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Business Test 1

QuestionAnswer
Business All profit-seeking activities and enterprises that provide goods and services to an economic system
Profits Rewards for businesspeople who take the risks involved to offer goods and services to customers.
Four Sources of Production -Capital Paid for with interest -Labor Paid for with Wages - Entrepreneurs Paid for with profits - Natural Resources Paid for with Rent
Foundations of Capitalism Private Property, Competition, Profits, Freedom of Choice, Limited Role of Government, Self Interest
Entrepreneurship The Willingness to take risk to create and operate a business.
capitalism Economic system that rewards firms for their ability to perceive and serve the needs and demands of the consumers; also called the Private Enterprise System.
Branding Process of creating an identity in consumers' minds for a good, service, or company; a major marketing tool in contemporary business.
Outsourcing Using outside vendors to produce goods or fulfill services and functions that were preciously handled in-house or in-country.
Offshoring Relocatoin of Business Processes to lower-cost locations overseas
Communism A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Economics The science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
Microeconomics A branch of economics that focuses on how human behavior effects the conduct of affairs within narrowly defined units, such as individual households or business firms.
Macroeconomics The branch of economics that focuses on how human behavior effects the outcomes in highly aggregated markets, such as the markets for labor or consumer products.
Law of Demand A principle that states there is an inverse relationship between the price of a good and the quantity of it buyers are willing to purchase. As the price of a good increases, consumers will wish to purchase less of it. As the price falls people want more.
Law of Supply A principle that states there is a diect relationship between the price of a good and the quanitity of it producers are willing to supply. As the price of a good increasees, producers will wish to supply more of it. and vice versa.
Changes in Quantity Demanded 1. Change in Consumer Income 2. Changes in Number of Consumers 3. Changes in the Price of a related good. 4. Changes in consumer taste and preferences 5. Changes in consumer expectation 6. Demographic Changes
Changes in Quantity Supplied 1. Change in Recourse Prices 2. Changes in Technology 3. Elements of Nature and Political Disruptions 4. Tax Changes
Types of Competition Grid 3.3 pg 79
Dividends A sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
Board of Directors Elected by shareholders to represent them in the running of the business.
GDP Gross Domestic Product. Sum of all goods and services produced within a country's boundaries during a specific time period, such as a year. Currently 14.12 Trillion.
Inflation Rising prices cuased by a combination of excess consumer demand and increases in the costs of raw materials, component parts, human resources, and other factors of production. 3.6% in 2011
Unemployment Rate Percentage of the total workforce actively seeking work but are currently unemployed. 9.4% currently
Types of Unemployment Table 3.6 pg 91
Monetary Policy Government actions to increase or decrease the money supply and change banking requirements and interest rates to influence bankers willingness to make loans.
Fiscal Policy Government spending and taxation decisions designed to control inflation, reduce unemployment, improve the general welfare of citizens and encourage economic growth.
Budget Deficit Situation in which the government spends more than the amount of money it raises through taxes. Estimated 1.1 Trillion in 2012
National Debt Money owed by the government to individuals, business, and government agencies who purchase treasury bills, Treasury notes and Treasury Bonds sold to cover expendatures. 14.7 Trillion
Small Business Independent business with fewer than 500 employees, not dominant in it's market.
SBA Small Business Administration - Principal government agency concerned with helping small U.S. firms.
Franchising Contractual business arrangement between a manufacturer or other supplier, and a dealer such as a restaurant operator or retailer
Sole Proprietorship Business ownership in which there is no legal distinction between the sole proprietor's status as an individual and his or her status as a business owner.
Partnership Association of two or more persons who operate a business as co-owners by voluntary legal agreement
Corporation A legal organization with assets and liabilities separate from those of it's owners.
Non-Profit Organization Organization whose goals do not include pursuing a profit. 1. No income tax 2. Regulations on what i takes to be a non profit - They are required to reinvest.
Merger Agreement in which two or more firms combine to form one company
Vertical Merger Merger that combines firms operating at different levels in the production and marketing process.
Horizontal Merger Merger that Joins firms in the same industry for the purpose of diversification, increasing customer bases, cutting cost, or expanding product lines.
Conglomerate Merger Merger that combines unrelated firms usually with the goal of diversification, spurring sales growth, or spending a cash surplus in order to avoid a takeover attempt.
Joint Venture Partnership between companies formed for a specific undertaking.
Limited Liability Your financial obligation/risk is limited to what you invested.
LLC Avoiding double taxation but still large.
United States Population 307,000,000
Created by: deleted user
 

 



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