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Information Literacy ILS 103 > Intro to Business > Flashcards

Intro to Business Flashcards

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
Q

within business technology is define as what?

A

using science, engineering skills, & knowledge tp better a organization

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26
Q

what does the economic system consist of?

A

the collection of production, resource allocation, & distributions of goods &/or services

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27
Q

what are the 4 basic economic systems within the global economy

A
  • capitalism
  • communism
  • socialism
  • mixed economy
28
Q

Capitalism

A

the closest thing to a free market within the economic system and is based of competition in the market place

29
Q

3 economic rights guaranteed within capitalism ( to an extent)

A
  • right to own property
  • right to free choices
  • right to compete
    ec
30
Q

Communism

A

an economic system in which the government owns practically all resources and have complete control of the market

31
Q

Socialism

A

an economic system where basic industries are controlled and owned by the government or a private sector with strong government control present

32
Q

mixed economic systems

A

a combination of capitalism & communism.

33
Q

macroeconomics

A

studies the overall economy, looking at large population of businesses, products, & people

34
Q

microeconomics

A

looks at smaller parts of the economy, such as households or individual businesses

35
Q

GDP stands for

A

Gross Domestic Product

36
Q

what is GDP

A

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
Q

business cycle

A

the fluid upwards and downwards movement of economic activity ( cycles vary in length)

38
Q

what is a recession

A

a decline of activity that last 2 consecutive quarters (3 month period) which can eventually lead to a depression

39
Q

what is a trough

A

the lowest point of a depression

40
Q

frictional unemployment

A

short-term unemployment, unrelated to business cycle. it includes those looking for new jobs after graduation college

41
Q

structural unemployment

A

involuntary and unrelated to the business cycle. when there’s a mixmatch of jobs due to the skills of workers in the region

42
Q

clinical unemployment

A

related to the business cycle and reduces the demand of labor throughout the area

43
Q

seasonal unemployment

A

based on shifts in certain industries

44
Q

demand- pull inflation

A

demand of goods and/or services is higher than the supply

45
Q

cost-push inflation

A

production cost is higher due to factors increasing like wages, & cost of supplies

46
Q

inflation is measured through what 2 indexes

A

consumer price index (CPI) & production price index (PPI)

47
Q

what is the consumer price index (CPI)

A

and index of prices of standard goods & services purchased by standard urban consumers

48
Q

producer price index (PPI)

A

measures prices paid by producers & wholesalers for items such as raw materials and finished goods

49
Q

producer price index (PPI)

A

measures prices paid by producers & wholesalers for items such as raw materials and finished goods

50
Q

what is monetary policy?

A

refers to government programs set up to control the amount of $ that circulates in the economy & interest rate

51
Q

what does the contractionary policy do

A

allows the Fed to restrict or tighten the economy (this can decline spending)

52
Q

Federal Reserve System (fed)

A

central banking system in USA that prints $ & provides rules as to how much $ will be circulated

53
Q

what does the expansionary policy do

A

gives the fed to ability to increase or loosen the economy ( this policy stimulates the economy)

54
Q

fiscal policy

A

tool used by the government through taxation & spending

55
Q

crowding out

A

part of fiscal policy when the government takes more $ from businesses & consumers

56
Q

federal budget deficit

A

meaning the us government has committed to overspending compared to its revenue earned

57
Q

microeconomics

A

the study of household , business & industry

58
Q

demand

A

the measure of how much people are willing to buy a good or service & how much they want it

59
Q

supply

A

the quantity of a good or service that a company has available at a certain price

60
Q

equilibrium point

A

gives a price at which to sell a product as well as how many based on the supply and demand curve intersection point

61
Q

4 types of market structures

A
  • perfect competition
  • pure monopoly
  • monopolistic competition
  • oligopoly
62
Q

perfect competition

A

when many small firms compete to sell similar products in the same market

63
Q

pure monopoly

A

when a single firm accounts for all sales of a good or service (ex. the post office)

64
Q

monopolistic competition

A

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
Q

oligopoly

A

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
Q

NGO

A

non government organizations (ex. red cross)

67
Q

3 major factors in the economic system of a country

A
  • policy
  • law
  • government choices

Information Literacy ILS 103 (2 decks)

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