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MGMT111 Ch1
Into to Business Chapter 1
33
Business
Undergraduate 1
02/07/2011

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Term
Business
Definition
individuals or organizations who try to earn a profit by providing products that satisfy people's needs
Term
Product
Definition
a good or service with tangible and intangible characteristics that provide satisfaction and benefits
Term
Profit
Definition
the difference between what it costs to make and sell a product and what a customer pays for it
Term
Non-profit organizations
Definition
organizations that may provide goods or services but do not have the fundamental purpose of earning profits
Term
Stakeholders
Definition
groups that have an interest in the success and outcomes of a business
Term
Economics
Definition
the study of how resources are distributed for the production of goods and services within a social system
Term
Natural resources
Definition
land, forests, minerals, water and other things that are not made by people
Term
Human resources
Definition
the physical and metal abilities that people use to produce goods and services; also called labour
Term
Financial resources
Definition
the funds used to acquire the natural and human resources needed to provide products; also called capital
Term
Economic system
Definition
a description of how a particular society distributes its resources to produce goods and services
Term
Communism
Definition
first described by Karl Marx as a society in which the people, without regard to class, own all the nation's resources
Term
Socialism
Definition
an economic system in which the government owns and operated basic industries but individuals own most businesses
Term
Capitalism (free enterprise)
Definition
an economic system in which individuals own and operate the majority or businesses that provide goods and services
Term
Free-market system
Definition
pure capitalism, in which all economic decisions are made without government intervention
Term
Mixed economies
Definition
economies made up of elements from more than one economic system
Term
Demand
Definition
the number of goods and services that consumers are willing to buy at different prices at a specific time
Term
Supply
Definition
the number of products that businesses are willing to sell at different prices at a specific time
Term
Equilibrium price
Definition
the price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time
Term
Competition
Definition
the rivalry among businesses for consumer's dollars
Term
Pure competition
Definition
the market structure that exists when there are many small businesses selling one standardized product
Term
Monopolistic competition
Definition
the market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small
Term
Oligopoly
Definition
the market structure that exists when there are very few businesses selling a product
Term
Monopoly
Definition
the market structure that exists when there is only one business providing a product in a given market
Term
Economic expansion
Definition
the situation that occurs when an economy is growing and people are spending more money; their purchases stimulate the production of goods and services, which in turn stimulates employment
Term
Inflation
Definition
a condition characterized by a continuing rise in prices
Term
Economic contraction
Definition
a slowdown of the economy characterized by a decline in spending and during which businesses cut back on production and lay off workers
Term
Recession
Definition
a decline in production, employment and income
Term
Unemployment
Definition
the condition in which a percentage of the population wants to work but is unable to find jobs
Term
Depression
Definition
a condition of the economy in which unemployment is very high, consumer spending is low and business output is sharply reduced
Term
Gross domestic product (GDP)
Definition
the sum of all goods and services produced in a country during a year
Term
Budget deficit
Definition
the condition in which a nation spends more than it takes from taxes
Term
Entrepreneur
Definition
an individual who risks his or her wealth, time and effort to develop for profit an innovative product or way of doing something
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