Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BCOR 1010
First Midterm Vocab
| Question | Answer |
|---|---|
| Recession | A decline in production, employment, and income. |
| Supply | The number of products that businesses are willing to sell at a different price at a specific time; limited supply=higher demand and higher price |
| Stakeholders | Groups that have a stake in the success and outcomes of a business. Ex: consumers, stockholders, employees, management, local communities. |
| Economic Contraction | Slowdown in the economy in which spending declines and businesses cut back on production and workers. |
| Depression | condition of the economy in which unemployment is very high, consumer spending is low, and business output is sharply reduced. |
| Pure Competition | The market structure that exists when there are many small businesses selling one standardized product. Ex: corn, wheat, etc. |
| Capitalism | Economic System in which individuals own and operate the majority of business |
| Socialism | Economic System in which the government owns and operates basic industries but individuals own most businesses. |
| Economic Expansion | Situation that occurs when an economy is growing and people are spending more money; stimulates production and, in turn, employment. |
| Mixed Economies | Economies made up of elements from more than one economic system. |
| Free-Market System | pure capitalism, in which all economic decisions are made without government intervention. |
| Gross Domestic Product (GDP) | Sum of all good and services produced in a country during a year. |
| Budget Deficit | Condition in which a nation spends more than it takes in from taxes. |
| Inflation | A condition characterized by a continuous rise in prices. |
| Entrepreneur | Individual who risks their wealth, time, and effort to develop an innovative product or way of doing something. Ex: Newton Running |
| Unemployment | Condition in which a percentage of the population wants to work but is unable to find a job. |
| Business | Individuals or organizations who try to earn a profit by providing products that satisfy peoples' needs. |
| Monopolistic Competition | Market structure that exists when there are fewer businesses than pure competition, and the differences among the goods are small. Ex: aspirin, soft drinks, tissues, vacuum cleaners. |
| Communism | Society in which the people, without regard to class, own all the nation's resources. |
| Economic System | Description of how a particular society distributes its resources to produce goods and services. |
| Product | A good or service with tangible and intangible characteristics that provide satisfaction and benefits. |
| Profit | The difference between what it costs to make and sell a product and what a customer pays for it. |
| Nonprofit Organizations | Organizations that may provide goods or services but do not have the fundamental purpose of earning a profit. |
| Competition | Rivarly among businesses for consumers' dollars. |
| Natural Resources | Land, forest, minerals, water, and other things that are not made by people. |
| Economics | The study of how resources are distributed for the production of goods and services within a social system. |
| Oligopoly | Market system that exists when there are very few businesses selling a product. |
| Human Resources (Labor) | The physical and mental abilities that people use to produce goods and services. |
| Equilibrium Price | The price at which the number of products that businesses are willing to sell equals the amount that consumers are willing to buy. |
| Financial Resources | The finds used to acquire the natural/human resources needed to provide products. Also called capital. |
| Demand | The number of goods and services that consumers are willing to buy at different prices at a specific time |
| Monopoly | Market structure that exists when there is only one business providing a product in a given market. |
| Consumerism | The activities that independent individuals, groups, and organizations undertake to protect their rights as customers. |
| Corporate Citizenship | The extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by stakeholders. |
| Corporate Social Responsibility | A business' obligation to maximize its negative impact on society. |
| Codes of Ethics | Formalized rules and standards that describe what a company expects of its employees. |
| Whistleblowing | The act of an employee exposing an employer's wrong-doing to outsiders, such as the media or government regulatory agencies. |
| Business Ethics | Principles and standards that determine acceptable conduct in business. |
| Ethical Issue | An identifiable problem or situation that requires a person to choose from among several actions that may be evaluated as right or wrong. |
| Plagiarism | The act of taking someone else's work and presenting it as your own without mentioning the source. |
| Bribes | Payments, gifts, or special favors intended to influence the outcome of a decision. |
| International Business | The buying, selling, and trading of goods across national borders. |
| Absolute Advantage | A monopoly that exists when a country is the most efficient, or only, producer of a product. |
| Comparative Advantage | When a country specializes in products that it can supply more efficiently or at a lower cost than it can other items. |
| Outsourcing | The transferring of manufacturing or other tasks to countries where labor and supplies are less expensive. |
| Exporting | The sale of goods ans services to foreign markets. |
| Importing | The purchase of goods and services from foreign markets. |
| Balance of Trade | The difference in value between a nation's exports and its imports. |
| Trade Deficit | A nation's negative balance of trade which exists when that country imports more products than it exports. |
| Balance of Payments | The difference between the flow of money into an out of a country. |
| Infrastructure | The physical facilities that support a country's economic activities (railroads, highways, utilities, schools, hospitals, etc.) |
| Exchange Rate | Ratio at which one nation's currency can be exchanged for another nation's currency. |
| Import Tariff | A tax levies by a nation on goods imported into the country. |
| Exchange Controls | Regulations that restrict the amount of currency that can be bought or sold. |
| Quota | A restriction on the number of units of a product that can be imported into a country. |
| Embargo | Prohibition on trade of a particular product. |
| Dumping | The act of a country or business selling products at less than what it costs to produce them. |
| Cartel | A group of firms or nations that agrees to act as a monopoly and not compete with each other to generate worldwide competition. |
| General Agreement on Tariffs and Trade (GATT) | A trade agreement that provided a forum for tariff negotiations and a place where international trade problems could be resolved. |
| World Trade Organization (WTO) | International organization dealing with the rules of trade between nations. |
| North American Free Trade Agreement (NAFTA) | Agreement that eliminates most tariffs and trade restrictions on agricultural and manufactured products to encourage trade among North America. |
| European Union (EU) | A union of European nations established in 1958 to promote trade among its members; one of the largest single markets today. |
| World Bank | organization est. by the industrialized nations in 1946 to loan money to underdeveloped countries. |
| Countertrade Agreement | Foreign trade agreemens that involve bartering products for other products instead of for currency. |
| Trading Company | A firm that buys goods in one country and sells them to buyers in another country. |
| Licensing | Trade agreement in which one company (licensor) allows another company (licensee) to use its company name, patents, etc. for a fee or royalty. |
| Franchising | Form of licensing in which a company agrees to provide a franchisee a name, logo, method of operation, etc. in return for a financial commitment. Ex: Quizno's. |
| Contract Manufacturing | The hiring of a foreign company to produce a specified volume of the initiating company's product to specification; carries the domestic firm's name. |
| Joint Venture | The sharing of the costs and operation of a business between a foreign company and a local partner. |
| Strategic Alliance | A partnership formed to create competitive advantage on a worldwide basis. |
| Direct Investment | Ownership of overseas facilities. |
| Multinational Corporation (MNC) | A corporation that operates on a worldwide scale without significant ties to any one nation or region. |
| Multinational Strategy. | A plan, used by international companies, that involves customizing products, promotion, and distribution according to cultural/national differences. |
| Globalization | A strategy that involves standardizing products for the whole world, as if it were a single entity. |
| Sole proprietorship | A business that is owned, and usually managed, by one person. |
| Partnership | A legal form of business with two or more owners. |
| Unlimited Liability | The responsibility of business owners for all the debts of the business. |
| Corporation | A legal entity with authority to act and have liability separate from its owners. |
| General Partnership | A partnership in which all owners share in operating the business and in assuming liability for the business' debts. |
| Limited Partnership | A partnership with one or more general partners and one of more limited partners. |
| General Partner | An owner who has unlimited liability and is active in managing the firm. |
| Limited Partner | An owner who invests money in the business but does not have any management responsibility or liability for losses beyond the investment. |
| Limited Liability | The responsibility of a business' owners for losses only up to the amount they invest; limited partners have limited liability |
| Master Limited Partnership (MLP) | Partnership that looks much like a corporation but is taxed like a partnership and thus avoids the corporate income tax. |
| Limited Liability Partnership | A partnership that limits partners' risk of losing their personal assets to only their own acts and omissions of people under their supervision. |
| Conventional Corporation | A state-chartered legal entity with authority to act and have liability separate from its owners. |
| S Corporation | A unique government creation that looks like a corporation but is taxed like a sole proprietorship of partnership |
| Limited Liability Company | A company similar to an S Corporation but without the special eligibility requirements |
| Merger | The results of two firms forming one company. Ex: Ameren and Union Electric become Ameren UE. |
| Acquisition | One company's purchase of the properties and obligations of another company. Ex: ATT takes over Cingular. |
| Vertical Merger | The joining of two companies involved in different stages of related businesses |
| Horizontal Merger | The joining of two firms of the same industry |
| Conglomerate Merger | The joining of firms in completely unrelated industries. |
| Leveraged Buyout | An attempt by employees, management, or a group of investors to purchase an organization primarily through borrowing. |
| Franchise Agreement | Arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product to others in a given territory. |
| Franchisor | A company that develops a product concept and sells others the rights to make and sell the products |
| Franchise | The right to use a specific business' name and sell its products in a given territory |
| Franchisee | Person who buys a franchise |
| Cooperative | A business owned and controlled by the people who use it- producers, consumers, or workers with similar needs pool their resources |
| Entrepreneurship | The process of creating and managing business to achieve desired objectives |
| Small Business | Any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 |
| Small Business Administration (SBA) | An independent agency of the federal government that offers managerial and financial assistance to small businesses. |
| Undercapitalization | The lack of funds to operate a business normally. |
Created by:
rschonbrun
Popular Business sets