Shared Flashcard Set

Details

Mid Term Review
Business Management Midterm Review 2013-2014
101
Business
12th Grade
01/02/2014

Additional Business Flashcards

 


 

Cards

Term
B2B (1)
Definition
Describes commerce transactions Between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer
Term
Bartar (3)
Definition
Exchange goods or services.
Term
Barter (3)
Definition
The exchange of merchandise for goods or services with no $ involved.
Term
Boom (2)
Definition
Period in a business's sales where it is increasing very rapidly. When business is booming.
Term
Brain drain (2)
Definition
The loss of the best and brightest people.
Term
Business (1)
Definition
An organization or enterprising entity engaged in commercial, industrial or professional activities.
Term
Business to consumer (1)
Definition
Sale of goods or services from a business to a consumer.
Term
CPI (Consumer Price Index) (2)
Definition
Measures changes in the price of the market.
Term
China price (3)
Definition
The lowest price possible.
Term
Command Economy (2)
Definition
Exists when the government commands what goods and services will be produced, who will get them, and how the economy will grow.
Term
Common Market (3)
Definition
Is a regional group of countries that have a common external tariff, no internal tariffs, and the coordination of laws to facilitate exchange among member countries. (European Union)
Term
Common market (3)
Definition
a group of countries imposing few or no duties on trade with one another and a common tariff on trade with other countries.
Term
Communism (2)
Definition
An economic system and political system in which the state (government) makes almost all economic decisions and owns almost all of the major factors of production.
Term
Comparative Advantage Theory (3)
Definition
States that a country should sell to other countries those products that it produces most effectively and efficiently, and buy from other countries those products it cannot produce as effectively or efficiently.
Term
Countertrading (3)
Definition
Is a complex form of bartering in which several countries may be involved, each trading goods for goods or services for services.
Term
Culture (3)
Definition
Refers to the set of values, beliefs, rules, and institutions held by a specific group of people.
Term
Cyclical(2)
Definition
An equity security whose price is affected by ups and downs in the overall economy.
Term
Database (1)
Definition
Electronic storage files where info is kept.
Term
Demand (2)
Definition
The quantity of products that people are willing to buy at different prices at a specific time.
Term
Devaluation (3)
Definition
Is lowering the value of a nation’s currency relative to other currencies.
Term
Dumping (3)
Definition
Is the practice of selling products in a foreign country at lower prices than those charged in the producing country.
Term
E-Commerce (1)
Definition
Buying and selling goods over the internet.
Term
Embargo (3)
Definition
Is a complete ban on the import or export of a certain product or the stopping of all trade with a particular country.
Term
Empowerment (1)
Definition
Training front-line people to make decisions.
Term
Entrepreneur (1)
Definition
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do business.
Term
Equilibrium (2)
Definition
The crossing point between supply and demand.
Term
Ethnocentricity (3)
Definition
an attitude that one’s own culture is superior to all others.
Term
Euro (3)
Definition
The official monetary unit of the European Union.
Term
Exchange Rate (3)
Definition
Is the value of one nation’s currency relative to the currencies of other countries.
Term
Exporting (3)
Definition
Is selling products to another country.
Term
Federal Reserve Bank (2)
Definition
One of 12 regional banks that monitor and act as depositories for banks in their region.
Term
Franchise (3)
Definition
An arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory in a specified manner.
Term
Franchising (3)
Definition
Is the practice of using another firms successful business model.
Term
Free trade (3)
Definition
international trade left to its natural course w/o tariffs, quotas, or other restrictions
Term
Free-Market (2)
Definition
Exists when the market largely determines what goods and services get produced, who gets them, and how the economy grows.
Term
Frictional unemployment (2)
Definition
Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information. When you decide to quit your job without having another one lined up.
Term
GDP (Gross Domestic Product) (2)
Definition
The monetary value of all the finished goods and services produced within a country's borders.
Term
Good (1)
Definition
Tangible products such as…computers, food, clothing, cars, appliances, etc.
(Tangible = you can touch)
Term
Import (3)
Definition
Is buying products from another country.
Term
Inflation (2)
Definition
Persistent increase in the general price level of goods and services in an economy over a period of time
Term
Insourcing (1)
Definition
When foreign companies set up design and/or production facilities in the US.
(Toyota, Honda)
Term
Joint Venture (3)
Definition
A short term partnership in which two or more companies (often from different countries) join to undertake a major project.
Term
Licensing (3)
Definition
The right to manufacture its product or use its trademark to a foreign company (the licensee) for a fee (a royalty).
Term
Loss (1)
Definition
Occurs when a business's expenses are more than its revenues.
Term
Macroeconomics (2)
Definition
Looks at the operation of a nation’s economy as a whole.
Term
Market price (2)
Definition
The price of a product determined by supply and demand.
Term
Microeconomics (2)
Definition
Looks at the behavior of people and organizations in particular markets.
Term
Mixed Economy (2)
Definition
Exists when some of the allocation of resources is made by the market and some by the government.
Term
Monopolistic Competition (2)
Definition
A large number of firms produce goods that are similar but perceived by buyers as different. (computers)
Term
Multinational Corporation (3)
Definition
An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management.
Term
NAFTA (North American Free Trade Agreement) (3)
Definition
A free trade agreement that banned tariffs to increase economic activity between the US, Canada, and Mexico.
Term
National Debt (2)
Definition
The total amount of money the county's government has borrowed by various means. The sum of government deficits over time.
Term
Non profit (1)
Definition
Business that benefits the general public with out a profit motive.
Term
Oligopoly (2)
Definition
When a market is controlled by a small group of firms (example: cereal, soft drinks).
Term
Perception (1)
Definition
The way you think about or understand someone or something.

The ability to understand or notice something easily.

The way that you notice or understand something using one of your senses.
Term
Productivity (1)
Definition
The amount of output/the amount of input. (amount produced/hours worked)
Term
Productivity (2)
Definition
An increase in ____ means that more can be produced
Term
Quota (3)
Definition
Limits the number of products in certain categories that a nation can import.
Term
Recovery (2)
Definition
Occurs when the economy stabilizes and starts to grow.
Term
Resource Development (2)
Definition
The study of how to increase resources and to create the conditions that will make better use of those resources.
Term
Revenue (1)
Definition
The total amount of money a business takes during a given period by selling goods and services.
Term
Seasonal (2)
Definition
Occurs when the demand for labor varies during different times of the year.
Term
Service industry (1)
Definition
A business that does work for a customer, and occasionally provides goods, but is not involved in manufacturing. Examples…lawn care, car maintenance, pet grooming, dry cleaner.
Term
Services (1)
Definition
Intangible products such as education, health care, insurance, travel, lawn care, hair care, etc.
(Intangible = you cannot touch or hold it in your hand)
Term
Shortage (2)
Definition
A state or situation in which something needed cannot be obtained in sufficient amounts.

Not being able to meet the consumer demand for a product.
Term
Stakeholder (1)
Definition
A person or business that has invested money in something.
Term
Standard of Living (1)
Definition
The amount of goods and services people can buy with the money they have.
Term
Strategic Alliance (3)
Definition
is a long-term partnership between two or more companies established to help each company build competitive market advantages.
Term
Supply (2)
Definition
Total amount of a product available for purchase at any specified price.
Term
Tariff (3)
Definition
Are basically taxes on imports, thus making imported goods more expensive.
Term
Trade Deficit
Definition
When the cost of a country's imports exceeds their exports
Term
Trade protectionism (3)
Definition
Is the use of government regulations to limit the import of goods and services.
Term
WTO (World Trade Organization) (3)
Definition
Mediates trade disputes among nations.
Term
IPO (Initial Public Offering) (19)
Definition
A company’s first sale of stock in the market.
Term
Bond (19)
Definition
A corporate certificate indicating that a person has lent money to a firm. (loan)
Term
Stock (19)
Definition
Share of ownership in a company.
Term
Dividend (19)
Definition
Part of a firm’s profits that may be distributed to stockholders as either cash payments or additional shares of stock.
Term
Common stock (19)
Definition
Most basic form of ownership in a firm. Have voting rights.
Term
Stock exchange (19)
Definition
An organization whose members can buy and sell (exchange) securities for companies and individual investors.
Term
NYSE (New York Stock Exchange)
Definition
Largest, floor-based stock exchange.
Term
Ticker symbol (19)
Definition
Abbreviation for a company name. Example: Timken = TKR
Term
Stock broker (19)
Definition
A registered representative who works as a market intermediary to buy and sell securities for clients.
Term
Capital gains (19)
Definition
The positive difference between the price at which you bought a stock and what you sell it for.
Term
Bulls (19)
Definition
Investors who believe the stock prices are going to rise; they buy stock in anticipation of the increase.
Term
Bears (19)
Definition
Investors who expect stock prices to decline; they sell their stocks in anticipation of falling prices.
Term
Blue chip stock (19)
Definition
Stock of high-quality companies. (Coca-Cola, GE, P&G)
Term
Penny stock (19)
Definition
Stocks that sell for less than $2.00
(risky).
Term
Defensive stock (19)
Definition
Stock that tends to remain stable under difficult economic conditions.
(companies’ products/services stay in demand)
Term
Cyclical Stock (19)
Definition
Stock that rises quickly when economic growth is strong and falls rapidly when growth is slowing down.
(car manufacturers, builders)
Term
Income stock (19)
Definition
Especially attractive to investors who are looking for current income that will gradually grow over the years…supplement their income. (older investors
Term
Growth stock (19)
Definition
Securities which appreciate in value and yield a high return. Profits are reinvested…stock prices increase as company grows. (younger investors)
Term
Value stock (19)
Definition
Securities which investors consider to be undervalued.
Term
Stock split (19)
Definition
An action by a company that gives stockholders two or more shares of stock for each one they own.
Term
Mutual Fund (19)
Definition
An organization that buys stocks and bonds and then sells shares in those securities to the public. Pool investors’ money…fund managers…spread the risk.
Term
Diversification (19)
Definition
Involves buying several different investment alternatives to spread the risk of investing. (don’t put all your eggs in one basket)
Term
DOW (19)
Definition
The average cost of 30 selected industrial stocks. Used to give an indication of the market (up or down) over time.
Term
Resume
Definition
A written document that contains a summary of your work experience, including positions held at each employer, and your educational background.
Term
Cover letter
Definition
Introduces you and your resume to potential employers or organizations you seek to join (non-profits, educational institutions, etc). It is the first document an employer sees, so it is often the first impression you will make.
Term
Quality of Life (1)
Definition
General well-being of a society in terms of political freedom, a clean natural environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy.
Term
Outsourcing (1)
Definition
Contracting with other companies to do some or all of the functions of a firm.
Term
Identity theft (1)
Definition
The obtaining of private information about a person, such as Social Security number and/or credit card information.
Supporting users have an ad free experience!