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Introduction to Business Enterprise
Vocab Words
85
Business
Undergraduate 1
01/18/2011

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Term
Goods
Definition
Tangible products such as computers, food, clothing, cars and appliances
Term
Services
Definition
Intangible products that can't be held in your hand like, educations, health care, insurance, recreation and travel
Term
Business
Definition
any activity that seeks to provide goods and services to others while operating at a profit
Term
Entrepreneur
Definition
a person who risks time and money to start and manage a business
Term
Revenue
Definition
the total amount of money a business takes in during a given period by selling goods and services and assets
Term
Profit
Definition
the amount of money a business earns above and beyond
Term
Loss
Definition
occurs when a business' expenses are more than its revenues
Term
Risk
Definition
the chance an entrepreneur takes of losing time and money on a business that may not prove profitabe
Term
Quality of Life
Definition
the general well-being of a society in terms of its political freedom, natural environment, education, healthcare, safety, amount of leisure and rewards that add to the personal satisfaction
Term
Stakeholders
Definition
all the people who stand to gain or lose by the policies and activities of a business and whose concerns the businesses need to address
Term
Outsourcing
Definition
contracting with other companies to do some of the firm's functions
Term
Insourcing
Definition
foreign companies opening offices and factories in the United States
Term
Technology
Definition
everything from phones to copiers and the various software programs that make business more affective, efficient and productive
Term
Business Environment
Definition
the surrounding factors that either help or hinder the development of business
Term
Climate Chnage
Definition
the movement of the temperature of the planet up or down over time
Term
Database
Definition
an electronic storage file for information
Term
Demography
Definition
the statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
Term
E-Commerce
Definition
the buying and selling of online goods over the internet
Term
Empowerment
Definition
allowing workers to make other decisions essential to producing high-quality goods and services
Term
Factors of Production
Definition
Land, Labor, Capital, Entrepreneurship, Knowledge
Term
Greening
Definition
saving energy and producing products that cause less harm to the environment
Term
Identity Theft
Definition
the obtaining of individual's personal information, such as Social Security and credit card numbers, for illegal purposes.
Term
Non Profit Organization
Definition
an organization whose goals do not include making a personal profit for its owners or organizers
Term
Productivity
Definition
the amount of output you generate given the amount of input, such as the number of hours you work
Term
Standard of Living
Definition
the amount of goods and services people can buy witht he money they have
Term
Economics
Definition
the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
Term
macroeconomics
Definition
the operation of a nation's economy as a whole
Term
microeconomics
Definition
the behavior of people and organizations in markes for particular products or services
Term
resource development
Definition
the study of how to increase resources and create conditions that will make better use of them
Term
invisible hand
Definition
used to describe the process that turns self-directed gain into social and economic benefits for all
Term
capitalism
Definition
all or most of the factors of production and distribution-such as land, factories, railroads, and stores- are owned by individuals
Term
market price
Definition
determined by supply and demand
Term
perfect competition
Definition
exists when there are many sellers, in a market and none is large enough to dictate the price of a product
Term
monopolistic competition
Definition
a large number of sellers produce very similar products that buyers nevertheless perceive as different, such as hot dogs, sodas, personal computers, and T-shirts
Term
oligopoly
Definition
a degree of competition in which just a few sellers dominate a market, as we see in tobacco, gasoline, automobiles, aluminum, and aircraft
Term
monopoly
Definition
occurs when one seller controls the total supply of a product or service, and sets the price
Term
socialism
Definition
an economic system based on the premise that some, if not most, basic business should be owned by the government so that profits can be more evenly distributed among the people
Term
brain drain
Definition
the loss of the best and brightest people to other countries
Term
communism
Definition
an economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production
Term
free-market economies
Definition
exist when the market largely determines what goods and services get produced, who gets them, and how the economy grows
Term
command economies
Definition
exist when the government largely decides what goods and services will be produced, who gets them, and how the economy will grow
Term
mixed economies
Definition
exist when some allocation of resources is made by the market and some by the government
Term
gross domestic product
Definition
the total value of final goods and services produced in a country in a given year
Term
unemployment rate
Definition
the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks
Term
inflation
Definition
a general rise in the prices of goods and services over time
Term
disinflation
Definition
a situation in which price increases are slowing
Term
stagflation
Definition
a situation when the economy is slowing but prices are going up anyhow
Term
consumer price index
Definition
monthly statistics that measures the pace of inflation or deflation
Term
producer price index
Definition
an index that measures prices at the wholesale level
Term
business cycles
Definition
the periodic rises and falls that occur in the economies over time
Term
recession
Definition
two or more consecutive quarters of decline in the GDP
Term
depression
Definition
a severe recession, usually accompanied by deflation
Term
fiscal policy
Definition
the federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending
Term
national debt
Definition
the sum of government deficits over time
Term
Keynesian Economic Theory
Definition
the theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession
Term
monetary policy
Definition
the management of the money supply and interest rates by the federal reserve bank
Term
importing
Definition
buying products from another country
Term
exporting
Definition
selling products to another country
Term
free trade
Definition
the movement of goods and services among nations without political or economic barriers
Term
comparative advantage theory
Definition
theory that states that a country should sell to other countries those products that it produces most efficiently, and buy from other countries those products that it cannot produce as effectively or efficiently
Term
absolute advantage
Definition
the advantage that exists when a country has a monopoly on producing a specific product or is able to produce it more efficiently that all other countries
Term
balance of trade
Definition
the total value of a nation's exports compared to its imports measured over a particular period
Term
trade surplus
Definition
a favorable balance of trade; occurs when the value of a country's exports exceeds that of its imports
Term
trade deficit
Definition
an unfavorable balance of trade; occurs when the value of a country's imports exceeds that of its exports
Term
balance of payments
Definition
the difference between money coming into a country and money leaving the country plus money flows from other factors such as tourism, foreign aid, military expenditures, and foreign investment
Term
dumping
Definition
selling products in a foreign country at lower prices that those charged in the producing country
Term
licensing
Definition
a global strategy in which a firm allows a foreign company to produce its product in exchange for a fee
Term
contract manufacturing
Definition
a foreign country's production of private-label goods to which a domestic company then attaches its brand name or trademark; part of the broad category of outsourcing
Term
joint venture
Definition
a partnership in which two or more companions join to undertake a major project
Term
strategic alliance
Definition
a long-term partnership between two or more companies established to help each company build competitive market advantages
Term
foreign direct investment
Definition
the buying of permanent property and businesses in foreign nations
Term
foreign subsidiary
Definition
a company owned in a foreign country by another company, called the parent company
Term
multinational corporation
Definition
an organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management
Term
sovereign wealth funds
Definition
investment funds controlled by governments holding large stakes in foreign companies
Term
exchange rate
Definition
the value of one nation's currency relative to the currencies of other countries
Term
devaluation
Definition
lowering the value of a nation's currency relative to other currencies
Term
countertrading
Definition
a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services
Term
trade protectionism
Definition
the use of government regulations to limit the import of goods and services
Term
tariff
Definition
a tax imposed on imports
Term
import quota
Definition
a limit on the number of products in certain categories that a nation can import
Term
embargo
Definition
a complete ban on the import or export of a certain product , or the stopping of all trade with a particular country
Term
General Agreement on Tariffs and Trade
Definition
a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions
Term
World Trade Organization
Definition
the international organization that replaced the general agreement on tariffs and trade, and was assigned the duty to mediate trade disputes among nations
Term
common market
Definition
a regional group of countries that have a common external tariff, no internal tariffs, and a coordination of laws to facilitate exchange; also called a trading bloc
Term
North American Free Trade Agreement
Definition
agreement that created a free-trade area among the United States, Canada, and Mexico
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