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
Stack #4726025
| Question | Answer |
|---|---|
| free enterprise | system of business in which individuals are free to decide what to produce how to produce it & at what price to sell it |
| will employers look for honesty & integrity when hiring or promoting an employee | yes |
| will employers look for willingness to work hard when hiring or promoting an employee | yes |
| will employers look for dependability when hiring or promoting | yes |
| will employers look for good time management skills when hiring or promoting | yes |
| will employers look for self-confidence when hiring or promoting | yes |
| will employers look for motivation when hiring or promoting | yes |
| will employers look for willingness to learn when hiring or promoting | yes |
| will employers look for excellent communication skills when hiring or promoting | yes |
| will employers look for professionalism when hiring or promoting | yes |
| business | organized effort of individuals to produce & sell for a profit the goods & services that satisfy society's needs |
| material resources | raw materials used in manufacturing process |
| human resources | people who furnish their labor to the business in return for a paycheck |
| financial resources | money required to pay employees purchase materials & generally keep the business operating |
| information | resource that tells managers of the business how effectively the other 3 resources are being combined & used |
| service business | provides services such as haircuts legal advice or tax preparation |
| manufacturing businesses | process various material resources into tangible goods such as cars & trucks clothing or computers |
| marketing intermediaries | buy products from manufactures & then resell them |
| e-business | organized effort of individuals to produce & sell for a profit the goods & services that satisfy society's needs through the facilities available on the internet |
| profit | positive amount that remains after all business expenses have been deducted from revenue |
| loss | negative profit which results when a firm's expenses are greater than its revenue |
| stakeholders | all the different people or groups of people who are affected by an organization's policies decisions & activities |
| economics | study of how wealth is created & distributed |
| scarcity | lack of resources money time natural resources that are needed to satisfy a want or need |
| microeconomics | study of the decisions made by individuals & businesses |
| macroeconomics | study of the national & global economy |
| economy | way in which people deal with the creation & distribution of wealth |
| factors of production | inputs & resources used to produce goods & services |
| land & natural resources | elements that can be used in the production process to make appliances airplanes cars & other products |
| labor | time & effort that we use to produce goods & services |
| capital | facilities equipment machines tools & man-made items used in the production of goods & services & the operation of businesses |
| entrepreneurship | activity that conceptualizes creates & organizes land & natural resources labor & capital |
| entrepreneur | person who risks time effort & money to start & operate a business |
| capitalism | economic system in which individuals own & operate the majority of businesses that provide goods & services |
| invisible hand | term created by adam smith to describe how an individual's personal gain benefits others & a nation's economy |
| market economy | economic system in which businesses & individuals decide what to produce & buy & the quantities sold |
| mixed economy | economy that exhibits elements of both capitalism & socialism |
| resource owners | people should be free to determine how their resources are used & able to enjoy the income & wages rents interest & other benefits derived from ownership of their resources |
| consumers | household members spend their income to purchase the goods & services produced by businesses |
| command economy | economic system in which the government decides what goods & services will be produced how they'll be produced for whom available goods & services will be produced & who owns & controls the major factors of production |
| productivity | average level of output per worker per hour |
| gross domestic product | total value of all goods & services produced by all people within the boundaries of a country during a specified time period usually a 1 year period |
| inflation | general rise in the level of prices |
| deflation | general decrease in the level of prices |
| unemployment rate | percentage of a nation's labor force unemployed at any time |
| consumer price index | monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area |
| producer price index | monthly index that measures prices that producers receive for their finished goods |
| balance of trade | difference between the value of a nation's exports & a nation's imports over a specific period of time |
| consumer confidence index | measure of how optimistic or pessimistic consumers are about the nation's economy |
| corporate profits | total amount of profits made by corporations over selected time periods |
| inflation rate | economic statistic that tracks the increase in prices of goods & services over a period of time |
| national income | total income earned by various components of the economy including employees interest & rental income profits from businesses & other types of income |
| new housing stats | total number of new home construction projects started during a specific time period |
| prime interest rate | low interest rate that banks charge their most credit-worthy customers |
| business cycle | recurrence of periods of growth & recession in a nation's economic activity |
| peak | economy is at its highest point & unemployment is low |
| recession | 2 or more consecutive 3-month periods of decline in a country's GDP |
| depression | severe recession that lasts longer than a typical recession & has a larger decline in business activity when compared to a recession |
| trough | turning point when a nation's production & employment bottom out & reach their lowest levels |
| monetary policies | federal reserve's actions to promote maximum employment stabilize prices & increase or decrease interest rates |
| fiscal policy | government influence on the amount of savings & expenditures accomplished by altering the tax structure & by changing the levels of government spending |
| federal deficit | shortfall created when the federal government spends more in a fiscal year than it receives |
| national debt | total of all federal deficits |
| recovery | nation's production & employment bottom out & reach their lowest levels to the next peak in a business cycle |
| competition | rivalry among businesses for sales to potential customers |
| perfect (or pure) competition | market situation in which there are many buyers & sellers of a product & no single buyer or seller is powerful enough to affect the price of that product |
| supply | quantity of a product that producers are willing to sell at each of various prices |
| demand | quantity of a product that buyers are willing to purchase at each of various prices |
| market price | price at which the quantity demanded is exactly equal to the quantity supplied |
| monopolistic competition | market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors |
| product differentiation | process of developing & promoting differences between a company's products & all competitive products |
| oligopoly | market (or industry) in which there are few sellers |
| monopoly | market (or industry) with only 1 seller & customers can only buy the product or service from that seller |
| natural monopoly | each utility firm operates in an industry that requires huge start-up costs that act as a deterrent for potential competitors |
| limited monopoly | government entity issues a license franchise copyright patent or trademark |
| standard of living | loose subjective measure of how well of an individual or a society is mainly in terms of want satisfaction through goods & services |
| domestic system | method of manufacturing in which an entrepreneur distributed raw materials to various homes where families would process them into finished goods to be offered for sale by the entrepreneur |
| factory system | system of manufacturing in which all the materials machinery & workers required to manufacture a product are assembled in 1 place |
| specialization | separation of a manufacturing process into distinct tasks & the assignment of different tasks to different individuals |
| service economy | economy in which more effort is devoted to the production of services than to the production of goods |
| sustainability | ability to create & maintain conditions under which humans & nature can exist in productive harmony to support present & future generations |
| ethics | study of right & wrong & of the morality of the choices individuals make |
| business ethics | applications of moral standards to business situations |
| plagiarism | knowingly taking someone else's words ideas or other original material without acknowledging the source |
| conflict of interest | when business people take advantage of a situation for their own personal interest rather than for the employer's interest |
| opportunity | amount of freedom an organization offers an employee to behave unethically if they make that choice |
| sarbances-oxley act of 2002 | provides sweeping legal protection for employees who report corporate misconduct |
| code of ethics | guide to acceptable & ethical behavior as defined by the organization |
| whistle-blowing | informing the press or government officials about unethical practices within one's organization |
| social responsibility | recognition that business activities have an impact on society & the consideration of that impact in business decision making |
| corporate citizenship | adopting a strategic approach to fulfilling economic ethical environmental & social responsibilities |
| caveat emptor | latin phrase meaning let the buyer beware |
| interstate commerce act | 1st federal act to regulate business practices provided regulation of railroads & shipping rates |
| sherman antitrust act | prevented monopolies or mergers where competition was endangered |
| pure food & drug act | established limited supervision of interstate sales of food & drugs |
| meat inspection act | provided for limited supervision of interstate sales of meat & meat inspection |
| federal trade commission act | created the FTC to investigate illegal trade practices |
| clayton antitrust act | eliminated many forms of price discrimination that gave large businesses a competitive advantage over small firms |
| economic model of social responsibility | view that society will benefit most when business is left alone to produce & market profitable products that society needs |
| socioeconomic model of social responsibility | concept that business should emphasize not only profits but also the impact of its decisions on society |
| consumerism | all activities undertaken to protect the rights of consumers |
| consumers' right to safety | products they purchase must be safe for their intended use must include thorough & explicit directions for proper use & must be tested by the manufacturer to ensure product quality & reliability |
| right to be informed | consumers must have access to complete information about a product before they buy it |
| right to choose | consumers must have a choice of products offered by different manufacturers & sellers to satisfy a particular need |
| right to be heard | someone will listen & take appropriate action when consumers complain |
| right to consumer education | entitles people to be fully informed about their rights as consumers |
| right to service | entitles customers to convenience courtesy & responsiveness from manufactures & sellers of consumer products |
| federal hazardous substances labeling act | required warning labels on household chemicals if they were highly toxic |
| kefauver-harris drug amendments | established testing practices for drugs & required manufacturers to label drugs with generic names in addition to trade names |
| cigarette labeling act | required manufacturers to place standard warning labels on all cigarette packages & advertising |
| fair packaging & labeling act | called for all products sold across state lines to be labeled with net weight ingredients & manufacturer's name & address |
| motor vehicle safety act | established standards for safer cars |
| truth in lending act | required lenders & credit merchants to disclose the full cost of financial charges in both dollars & annual percentage rates |
| credit card liability act | limited credit card holder's liability to $50 per card & stopped credit card companies from issuing unsolicited cards required credit bureaus to provide credit reports to consumers regarding their own files also provided for correction of wrong info |
| consumer product safety commission act | established an abbreviated procedure for registering certain generic drugs |
| fair credit billing act | amended the truth in lending act to enable consumers to challenge billing errors |
| equal credit opportunity act | provided equal credit opportunities for all individuals regardless of sex or martial status provided for minimum disclosure standards for written consumer-product warranties for products that cost $15 or more |
| amendments to the equal credit opportunity act | prevented discrimination based on race creed color religion age & income when granting credit |
| fair debit collection practices act | outlawed abusive collection practices by 3rd parties |
| nutrition labeling & education act | required the FDA to review current food labeling & packaging focusing on nutrition label content label format ingredient labeling food descriptors & standards & health messages |
| telephone consumer protection act | prohibited the use of automated dialing & prerecorded voice calling equipment to make calls or deliver messages |
| consumer credit reporting reform act | placed more responsibility for accurate credit data on credit issuers required creditors to verify that disputed data are accurate & to notify a consumer before reinstating the data |
| children online privacy protection act | placed parents in control over what info is collected online from their kids 13 & younger required commercial website operators to maintain the confidentiality security & integrity of personal info collected from kids |
| don't call implementation act | directed the FCC & FTC to coordinate so that their rules are consistent regarding telemarketing call practices |
| credit card accountability responsibility & disclosure act | provided the most sweeping changes in credit card protections since the truth in lending act |
| dodd-frank wall street reform & consumer protection act of 2010 | promoted the financial stability of the US by improving accountability & responsibility in the financial systems |
| affirmative action program | plan designed to increase the number of employees from underrepresented groups at all levels within an organization |
| reverse discrimination | hiring underqualified workers |
| EEOC | government agency with the power to investigate complaints of employment discrimination & the power to sue firms that practice it |
| hard-core unemployed | workers with little education or vocational training & a long history of unemployment |
| pollution | contamination of water air or land through the actions of people in an industrialized society |
| national environmental policy act | established the EPA to enforce federal laws that involve the environment |
| clean air act amendment | provided stringent car aircraft & factory emission standards |
| water quality improvement act | strengthened existing water pollution regulations & provided for large monetary fines against violators |
| resource recovery act | enlarged the solid-waste disposal program & provided for enforcement by the EPA |
| water pollution control act amendment |
Created by:
user-1974945