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Buis > Intro To Buis test 1 > Flashcards

Intro To Buis test 1 Flashcards

1
Q

What are profits?

A

Financial reward that comes from running a business

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2
Q

What is value?

A

Relationship between the price of a good or service and benefits it offers customers

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3
Q

Who are entrepreneurs?

A

Ppl who risk time and money to start and manage a business.

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4
Q

What is an entrepreneurs drive?

A

To make as much money as possible

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5
Q

What does an entrepreneur attempt to accomplish?

A

To create a product/successful business that raises quality of life

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6
Q

What was the marketing era?

A

Pwr shifted from producers to consumers. Buis had to differentiate themselves themselves from e.o. Choices created

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7
Q

What is the production era?

A

Focused on making production more efficient. Assembly line jobs more specialized

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8
Q

What was the industrial revolution?

A

Factories replaced work shops, large numbers of less skilled jobs were hired. There was a loss of individual ownership of businesses

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9
Q

What was the entrepreneurship era?

A

Raised standard of living, killed competition

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10
Q

What is the marketing concept?

A

A consumer focus that permits successful companies in every dept. and every level

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11
Q

What was the relationship era?

A

Companies build long term relationships with customers. Keeping old customers is more profitable than finding new ones

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12
Q

What is a non profit organization?

A

Business like establishments that have fundamental goal of making community better than making money

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13
Q

What are natural resources?

A

Offer value in their natural state, ppl can’t create them

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14
Q

What is meant by the term capital?

A

The synthetic materials a business needs to produce a good or service

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15
Q

What is a human resource?

A

Physical intellectual and creative contributions of every one working

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16
Q

The economy as a system represents what?

A

The flow of resources through a society

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17
Q

What is economics?

A

The choices ppl make while getting rid of resources

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18
Q

What is the value of economics

A

If we know how things are changing hands now, we can predict how it will later

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19
Q

What is a budget deficit?

A

Shortfall that occurs when expenses are higher than revenue

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20
Q

What is natl debt?

A

How much any countries gvt has borrowed but not repaid

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21
Q

What is a budget surplus?

A

Overage that occurs when revenue is higher than expenses

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22
Q

What is the federal reserve?

A

Essentially central bank to US

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23
Q

What does the federal reserve do?

A

Conducts the money policy for US

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24
Q

Who is Ben Bernake? Why is he important?

A

He’s the chairman to the board of governors for the Fed.

Led Feds proactive efforts in turning fed around

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25
Q

What is the purpose of banks?

A

To hold your money and make loans

26
Q

Who was Karl Marx? What’d he promote?

A

He was a political philosopher that promoted communism

27
Q

What is deflation?

A

Decline in prices. Can have damaging effects on economy

28
Q

What is inflation?

A

Rise in general level of prices

29
Q

What is hyperinflation?

A

An average monthly inflation rate of more than 50%

30
Q

What is disinflation?

A

A period of slowing avg price increases around country

31
Q

How does China and India compare to US in terms of business opportunities?

A

Have greater opportunity because of communication. But harder due to gvt

32
Q

What are some current business opportunities in world Economy?

A

Trade

33
Q

What country has most cell phone usage? Why is that relevant?

A

China, a country raises its cellphone penetration by 10% gdp increases by .4% to 1.2%

34
Q

What is opportunity cost?

A

The opportunity of giving up 2nd best choice when making a decision.

35
Q

What is comparative advantage?

A

Benefit a country had when it can make items at opportunity cost than other countries

36
Q

What is absolute advantage?

A

Benefit country has when t can produce more of a product than other countries with same amt. of resources

37
Q

What is trade surplus?

A

Overage that occurs when total value of exports is greater than value of imports

38
Q

What is a trade deficit?

A

When ttl value of imports is greater than total value of exports

39
Q

What is counter trade?

A

Trade products for products rather than currency

40
Q

What is out sourcing? Why is it an issue?

A

Contracting with foreign country to produce products products at fraction of cost.
Problem because loose quality control, costing jobs

41
Q

What is off shoring? Why is it a major issue today?

A

Developing new facilities overseas with a lot of over sight, problem because cost a lot

42
Q

What is the World Bank?

A

187 country group working together to reduce world poverty in developing world by giving advice

43
Q

What is the International Monetary Fund?

A

187 countries that support international economic cooperation and growth

44
Q

What is Nafta?

A

Treaty between us Mexico and Canada that eliminated trade barriers and investment restrictions.

45
Q

What is meant by Social Responsibility?

A

Obligation of business to contribute to society

46
Q

What are the functions of the laws in the US?

A

To establish and enforce ethical norms that apply to everyone with in our society

47
Q

What are ethnical Standards?

A

Beliefs of right wrong good bad. The standard business’s try to hold themselves to when determining good and bad

48
Q

Who are stake holders?

A

Any that has a stake in the company doing well

49
Q

What is the foreign corrupt practices act?

A

US can’t offer bribes

50
Q

What is the code of conduct?

A

The lay out of ethical standards by a company, to all workers and managers in general

51
Q

In terms of communication, what is noise?

A

Any interference that causes the message you send to be different when recieved.

52
Q

What are language barriers?

A

Any thing that can interfere with the meaning of message. (Slang Jargon, accents, completely diff language)

53
Q

What is active voice?

A

The subject of sentence is doing verb

54
Q

What is passive voice?

A

The subject of sentence is not doing verb

55
Q

What is the best way to communicate?

A

Face to face

56
Q

What caused 2008 market crash?

A

Housing bubble

57
Q

What was event made the world more global?

A

Fall of Berlin Wall and Windows 3.0

58
Q

Why was Netscape a flatner?

A
  1. Internet Browser
  2. Open transition protocols, (no company could dominate Internet)
  3. Triggered dot com boom. (Most important) Fiber optic cable)
59
Q

What did the laying of fiber optic cable do?

A

It lowered the cost of transferring data to almost free for everyone globally

60
Q

What are the 6 other flatners of the world?

A
  1. Out Sourcing
  2. Off Shoring
  3. Open Sourcing
  4. Supply Chaining
  5. UPS (insourcing) handles logistics for companies
  6. Informing
61
Q

What was the triple convergence?

A
  1. All 10 flatners
  2. Going more horizontal (more collaboration)
  3. Russia China India join

Buis (7 decks)

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