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Intro to Business Semester One
Semester One - Vocabulary and Concepts
84
Business
11th Grade
01/07/2012

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Term
Needs
Definition

water, shelter, money, etc...

things needed in order to survive

Term
Supply
Definition
how much a company has of that product
Term
Demand
Definition
the desire of the product by consumers
Term
Basic Economic Problem
Definition
unlimited wants and needs but limited resources
Term
Trade-Off
Definition
when you give up something to have something else
Term
Services
Definition
intangible; activities that are consumed at the same time they are produced
Term
Wants
Definition
things that add comfort and pleasure to your life but are neccessary
Term
Goods
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
Opportunity Cost
Definition
value of the next best alternative that you did not choose
Term
Three Economic Resources
Definition
human resources, natural resources, and capital resources
Term
Human Resources
Definition

people producing goods and services

Ex: entrepeneurs

Term
Natural Resources
Definition

raw materials supplied by nature

Ex: oil, crops, timber, etc...

Term
Capital Resources
Definition

the products and money used in the production of goods and services

Ex: buildings, money, equipment, etc...

Term
Inflation
Definition
value of the dollar decreases; costs more to buy something
Term
Productivity
Definition
how you make other people more productive; more efficient business
Term
GDP per capita
Definition
output per person; calculated by dividing GDP by total population; average person spends during the year
Term
Employment
Definition
labor force consists of all people above the age of 16 who are actively working or seeking work
Term
Unemployment
Definition
portion of people in the labor force who are not employed
Term
Business Cycle
Definition
movement of the economy from one condition to another and back again; recession, depression, recovery, and prosperity
Term
Prosperity
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
Recession
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
Depression
Definition
prolonged period of high unemployment, weak consumer sales and business failures, GDP falls rapidly
Term
Recovery
Definition
unemployment begins to decrease, demand for goods/services increases, GDP begins to rise
Term
GDP
Definition
gross domestic product; total dollar value of all final goods and services produced in a country during one year
Term
Exports
Definition
goods and services sold to other countries
Term
Imports
Definition
items bought from other countries 
Term
Embargoes
Definition
government stopping importing or exporting of a product completely; reasons are to protect own businesses and to show disapproval with countries
Term
Tariffs
Definition
tax government places on certain products; lowers the demand of that product
Term
Quota
Definition
government set a limit on the quantity of a product that might be imported or exported within a given period
Term
Free Trade Zone
Definition
NAFTA (North American Free Trade Agreement)
Term
Multinational Company
Definition
company that conducts business in multiple countries
Term
Multinational Strategy
Definition

sells products that fit that region/culture

Ex: McDonalds sells a lot of fish in Japan

Term
Global Strategy
Definition

uses same product and marketing strategy worldwide

Ex: Coca Cola

Term
Domestic Business
Definition
making, buying, and selling of goods and services within a country
Term
Balance of Payments
Definition
difference between amount of money coming into a country and the amount that goes out
Term
Franchise
Definition
right to use a company name or business product in a specific way
Term
International Business
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
Environmental Protection
Definition
Verizon reduces energy use by designing a new system to regulate temperature to 9%
Term
Job Safety
Definition
Verizon implemented the ESS or Enterprise Safety System across the company
Term
Employee Wellness
Definition
benefits from company; comany gyms or fitness classes, AA meetings or other addiction meetings
Term
Workforce Diversity
Definition
women and minorities make up 60% of workforce in company for Verizon
Term
Mission Statement
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
Venture Capital
Definition
money provided by investors to finance new products and new businesses that have a good chance to be very profitable
Term
Entrepreneurs in Action
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
Three Management Levels
Definition
top management, mid-management, and supervisors
Term
Top Management
Definition
executives; held accountable for everything
Term
Mid-Management
Definition
marketing manager, prepare plans for their own part of the business
Term
Supervisors
Definition
responsible for the work of a group of employees
Term
Four Types of Influence
Definition
position, reward, expert, and identity influence
Term
Balance of Trade
Definition
difference between a country's total exports and imports
Term
Global Marketplace
Definition
doing business in other countries requires knowledge; must consider a country's culture, geography, economy, and the political and legal concerns
Term
Code of Ethics
Definition
set of rules for guiding the actions of employees or members of an organization
Term
Copyright
Definition
protects the creative work of authors, composers, and artists; lasts for lifetime of person then 50 years after death
Term
Patents
Definition
gives the inventor the sole right to make, use, or sell the item for 17 years
Term
Intermediaries
Definition

business involved in selling the goods and services of producers to consumers and other businesses

Ex: retailers and wholesalers

Term
Contingent Workers
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
Procedures
Definition
descriptions of the way work is to be done; guidelines and direction to people working in the organization
Term
Partnership
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
Ownership Diversity
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
Tactical Management
Definition
style in which the manager is more directive and controlling; the manager makes the decisions
Term
Leadership
Definition
ability to motivate individuals and groups to accomplish important goals; not all managers are good leaders
Term
Ethics
Definition
principles of morality or rules of conduct
Term
Trademark
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
Six Business Activities
Definition
generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, and maintain business records
Term
52 WK HI-LO
Definition
highest and lowest price at which the stock was sold in the past year
Term
VOL
Definition
shows volume of shares traded on the date of the table
Term
PE
Definition
comparison of the price per share to the earnings per share
Term
HI-LO
Definition
highest and lowest prices of all trades made during the date of the table
Term
CLOSE
Definition
last price at which the trade was made during the trading day
Term
NET CHG
Definition
change between the closing price for the previous day and the current day
Term
Corporation
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
Baby Boomers
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
Managers Five Functions
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
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