilibrium | when supply and demand is equal |
| gdp | the average income for a region |
| rate of inflation | measure of the worth of currency |
| cpi | measure of change in prices of consumer goods |
| ppi | measure of change in prices of wholesale goods |
| unemployment rate | the amount of people that are not employed at one time |
| business cycle | fluctuations in the economy |
| trough | a period of the economy when business is low |
| expansion | the enlarging of a company |
| peak | a period of the economy when business is high |
| contraction | a period of the economy when business is decreasing |
| recession | a period of time when the economy is constantly going down |
| economic interdependence | when countries depend on each other for goods |
| imports | bringing goods in |
| exports | shipping goods out |
| absolute advantagee | when one country possess all of one product |
| comparative advantage | when a country can produce a product more efficiently |
| Laissez-faire | french term for the government not controlling the economy |
| tariff | a tax |
| quota | the limit of how many of an item can be imported |
| embargo | complete ban on products from a country |
| wto | keeps track of worldwide trade |
| nafta | trade agreement between Canada, Mexico, and the US |
| productivity | effectiveness of production |
| specialization | focusing all work towards a specific goal |
| labor | a persons productivity |
| returns | any profit made |
| law of diminishing returns | rule which states that at some point more production will not increase profit |
| interdependence | mutual dependence |
| revenue | the base income before expenses |
| global business | an international business |
| portfolio investement | a investor purchases stocks |
| direct investement | investor purchases a part of a company |
| foreign exchange | exchanging currency |
| inflation | the worth of money being overestimated |
| interest rate | amount charged by lender for the use of their money |
| deficit | when a country spends more than it earns |
| public debt | debt owned by government |
| terms of trade | export prices vs import prices |
| political stability | investments are made to stable countries |
| economic integration | different countries agree to remove a trade barrier |
| free trade | when tariffs are reduced between participating counties |
| custom union | tariffs between member countries are predetermined |
| common market | member countries can move production to other countries |
| economic union | economic policies are negotiated between counties |
| political union | the authority of one country is significantly reduced |
| imports | products brought in |
| indirect importing | goods are sold through a middle man |
| direct imports | goods are directly sold to the customer |
| exports | products shipped out |
| indirect exporting | goods go from a company to a third party |
| direct exporting | goods are distributed by the manufacturer |
| balance of trade | difference between a countries imports and exports |
| foreign trade | trading with other countries |
| foreign investement | flow of capital from one nation to another |
| fair trade | attempting to improve the circumstances of trade |
| employability | a set of achievements which makes a person more desirable for employment |
| studying abroad | pursuing educational oppertunities |
| global linkage | ability to compete on a worldwide market |
| licensing | situation where one company makes a product available for another company |
| export management companies | independent companies that manage exports |
| intellectual property rights | rights given to a person over a product they have created |
| global copyright | global law that protects the creators of a product |
| moral rights | a copyright represents the creators achievment |
| economic rights | rights of the creator to control a product |
| trademark | a brand name used to distinguish a product |
| global logistics | handling of products and funds worldwide |
| global job market | searches for employees worldwide |
| multinational company | a company that operates in more than one country |
| bilingualism | ability to speak two or more languages |
| vendors | suppliers |
| dating terms | the due date for payement |
| shipping terms | the terms for transporting a product |
| fob | ownership of merchandise while it is being transported |
| origin freight collect | the buyer pays for shipping |
| origin freight prepaid | the seller pays for shipping but retailer owns cargo |
| destination freight collect | retail store pays for shipping but vendor has ownership |
| destination freight prepaid | seller pays for shipping |
| buyers | consumers who purchase a product |
| open to buy | refers to the amount of money that is left for purchases |
| want slips | used by customers to request merchandise |
| quantity discounts | provided to buyers who order large quantities |
| carrying costs | refer to the costs of maintaining merchandise |
| inventory | the amount of goods and materials kept on hand |
| centralized buying | used for individual stores |
| decentralized buying | used when there is a store chain |
| merchandisers | sellers |
| displays | showcasing a product |
| stocking | maintaining merchandise in the store |
| market share | where a company is equal to its competition |
| promotion | a activity designed to promote a product |
| free samples | gives out small amounts of free product |
| coupons | discounts offered by the retailer |
| gifts with purchase | customers receive something extra with thier purchase |
| competitions and prizes | used to promote a brand |
| monetary refunds or rebates | allow the customer to return the product for a period of time |
| customer loyalty | when a customer is rewarded for buying a specific brand |
| point of sale displays | promote impulse purchases by customers |
| trade shows | events where companies showcase their products |
Created by:
s342466
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