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Buisness 101 Exam 1 > Chapter 1 > Flashcards

Chapter 1 Flashcards

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0
Q

Example of goods

A

Tomatoes, shoes, and iPhones

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1
Q

What is Business?

A

A catchall term that refers to both for-profit and nonprofit organizations that provide goods and services to others

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2
Q

What are tangible products?

A

Goods

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3
Q

Examples of intangible products

A

Education, health care and maid service

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4
Q

What are intangible products?

A

services

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5
Q

How does a business earn revenue?

A

From selling its goods and services

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6
Q

How does a business incur expenses?

A

From producing goods and services

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7
Q

What is profit?

A

Amount of money a business earns in revenue in excess of its expenses

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8
Q

What is a loss?

A

Occurs when expenses are greater than revenue

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9
Q

What do for-profit businesses seek?

A

They seek to earn profit for their owners while providing goods and services

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10
Q

Examples of for-profit businesses

A

Exxon mobile, ikea, and apple

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11
Q

What are nonprofit businesses?

A

They seek to maximize a primary objective other than profit while providing goods and services

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12
Q

Examples of nonprofit businesses

A

doctors without borders, habitat for humanity, and your local city government

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13
Q

What is an entrepreneur?

A

A person willing to risk time and money to start and manage a business

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14
Q

What can emerge and establish businesses by scanning the environment?

A

Conducting a SWOT analysis

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15
Q

What is SWOT analysis?

A

Involves examining the business’s internal strengths, internal weaknesses, external opportunities and external threats

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16
Q

What is core competency

A

A unique ability that a buisness acquires from its founders that cannot be easily imitated

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17
Q

What is a mission statement?

A

A powerful yet succinct description of a business’s purpose

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18
Q

What does missions statement adapt to?

A

Must be flexible to adapt to changes in goods and services

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19
Q

Is Facebook mission or visual statement?

A

Mission statement because it gives people the power to share and make the world a more open and connected place

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20
Q

What is visual statement?

A

A business that must point to the future - to where the business wants to go

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21
Q

Example of visual statement?

A

Toys R Us - “be the worlds greatest kids brand”

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22
Q

What is a trade-off?

A

Means that to get one thing that we like, we often have to give up something else that we like.

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23
Q

What are scarce?

A

Most decisions in life involve trade-offs because almost all goods and resourcesp

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24
What is factors of production?
Land, labor, capital, and entrepreneurial ability
25
Opportunity cost
The highest-valued good or service that a business sacrificed
26
What is a positive incentive?
Increase the benefit of making a decision, making the choice more likely
27
What is a negative incentive?
Punishment increases the cost of making a decision, making the choice less likely
28
Revenue > expenses
Profit
29
Revenue < expenses
Loss
30
Revenue - expenses
Net income / loss
31
Marginal
To do a little more or a little less of something
32
What is zero-sum game?
In order for someone to win, someone must lose
33
What is positive sum game?
Trading a good or service
34
Framing
A decision to select how the choice is to be presented to the customer or decision-maker
35
Soft skills
Written and oral communication, teamwork and workplace social skills
36
Written communications
Businesses use email, text messaging, memos, and reports
37
Text messaging
An efficient form of communication in which messages are sent electronically to a cell phone or other enabled device
38
Body vs memo
Memo is an efficient form of communicating detailed info and the body of a paragraph contains details that need to be communicated to the recipients
39
Related diversification
Occurs when organizations expand into businesses related to their core business
40
Unrelated Diversification strategy
When firms acquire or merge with firms unrelated to their core competency
41
Vertical integration
Expanding forward and selling their products themselves in retail stores and/or backward by manufacturing their own products
42
Apple uses what through its ownership of the Apple Store, a chain retail store?
Forward vertical integration
43
Rolex used ehst by manufacturing its own watches?
Backward vertical integration
44
What are S.M.A.R.T goals?
Specific, measurable, attainable, realistic, and timely
45
What are goals needed to achieve the strategy, and are these consistent with the organizations mission?
SMART goals
46
Flat organizations vs layered
Flat = production, finance, research, sales all working as one team Layered = Working as several 6 different teams or groups
47
What are complementary goods?
Example is salsa and chips to soda or bagel and cream cheese to orange juice. They complement eachother
48
Substitute goods
Katie enjoys drinking OJ, AJ, and CJ. Can substitute these because she equally likes them. She considers the price per gallon before she buys
49
Law of supply
Positive relationship between price and quantity supplied
50
If the price of land decreased, then tampa naturals supply curve would?
Shift right, ceteris parings
51
Quantity supplied
Number
52
Law of demand
Negative relationship between the price of OJ and the quantity demanded of OJ always hold true
53
Gross domestic product
Most widely accepted measure of national production of goods and services
54
GDP is the what?
Sum of the market value of all final goods and services produced within a country in a given period of time
55
Real GDP informs the reader that?
The market value of the economic product calculations are adjusted for changes in the prices level (I.e for changes in inflation or deflation)
56
Economic contraction
The negative movement from peak to trough
57
Components of GDP
Consumption, investment, government expenditure, net exports (exports-imports)
58
Consumption
Made up of all the final goods and services that are ultimately bought and used by households, except newly constructed buildings
59
Investment
Made up of all the final goods and services that become part of the business or residential capital stock, including new constructed buildings
60
Government expenditure
Made up of all the final goods and services bought by the government
61
Exports
Final goods and services produced in the United States and Prichard by foreigners living outside the U.S.
62
Imports
Include all final goods and services produced by those outside the United States and purchased by a member of the U.S population
63
Exchange rate
Rate at which you can exchange one currency for another
64
A dollar to euro change ratio, for example, can be stated as
1.32 dollars per euro....1 euro will buy $1.32
65
A currency appreciates when
It's prices increase in terms of another currency
66
A currency depreciates when
It's price decreases in terms of another currency
67
A dollar appreciates when
The line has a negative slope
68
A dollar depreciates when the line
Has a positive slope
69
If the price of a good or service decreases, ceteris paribus, the quantity demanded of that good or service will increase
Law of demand
70
Is the price of a good or service increases, ceteris paribus, the quantity supplied of that good or service will increase
Law of supply
71
What are the 3 types of unemployment
Frictional, structural, cyclical
72
What is frictional Unemployment
It occurs because it takes time for workers to search for the jobs that best shit their taste and job skills
73
What is structural unemployment
Occurs because the number of jobs available in a labor market is insufficient to provide jobs for all of those who want a job
74
Example of structural unemployment
Many are being eliminated because computers have replaced work once by humans
75
What is cyclical unemployment
Unemployment that occurs because of declines in the economy GDP during economic contractions and recessions
76
What are examples of Individualistic societies
United States, Great Britain, and Australia
77
What is a individualistic society?
Importance to freedom and char bed in jobs, individual achievement, and initiative and individual decision making
78
Examples of collective societies
Latin America, Northern Europe, and Southeast Asia
79
What are collective societies
They tend to prefer working in groups
80
What are examples of power distance?
Mexico, Nigeria, Venezuela, panama, India and Malaysia
81
What are power distance
Refers to the extent to which less powerful member of society accept an unequal distribution of power
82
Uncertainty avoidance
They are more conservative Finland, Germany, Greece, Guatemala, and Portugal
83
Masculinity/femininity
Distribution of times between genders Austria, Japan, Saudi Arabia, and Venezuela

Buisness 101 Exam 1 (1 decks)

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