Term
| what has changed about businesses in the last decade? |
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Definition
- the players
- what consumers want
- how we buy
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Term
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Definition
| any activity that provides goods and services in an effort to earn profit |
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Definition
| focus on causes not profit |
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Term
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Definition
| financial reward that comes from starting and running a business, the money earned in sales minus expenses. |
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Term
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Definition
- tech advances led to industrialization
- mid 1700s to mid 1800s
- mass production and factories
- work specialization (semi skilled workers)
- result being production efficiency but loss of individual ownership and pride
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Term
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Definition
- second half of 1800s
- enormous wealth, increased standard of living
- many entrepreneurs dominated their markets forcing out competition, manipulating prices, exploiting workers
- gov stepped in passing laws to regulate businesses
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Definition
- early 1900s
- focus on efficiency
- jobs became more specialized, increasing productivity and lowering prices/costs
- in 1913 Henry Ford introduced the assembly line
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Term
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Definition
emerged during the Great Depression
aggressive persuasion designed to separate consumers from cash |
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Definition
- after WWII consumers were new focus
- developed brands or distinctive identities to differentiate
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Term
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Definition
| a consumer focus that permeates successful companies in every department, at every level |
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Term
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Definition
- aim to build long-term relationships
- rely on satisfied customers to spread the word of their business
- key tool is technology
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Term
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Definition
- natural resources
- capital
- human resources
- entrepreneurship(key tool)
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Term
| 5 Key Dimensions of the Business Environment |
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Definition
- the economic environment
- competitive environment
- social environment
- technological environment
- global environment
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Term
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Definition
| country's overall economy |
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Term
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Definition
| consumers, families, individual businesses |
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Term
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Definition
government efforts to influence the economy
- taxation
- government spending
- controlled by congress/budget process
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Term
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Definition
federal reserve actions to shape the economy
- supply and demand of money
- controlled by the FED
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Term
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Definition
changes in the discount rate
changes in reserve requirement
open market operations |
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Term
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Definition
| all currency, paper and coins, plus checking accounts and traveler's checks |
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Term
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Definition
| all M1 plus most savings accounts, money markets, and certificates of deposit |
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Term
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Definition
- private ownership
- economic freedom
- fair competition
- innovation and hard work
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Term
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Definition
| the study of how people, companies, and governments allocate resources |
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Term
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Definition
| a financial and social system of how resources flow through society |
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Term
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Definition
| overage that occurs when revenue is higher than expenses over a given period of time |
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Term
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Definition
| shortfall that occurs when expenses are higher than revenue over a given period of time |
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Term
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Definition
| the sum of all the money that the Fed Gov has borrowed over the years and not yet repaid |
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Term
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Definition
| the Fed Reserve function of buying and selling government securities, which include treasury bonds, notes, and bills |
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Term
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Definition
| a federal agency that insures deposits in banks and thrift institutions for up to $100,000 per customer, per bank |
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Term
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Definition
| a rule set by the Fed, which specifies the minimum amount of reserves (or funds) a bank must hold, expressed as a percentage of the banks deposits |
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Term
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Definition
| a structure for allocating limited resources |
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Term
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Definition
| an economic system- also known as the private enterprise or free market system- based on private ownership, economic freedom and fair competition. |
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Term
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Definition
a market structure with many competitors selling virtually identical products.
barriers to entry are quite low |
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Term
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Definition
a market structure with many competitors selling differentiated products
barriers to entry are low |
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Term
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Definition
a market structure with only a handful of competitors selling products that are either similar or different.
barriers to entry are typically high |
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Term
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Definition
a market structure with one producer completely dominating the industry, leaving no room for any significant competitors.
Barriers to entry tend to be virtually insurmountable. |
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Term
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Definition
| a market structure with one company as the supplier of a product because the nature of that product makes a single supplier more efficient than multiple, competing ones. most natural monopolies are government sanctioned and regulated |
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Term
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Definition
| when firms either acquire foreign firms or develop new facilities from the ground up in foreign countries |
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Term
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Definition
| when two or more companies join forces- sharing resources, risks, and profits, but not actually merging companies- to pursue specific opportunities |
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Term
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Definition
| a formal, typically long-term agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses |
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Term
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Definition
| an agreement between two or more firms to jointly pursue a specific opportunity without actually merging their businesses. strategic alliances typically involve less formal, less encompassing agreements than partnerships. |
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Term
| sociocultural differences |
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Definition
| differences among cultures in language, attitudes, and values |
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Term
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Definition
| the quantity of products that producers are willing to offer for sale at different market prices |
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Term
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Definition
| the graphed relationship between price and quantity from a supplier standpoint |
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Term
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Definition
| the quantity of products that consumers are willing to buy at different market prices |
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