Term
|
Definition
| any activity that seeks to provide goods and services to others while operating at a profit |
|
|
Term
|
Definition
| the amount of money a business earns above what it spends for salaries and other expenses |
|
|
Term
|
Definition
| a person who risks time and money to start and manage a business |
|
|
Term
|
Definition
| the total amount of money a busienss takes in during a given period by selling goods and services |
|
|
Term
|
Definition
| when a business's expenses are more than its revenues |
|
|
Term
|
Definition
| the chance an entrepreneur takes of losing time and money on a business that may not prove profitable |
|
|
Term
|
Definition
| the amount of goods and services people can buy with the money they have |
|
|
Term
|
Definition
| the general well-being of a society in terms of political freedom, a clean natural env., health care, etc. |
|
|
Term
|
Definition
| all people associated with a business. includes customers, employees, stockholders, suppliers, dealers, bankers, etc. |
|
|
Term
|
Definition
| assigning various functions to outside organizations |
|
|
Term
|
Definition
| an org. whose goals do not include making a personal profit for its owners or organizers. goal is to make contributions to the welfare of society |
|
|
Term
|
Definition
| resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge |
|
|
Term
| economic and legal environment |
|
Definition
| freedom of ownership, contract laws, elimination of corruption, tradable currency, minimum taxes and regulation |
|
|
Term
| technological environment |
|
Definition
| information technology, databases, bar codes, the internet |
|
|
Term
|
Definition
| customer service, stakeholder recognition, employee service, concern for the environment |
|
|
Term
|
Definition
| diversity, demographic changes, family changes |
|
|
Term
|
Definition
| what makes business processes more efficient and productive |
|
|
Term
|
Definition
| the amount of output you generate given the amount of input |
|
|
Term
|
Definition
| buying and selling of goods and services over the internet |
|
|
Term
|
Definition
| giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests |
|
|
Term
|
Definition
| statistical study of human population with regard to its size, density, and other characteristics such as age, race, gender, and income |
|
|
Term
| evolution of american business |
|
Definition
| evolved from agriculture/manufacturing to service industries |
|
|
Term
|
Definition
| study of how society chooses to employ resources to produce goods and services and distribute them among competing groups/individuals |
|
|
Term
|
Definition
| looks at the operation of a nation's economy as a whole |
|
|
Term
|
Definition
| looks at the behavior of people and organizations in particular markets |
|
|
Term
|
Definition
| study of how to increase resources and to create the conditions that will make better use of those resources |
|
|
Term
|
Definition
| phrase coined by thomas malthus to describe econ. "too many people, not enough resources to support them" |
|
|
Term
|
Definition
| "Wealth of Nations" freedom was vital to the survival of an economy |
|
|
Term
|
Definition
| describes the process that turns self-directed gain into social and economic benefits for all |
|
|
Term
|
Definition
| private property, business ownerships/profits, freedom of competition, freedom of choice |
|
|
Term
|
Definition
| market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product |
|
|
Term
|
Definition
| large number of sellers produce products that are very similar but that are perceived by buyers as different. ex. fast food, colleges |
|
|
Term
|
Definition
| just a few sellers dominate the market. ex. auto industry |
|
|
Term
|
Definition
| only one seller for a product or service. ex. public utilities |
|
|
Term
|
Definition
| system based that some or most basic businesses should be owned by the government so that profits can be evenly distributed among the people |
|
|
Term
|
Definition
| the loss of the best and brightest people to other countries |
|
|
Term
|
Definition
| gov't owns almost all factors of production |
|
|
Term
|
Definition
| market determines what goods get produced, and how economy grows |
|
|
Term
|
Definition
| gov't largely decides what goods and services are produced and how economy will grow |
|
|
Term
|
Definition
| systems in which some allocation of resources is made by the market and some by the gov't |
|
|
Term
|
Definition
| GDP, GNP, Unemployment Rate, Price Indexes(CPI and PPI) |
|
|
Term
|
Definition
| The $ value of everything we produce in the US |
|
|
Term
|
Definition
| Value of everything made in the world by US companies |
|
|
Term
|
Definition
| obsolete skills, restructuring of industry/company |
|
|
Term
|
Definition
|
|
Term
|
Definition
| occurs because of recession or downturn in business cycle. Most serious |
|
|
Term
|
Definition
| demand for labor varies season to season |
|
|
Term
|
Definition
| consumer price index - avg movement of consumer good prices |
|
|
Term
|
Definition
| producer price index - wholesale prices |
|
|
Term
|
Definition
| declining/negative economic activity for 2 straight quarters |
|
|
Term
|
Definition
| extended negative econ. activity |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Set by the Federal Reserve. money supply, interest rates |
|
|
