Term
|
Definition
water, shelter, money, etc...
things needed in order to survive |
|
|
Term
|
Definition
| how much a company has of that product |
|
|
Term
|
Definition
| the desire of the product by consumers |
|
|
Term
|
Definition
| unlimited wants and needs but limited resources |
|
|
Term
|
Definition
| when you give up something to have something else |
|
|
Term
|
Definition
| intangible; activities that are consumed at the same time they are produced |
|
|
Term
|
Definition
| things that add comfort and pleasure to your life but are neccessary |
|
|
Term
|
Definition
| things you can see and touch; you satisfy your needs and wants by purchasing goods |
|
|
Term
| 6 Steps in Decision Making Process |
|
Definition
| define problem, identify choices, evaluate pros and cons of decision, choose one, act on your choice, review your decision |
|
|
Term
|
Definition
| value of the next best alternative that you did not choose |
|
|
Term
|
Definition
| human resources, natural resources, and capital resources |
|
|
Term
|
Definition
people producing goods and services
Ex: entrepeneurs |
|
|
Term
|
Definition
raw materials supplied by nature
Ex: oil, crops, timber, etc... |
|
|
Term
|
Definition
the products and money used in the production of goods and services
Ex: buildings, money, equipment, etc... |
|
|
Term
|
Definition
| value of the dollar decreases; costs more to buy something |
|
|
Term
|
Definition
| how you make other people more productive; more efficient business |
|
|
Term
|
Definition
| output per person; calculated by dividing GDP by total population; average person spends during the year |
|
|
Term
|
Definition
| labor force consists of all people above the age of 16 who are actively working or seeking work |
|
|
Term
|
Definition
| portion of people in the labor force who are not employed |
|
|
Term
|
Definition
| movement of the economy from one condition to another and back again; recession, depression, recovery, and prosperity |
|
|
Term
|
Definition
| a period in which most people who want to work are, businesses produce goods and services in record numbers, GDP increases and wages are good |
|
|
Term
|
Definition
| period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows for two or more quarters |
|
|
Term
|
Definition
| prolonged period of high unemployment, weak consumer sales and business failures, GDP falls rapidly |
|
|
Term
|
Definition
| unemployment begins to decrease, demand for goods/services increases, GDP begins to rise |
|
|
Term
|
Definition
| gross domestic product; total dollar value of all final goods and services produced in a country during one year |
|
|
Term
|
Definition
| goods and services sold to other countries |
|
|
Term
|
Definition
| items bought from other countries |
|
|
Term
|
Definition
| government stopping importing or exporting of a product completely; reasons are to protect own businesses and to show disapproval with countries |
|
|
Term
|
Definition
| tax government places on certain products; lowers the demand of that product |
|
|
Term
|
Definition
| government set a limit on the quantity of a product that might be imported or exported within a given period |
|
|
Term
|
Definition
| NAFTA (North American Free Trade Agreement) |
|
|
Term
|
Definition
| company that conducts business in multiple countries |
|
|
Term
|
Definition
sells products that fit that region/culture
Ex: McDonalds sells a lot of fish in Japan |
|
|
Term
|
Definition
uses same product and marketing strategy worldwide
Ex: Coca Cola |
|
|
Term
|
Definition
| making, buying, and selling of goods and services within a country |
|
|
Term
|
Definition
| difference between amount of money coming into a country and the amount that goes out |
|
|
Term
|
Definition
| right to use a company name or business product in a specific way |
|
|
Term
|
Definition
| refers to business activities needed for creating, shipping, and selling goods/services across the world |
|
|
Term
| 4 Social Resposibility Issues |
|
Definition
| environmental protection, workplace diversity, job safety, and employee wellness |
|
|
Term
|
Definition
| Verizon reduces energy use by designing a new system to regulate temperature to 9% |
|
|
Term
|
Definition
| Verizon implemented the ESS or Enterprise Safety System across the company |
|
|
Term
|
Definition
| benefits from company; comany gyms or fitness classes, AA meetings or other addiction meetings |
|
|
Term
|
Definition
| women and minorities make up 60% of workforce in company for Verizon |
|
|
Term
|
Definition
| short, specific written statement of the reason the business exists and what it wants to achieve |
|
|
Term
| Purpose of a Business Plan |
|
Definition
| show your business idea and how it will be carried out |
|
|
Term
| Three Types of Small Business Financing |
|
Definition
| loans, credit, and venture capital |
|
|
Term
|
Definition
| money provided by investors to finance new products and new businesses that have a good chance to be very profitable |
|
|
Term
|
Definition
Sam Walton created Wal-Mart
Russell Simmons founded Def-Jam Records
Tony Hseih founded Zappos |
|
|
Term
| Entrepreneur Charateristics |
|
Definition
| persistant, energetic, creative, reliable, competitive, goal oriented, independent, self-confident, hard worker, and problem-solving skills |
|
|
Term
|
Definition
| top management, mid-management, and supervisors |
|
|
Term
|
Definition
| executives; held accountable for everything |
|
|
Term
|
Definition
| marketing manager, prepare plans for their own part of the business |
|
|
Term
|
Definition
| responsible for the work of a group of employees |
|
|
Term
|
Definition
| position, reward, expert, and identity influence |
|
|
Term
|
Definition
| difference between a country's total exports and imports |
|
|
Term
|
Definition
| doing business in other countries requires knowledge; must consider a country's culture, geography, economy, and the political and legal concerns |
|
|
Term
|
Definition
| set of rules for guiding the actions of employees or members of an organization |
|
|
Term
|
Definition
| protects the creative work of authors, composers, and artists; lasts for lifetime of person then 50 years after death |
|
|
Term
|
Definition
| gives the inventor the sole right to make, use, or sell the item for 17 years |
|
|
Term
|
Definition
business involved in selling the goods and services of producers to consumers and other businesses
Ex: retailers and wholesalers |
|
|
Term
|
Definition
| one who had no explicit or implicit contract for long term employment |
|
|
Term
| How has the U.S. Job Market Changed? |
|
Definition
| more women in higher positions, multiple ethnic and racial groups work, handicap workers, and technology is a huge thing |
|
|
Term
|
Definition
| descriptions of the way work is to be done; guidelines and direction to people working in the organization |
|
|
Term
|
Definition
| business owned and controlled by two or more people who have entered into a written agreement, easy to start, both owners are responsible, share investments and profits, each partner is liable for all debt if business fails |
|
|
Term
| Small Business Employment |
|
Definition
| nearly 50% of all U.S. workers; 60-80% of all new jobs; many are professional, technical, and construction companies |
|
|
Term
|
Definition
| women own over 1/4 of all small businesses; over 16% are owned by African-Americans, Asian-Americans or Hispanics; most over 40 years old; around 20% are under 25; almost all have a high school diploma; 30% have finished some college |
|
|
Term
|
Definition
| style in which the manager is more directive and controlling; the manager makes the decisions |
|
|
Term
|
Definition
| ability to motivate individuals and groups to accomplish important goals; not all managers are good leaders |
|
|
Term
|
Definition
| principles of morality or rules of conduct |
|
|
Term
|
Definition
| a word, letter, or symbol linked with a specific company or product |
|
|
Term
| Most Important Role of Businesses |
|
Definition
| to make and distribute products and services needed b consumers, government, and other businesses |
|
|
Term
|
Definition
| generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, and maintain business records |
|
|
Term
|
Definition
| highest and lowest price at which the stock was sold in the past year |
|
|
Term
|
Definition
| shows volume of shares traded on the date of the table |
|
|
Term
|
Definition
| comparison of the price per share to the earnings per share |
|
|
Term
|
Definition
| highest and lowest prices of all trades made during the date of the table |
|
|
Term
|
Definition
| last price at which the trade was made during the trading day |
|
|
Term
|
Definition
| change between the closing price for the previous day and the current day |
|
|
Term
|
Definition
| subject to more laws and more difficult to form, corporate bylaws, boards of directors, liability is limited to amount invested, most popular form of ownership for large businesses |
|
|
Term
|
Definition
| people born between 1946-1964; dominated the workforce; will begin to retire in 2010s |
|
|
Term
| Small Business Advantages |
|
Definition
| meeting customer needs, provide unique services |
|
|
Term
| Reasons for Business Failure |
|
Definition
| not keeping adequate records, not having enough start-up money, lack of experience, poor location, and failure to manage credit |
|
|
Term
|
Definition
| planning, organizing, staffing, implementing, and controlling |
|
|
Term
| Importance of Ethical Behavior |
|
Definition
| people are doing the right things and not the wrong things like cheating or stealing |
|
|
