FLASHCARD FOR FBLA (business concepts)
STUDY (16 cards)
what do marketing intermediaries do?
Buy products and resell them (retailers)
Intermediary
Go-between; mediator
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.
Business
what is the formula for profit
Sales revenue - expenses
The study of how wealth is created and distributed
Economics
What are the four resources a business needs in order to be successful
Human resources, material resources, informational resources, and financial resources.
What do manufacturing businesses do?
they process various materials
what do service businesses do?
They provide services. Ex: haircuts, legal advice ,tax preparation, etc
What do marketing intermediaries do?
Buy products and resell them
Profit
The remains after all business expenses have been deducted from sales revenue.
The study of the decisions made by individuals and businesses
Microeconomics
The study on how the aggregate economy behaves.
Ex: inflation, price levels, rate of growth, national income, GDP, and changes in unemployment.
Macroeconomics
The system through which a society creates and distributes wealth
economy
A system in which individuals own and operate the majority of the businesses that provide goods and services
Capitalism
A system in which the government owns and controls the means of production
Socialism
The process of specifying the tasks, duties, and responsibilities of a job
Job design
