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Business Finals

This contains all the vocab we need to know for ch1, ch3 and ch5.

QuestionAnswer
needs things that are required in order to live
wants things that add comfort and pleasure to life
goods thing that you can see and touch
services activites that are consumed at the same time they are produced
economic resources means through which goods and services are producd
factors of production + three types another word for economic resources, three types: natural, human and capital resources
natural resources raw material supplied by nature
human resources poeple producing goods and services
scarcity not having enough resources to satisfy every need
Economic decision-making(steps) process of choosing which wants among several options will be satisfied(define the problem, identify the choices, evaluate the choices, choose, do your choose, review it)
tradeoff giving up something for something else
opportunity cost cost of the next best thing you did not choose
economic question 1. What goods and services will be produced? 2. How will the goods and services be produced? 3. What needs and wants will be satisfied with the goods and services produced.
economic system(4 types) nation's plan for answering the 3 economic questions(command, market, traditional, mixed)
command economy the resources are owned and controlled by the government
market economy the resources are owned and controlled by the people of the country
traditional economy goods and services are produced the way they have always been done
mixed economy combines elements of the command and market economy
capitalism refers to the private ownership of resources by individuals, rater than by the government
private property means you can own, use or dispose of things of value
freedom of choice means you can make decisions independently and must accept the cosequences of those decisions
profit money left from sales after all cost of opetating a buisness has been paid
competition rivalry amoung buisnesses to sell their goods and services
consumer person who buys and uses good ans services
producers individuals and organizations that determine what products and services will be available for sale
demand quantity of a good or service that consumers are willing and able to buy
supply quantity of a good or service that buisnesses are willing and able to provide
competitors buiness offering very similar products to same customers
Law of Demand as price increases, quantity demand decreases
Law of Supply as prices increases, quantity increases
Market Price point where supply and demand are equal
Increase in supply or demand shift to right
decrease in supply or demand shift to left
changes in demand 1. consumer's tastes 2. Income changes 3. Availability of subsitutes
changes in supply 1. Weather 2. Cost of Production 3. More efficient ways to produce goods and services
Domestic business making, buying, and selling of goods and services within a country
International Business refers to business activities needed for creating, shipping, and selling goods and services across national borders (also known as foreign or world trade)
Absolute advantage exists when a country can produce a good or service at a lower cost than other countries
Comparative advantage situation in which a country specializes in the production of a good or service at which it is relatively more efficient
Imports items bought from other countries
exports goods and services sold to other countries
balance of trade difference between a country's total exports and total imports
trade surplus when a country exports(sells) more than it imports(buys)
trade deficit when a country imports more than it exports
balance of payments difference between the amount of money that comes into a country and the amount that goes out
positive(favorable) balance of payments occurs when a country receives more money than it pays out
negative (unfavorable) balance of payments result of a country sending more money than it brings in
exchange rate value of a currency in one country compared with the value in another
factors affecting currency values balance of payments, economic conditions, and political stability
4 factors for international business environment Geography, cultural influences, economic development and political and legal concerns
infrastructure refers to a nation's transportation, communication, and utility systems
trade barriers restrictions to free trade
formal trade barriers government trade barriers
informal trade barriers cultural, traditions and religous trade barriers
quota sets a limit on the quantity of a product that may be imported or exported within a given period
tariff tax that a government places on certain imported products
embargo when government stops the export or import of a product completely
free-trade zone selected area where products can be imported duty-free
free-trade agreement member countries agree to remove duties and trade barriers on products traded among them
common market members do away with duties and other trade barriers (also known as economic market)
multinational company(MNC) organization that does business in several countries
global strategy using the same product and marketing strategy worldwide
multinational strategy treats each country market differently
Licensing selling the right to use some intangible property for a fee or royalty
franchise the right to use a company name or business process in a specific way
joint venture afreement between two or more companies to share a buisness project
world Trade Organization(WTO) promotes trade around the world
International Monetary Fund(IMF) helps to promote conomic cooperation
World bank provide economic aid
contingent worker one who has no explicit or implicit contract for long term employment
Business Activities Generating Ideas, Raising Capital, Employing and training Personnel, Buying Goods and Services, Marketing Goods and Services, and Maintaining Business records
Producers create the product and services used by individuals and other businesses
intermediaries businesses involved in selling goods and services of producers to consumer and other businesses
service business carrier out activities that are consumed by its customers
proprietorship business owned and run bu just one person
partnership business owned and controlled bu 2 or more people
corporation separate legal entity formed by documents filed with your state
partnership agreement written agreement among all owners
articles of incorporation written legal document that defines ownership and operating procedures and conditions for the business
limited liability partnership identifies some investors who cannot lose more than the amount of their investment, but are not allowed to participate in the day-to-day activities
S-corporation offers the limited liability of a corporation
limited liability company provides liability protection for owners
nonprofit organization group of people who work together to benefit the community
franchise written contract granting permission to operate a business to sell products and services in a set way
mission statement short, specific written statement of the reason a business exists and what is wants to achieve
policies guidelines used in making consistent decisions
procedures descriptions of the way work is to be done
organization chart shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications
functional organization structure work is arranged within main business functions such as production, operations, marketing, and human resources
matrix organizational structure work is structured around specific projects, products, or customer groups
Created by: studybuddy300