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GEB 1011 Test 1

Chs 1, 2, 3, + Bonus A

QuestionAnswer
business sells something for profit
profit leftovers after expenses
entrepreneur business based on ideas + will to risk match risk with profit
revenue the total income of a business
loss business expenses exceed revenues
risk the chance of losing time and money if the venture is not profitable
standard of living the amount of goods and services people can buy with the money they have
quality of life the general well-being of a society in terms of political freedom, a clean natural environment, education, health care, safety, free time
stakeholders all the people who stand to gain or lose by the policies and activities of a business
outsourcing assigning various functionsto outside organizations such as accounting, production, security, maintenance, and legal work
nonprofit organization an organization whose goals do not include making a personal profit for its owners or organizers try to match costs with donations
factors of production the resources used to create wealth land, labor, capital, entrepreneurship, and knowledge
business environment the factors that can help or hinder the development of businesses
technology the machines and programs that make business processes more efficient and productive everything from phones and copiers to computers, medical imaging devices, personal digital assistants, and software
productivity output measured by input
e-commerce trade via the Internet
database electronic information storage
identity theft getting private information about a person and using it for illegal purposes Social Security number and/or credit card number
empowerment giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests
demography the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
goods tangible products such as computers, food, clothing, cars, and appliances
services intangible products
economics study of society's use of resources to produce and distribute goods and services among various competing groups and individuals
macroeconomics operation of nation's economy as a whole
microeconomics the behavior of people and organizations in particular markets
resource development study of how to increase resources and to create conditions to make better use of those resources
invisible hand process that turns self-directed gain into social and economic benefits for all coined by Adam Smith
capitalism economic system in which all or most of the factors of production and distribution are privately owned and operated for profit foundation of economics of U.S., England, Australia, Canada
free-market capitalism right to private property; right to own a business and keep all of its profits; right to freedom of competition; right to freedom of choice
supply quantity of products owners are willing to sell at different prices at a specific time
demand quantity of products people are willing to buy at different prices at a specific time
equilibrium point the price where product supply meets product demand market price
perfect competition many sellers in a market, no seller large enough to dictate price
monopolistic competition many sellers producing similar products that buyers view as different products
oligopoly few sellers dominate market
monopoly one seller dominates market
socialism some businesses are owned by govt so profits can be evenly distributed among population
brain drain loss of best and brightest people to other countries negative of socialism; people want to be where they are rewarded for their efforts
communism govt makes almost all economic decisions and owns almost all major factors of production
free-market economies market determines production, distribution, and economy growth aka capitalism
command economies govt largely decides production, distribution, and economy growth aka socialism and communism
mixed economies allocation of resources is by both market and govt
gross domestic product (GDP) country's total production value in a given year
unemployment rate number of civilians unemployed and job-hunting, 16 or older
3 key economic indicators GDP, unemployment rate, and price indexes 4) changes in productivity
inflation prices are rising
disinflation price increases are slowing
deflation prices are declining more goods than money to buy goods
stagflation economy is slowing but prices are going up
consumer price index (CPI) monthly index that measures the pace of inflation or deflation some wages and salaries, rents and leases, tax brackets, govt benetifts and interest rates are based on it
producer price index (PPI) index that measures prices at the wholesale level
business cycles periodic rises and falls that occur in all economies over time
recession two or more consecutive quarters of decline in the GDP
depression a severe recession usually accompanied by deflation
fiscal policy fed govts effors to keep economy stable with taxes and govt spending
national debt the sum of govt deficits over time
monetary policy management of the money supply and interest rates
importing buying products from another country
exporting selling products to another country
free trade the movement of goods and services among nations without political or economic barriers
comparative advantage theory country should sell products it makes most efficiently and effectively and buy products it makes less effectively or efficiently from other countries
absolute advantage when a country has a monopoly on producting a specific product or can make it more efficiently than all other countries
balance of trade the total value of a nation's exports compared to its imports measured over a particular period favorable when more exports than imports. unfavorable when more imports than exports
trade deficit country imports more than exports unfavorable balance of trade
dumping selling products in a foreign country at lower prices than those charged in the producing country
licensing a global strategy in which a firm allows a foreign company to produce its product in exchange for a fee
Created by: selfstudy08
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