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Information Literacy ILS 103 > Intro to Business > Flashcards

Intro to Business Flashcards

(67 cards)

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1
Q

what are 3 factors that help decide what goods and resources are produced and how they’re distributed

A
  • policy
  • law
  • government choices
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2
Q

what is a business

A

an organization that tries to earn a profit by offering services &/or products that meet a person needs

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3
Q

what are goods

A

tangible products (ex. car, shoes, phone)

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4
Q

what are services

A

intangible offerings (ex. groomer, tire rotation, theaters)

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5
Q

define profit

A

the difference between the cost to make & sell the products… and the price customers pay for it

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6
Q

define the standard of living

A

the output of goods produced and the services customers can afford with the $ they have

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7
Q

define quality of life

A

how happy people are due to many different factors (ex, life expectancy, education, medical care, cleanliness, & the amount of leisure provided)

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8
Q

what is a risk

A

a threat that could cause a business to lose money &/or time

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9
Q

how to calculate a business’ success

A

revenue- expenses= success

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10
Q

what is revenue

A

$ received by a business through selling products &/or services

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11
Q

what are expenses

A

cost such as leases, wage supplies, transportation, marketing, & insurance

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12
Q

what are Nonprofits organizations (aka not-for- profit organizations)

A

businesses that have a goal unrelated to making $ (ex.charities such as The World Wildlife Fund, Wounded Warrior Foundation, The American Diabetes Organization & The American Heart Association)

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13
Q

The traditional 4 factors of production

A
  • Natural Resources (Commodities)
  • Labor (Human Resources)
  • Capital
  • Entrepreneurs
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14
Q

examples of commodities

A

in they’re natural state thy’re known as natural resources such as farmland, forest, minerals, oil deposits & water

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15
Q

the contribution provided by people who work fro a business is known as?

A

labor, or human resources

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16
Q

define capital

A

things used in the production process of goods & services, including tools, machines, equipment, buildings, & structure

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17
Q

entrepreneur

A

the leader of a business, the one who manages the inputs of natural resources, labor & capital to provide good & services

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18
Q

within business knowledge is define as what?

A

the combined talents & skills of employees

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19
Q

what groups re the forces involved in helping a business shape its day to day operations to achieve its goals by offering both threats & goals

A
  • economic
  • political & legal
  • demographic
  • competitive
  • global
  • technological
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20
Q

what is inflation ?

A

an increase in prices & a decrease in the purchasing power of $

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21
Q

EPA

A

Environmental Protection Agency

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22
Q

SEC

A

Securities & Exchanges Commission

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23
Q

FTC

A

Federal Trade Commission

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24
Q

what does demographic mean

A

the age, gender, race, ethnicity & location of the people in that environment

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25
within business technology is define as what?
using science, engineering skills, & knowledge tp better a organization
26
what does the economic system consist of?
the collection of production, resource allocation, & distributions of goods &/or services
27
what are the 4 basic economic systems within the global economy
* capitalism * communism * socialism * mixed economy
28
Capitalism
the closest thing to a free market within the economic system and is based of competition in the market place
29
3 economic rights guaranteed within capitalism ( to an extent)
* right to own property * right to free choices * right to compete ec
30
Communism
an economic system in which the government owns practically all resources and have complete control of the market
31
Socialism
an economic system where basic industries are controlled and owned by the government or a private sector with strong government control present
32
mixed economic systems
a combination of capitalism & communism.
33
macroeconomics
studies the overall economy, looking at large population of businesses, products, & people
34
microeconomics
looks at smaller parts of the economy, such as households or individual businesses
35
GDP stands for
Gross Domestic Product
36
what is GDP
the basic measure of economic growth. its the overall market value of all finalized goods and services produced in a country within every year
37
business cycle
the fluid upwards and downwards movement of economic activity ( cycles vary in length)
38
what is a recession
a decline of activity that last 2 consecutive quarters (3 month period) which can eventually lead to a depression
39
what is a trough
the lowest point of a depression
40
frictional unemployment
short-term unemployment, unrelated to business cycle. it includes those looking for new jobs after graduation college
41
structural unemployment
involuntary and unrelated to the business cycle. when there's a mixmatch of jobs due to the skills of workers in the region
42
clinical unemployment
related to the business cycle and reduces the demand of labor throughout the area
43
seasonal unemployment
based on shifts in certain industries
44
demand- pull inflation
demand of goods and/or services is higher than the supply
45
cost-push inflation
production cost is higher due to factors increasing like wages, & cost of supplies
46
inflation is measured through what 2 indexes
consumer price index (CPI) & production price index (PPI)
47
what is the consumer price index (CPI)
and index of prices of standard goods & services purchased by standard urban consumers
48
producer price index (PPI)
measures prices paid by producers & wholesalers for items such as raw materials and finished goods
49
producer price index (PPI)
measures prices paid by producers & wholesalers for items such as raw materials and finished goods
50
what is monetary policy?
refers to government programs set up to control the amount of $ that circulates in the economy & interest rate
51
what does the contractionary policy do
allows the Fed to restrict or tighten the economy (this can decline spending)
52
Federal Reserve System (fed)
central banking system in USA that prints $ & provides rules as to how much $ will be circulated
53
what does the expansionary policy do
gives the fed to ability to increase or loosen the economy ( this policy stimulates the economy)
54
fiscal policy
tool used by the government through taxation & spending
55
crowding out
part of fiscal policy when the government takes more $ from businesses & consumers
56
federal budget deficit
meaning the us government has committed to overspending compared to its revenue earned
57
microeconomics
the study of household , business & industry
58
demand
the measure of how much people are willing to buy a good or service & how much they want it
59
supply
the quantity of a good or service that a company has available at a certain price
60
equilibrium point
gives a price at which to sell a product as well as how many based on the supply and demand curve intersection point
61
4 types of market structures
* perfect competition * pure monopoly * monopolistic competition * oligopoly
62
perfect competition
when many small firms compete to sell similar products in the same market
63
pure monopoly
when a single firm accounts for all sales of a good or service (ex. the post office)
64
monopolistic competition
when many firms in the market offer similar but distinct , products (such as coca cola, pepsi, & RC cola ; adidas, nike, & reebok ; samsung, apple, HTC)
65
oligopoly
when a few firms produce most or all of a product and it it requires large capital requirements to start up that limit opportunities for others to join the industry (ex. boeing & airbus)
66
NGO
non government organizations (ex. red cross)
67
3 major factors in the economic system of a country
* policy * law * government choices

Information Literacy ILS 103 (2 decks)

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