First Terms Flashcards

(33 cards)

0
Q

A field that combines marketing information management with cluster service. The goal is to create relationships with costumers through personal communications.

A

Coustmer relationship management

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1
Q

The economic term for limited resources

A

Scarcity

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2
Q

Uses data to make management decisions

A

Information management

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3
Q

The government is not involved in business and the economic decision are made by individuals and companies

A

Market economy

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4
Q
Another terms for a market economy, characterized by an individuals right to:
Private property
Freedom of choice
Profit
Competition
A

Private enterprise

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5
Q

A legal entity that is owned by several people (stockholders) that have limited liability.

A

Corproation

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6
Q

A type if ownership where each limited partner is only liable for debt up to the amount they have invested in the business

A

Limited partnership

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7
Q

The amount of money made after costs and expenses have been covered

A

Profit

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8
Q

Also known as factors of production, include all the items that are used to produce goods and services

A

Economic resources

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9
Q

The costs not directly related to the production or selling of goods

A

Overhead costs

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10
Q

Refer to the concept of adding value to a product through form, place, time, possession and information

A

Economic utilities

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11
Q

An introduction and overview of the information contained in a written plan

A

Executive summary

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12
Q

Is a field where a person provides the necessary skills, time and money to start a new business venture

A

Entrepreneurship

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13
Q

Intangible items of monetary value. Examples include: haircut, shoe shine, or house cleaning

A

economic services

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14
Q

The owner of the parent company that grants the rights to use their manner and products

A

Franchisor

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15
Q

Refers to the potential that a business takes for loss or failure

16
Q

The Occupational Safety and Health Administration is a government body that provides and enforces safety guidelines for the workplace

A

Occupational Safety and Health Administration (OSHA)

17
Q

Adherence to moral and ethical principals; soundness of moral character; honesty.

18
Q

A way to manage the employees of a business. Human resource Managers keep records on hiring/ firing, training, evaluation and discipline of employees.

A

Human resource management

19
Q

The belief that the customer is the most important priority of the business.

A

Customer service mindset

20
Q

A way for business people to meet others that are in business and build a list of contacts that can be used for future reference or projects.

21
Q

People who create, start and manage new businesses

22
Q
A form of communication without using words, can include:
Eye contact
Posture
Gestures
Facial expressions
Movement
A

Nonverbal Cues

23
Q

Values and principles that guide decisions

24
Means doing what needs to be done without having to be prompted by others
Initiative
25
include money,buildings, or equipment that is used to run a business
Capital resources
26
Includes all the resources of people that work
Labor resources
27
Includes all the resources that are from the land sea or air. These are all considered raw materials
Land resources
28
The owner of a franchise
Franchisee
29
Occurs when prices rise. Low inflation is characteristic of a stable economy
Inflation
30
Business expenses that change based in the number of units that are produced are known as variable expenses.
Variable expenses
31
Marketing is the process of planning, pricing, promoting, selling and distributing products that will satisfy the needs of customers and ensure a profit for the business
Marketing
32
Factors of production, also known as resources, include land, labor, capital and entrepreneurship.
Factors of production