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Details Title: BUS 110 Description: Midterm terms Total Flash Cards: 42 Created: 10/09/2006 20:37:12	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Capital Definition A collective term for both the funds used to finance a company's operations and its physical, man-made assets such as factories and computers Term Capitalism Definition Economic system based on economic freedom, private ownership, and competition Term Communism Definition Economic system in which the government owns and operates all productive resources and determines all significant economic choices. Term Consumer Price Index (CPI) Definition Monthy statistic that measures changes in the prices of about 400 goods and services that consumers buy Term Economic Indicators (How are they used?) Definition Statistics that measure significant variables in the economy -Used for watching the performance of the economy Term Economics Definition The study of how society uses scarce resources to produce and distribute goods and services Term Microeconomics Definition The study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices Term Economics Definition The study of how society uses resources to produce and distribute goods and services Term Microeconomics Definition The study of how consumers, businesses, and industries collectively determine the quantity of goods and services demanded and supplied at different prices Term Macroeconomics Definition The study of "big picture" issues in an economy including competitive behavior among firms, the effect of government policies, and overall resource allocation issues Term fiscal policy Definition Use of government revenue collection and spending to influence the business cycle Term free market system Definition Economic system in which decisions about what to produce and in what quantities are decided by the market's buyers and sellers Term gross domestic product (GDP) Definition Value of all the final goods and services produced by businesses located within a nations borders; excludes receipts from overseas operations of domestic companies Term gross national product (GNP) Definition Value of all the final goods and services produced by domestic businesses that includes receipts from overseas operations and excludes receipts from foreign owned businesses within a nation's borders Term Recession Definition Period during which national income, employment, and production all fall Term Stakeholders Definition Individuals or groups to whom business has a responsibility Term Socialism Definition Economic system characterized by public ownership and operation of key industries combined with private ownership and operation of less vital industries Term Affirmative action Definition Activities undertaken by businesses to recruit and promote women and minorities, based on an analysis of the workforce and the available labor pool Term Consumerism Definition Movement that pressures businesses to consider consumer needs and interests Term Corporate social responsiblity Definition The concern of businesses for the welfare of society as a whole Term Ethical Dilemma Definition Situation in which both sides of an issue can be supported with valid agruments Term Justice Definition The resolution of ethical questions and other dilemmas in a manner that is consistent with generally accepted standards of right and wrong Term Whistle-blowing Definition The disclosure of information by a company insider that exposes illegal or unethical behavior on the part of the organization Term Balance of payments Definition Sum of all payments one nation receives from other nations minus the sum of all payments it makes to other nations, over some specified period of time Term Comparitive advantage theory Definition Theory that states that a country should produce and sell to other countries those items it produces most efficiently Term Economies of scale Definition Savings from buying parts and materials, manufacturing, or marketing in large quantities Term Ethnocentrism Definition Judging all other groups according to your own group's standards, behaviors, and customs Term Exchange rate Definition Rate at which the money of ones counrty is trades for the money of another Term Protectionism Definition Government policies aimed at shielding a country's industries from foreign competition Term Tariffs Definition Taxes levied on imports Term Trade deficit Definition Unfavorable trade balance created when a counry imports more than it exports Term Trading blocs Definition Organizations of nations that remove barriers to trade among their memebers and that establish uniform barriers to trade with nonmember nations Term Chief Information Officer (CIO) Definition A high-level executive responsible for understanding the company's information needs and creating systems and procedures to deliver that information to the right people at the right time Term Data mining Definition A method of extracting previously unknown relationships among individual data points in a database Term e-commerce Definition Short for 'electronic commerce', which refers to marketing and selling products over the internet Term Extranets Definition Websites that are similar to intranets but also allow access by trusted outside business partners Term Intellectual property Definition A wide range of creative outputs with commercial value, such as design ideas, manufacturing processes, brands, and chemical formulas Term Malware Definition shorts for 'malicious software'; an unbrella term for illicit software with destructive, invasive, or criminal intent Term Wi-Fi Definition A wireless alternative for LANs; short for 'wireless fidelity' Term Metacrawlers Definition Online tools that format search requests for the specific requirements of multiple search engines Term Board of directors Definition Group of people, elected by the shareholders, who have the ultimate authority in guiding the affairs of a corporation Term Common stock Definition Shares whose owners have voting rights and have the last claim on distributed profits and assets