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Finales > PART 5: The environement > Flashcards

PART 5: The environement Flashcards

1
Q

OPEX CAPEX

A

Operational expenses and Capital expenses

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2
Q

microeconomic factors

A
  • competitors
  • demand
  • market size
  • supply
  • suppliers
  • distribution chain
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3
Q

macroeconomic factors

A
  • unemployment
  • inflation
  • interest rates
  • GDP
  • exchange rates
  • consumer
  • confidence
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4
Q

the economic environment in which a business is conducted

A
  • economic systems
  • free enterprise system
  • concept of supply and demand
  • role of competition
  • global changes
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5
Q

economic systems

A

an economic system describes how a particular society distributes its resources to produce goods and services

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6
Q

three issues that all economic systems must adress

A
  • what good and services, and how much of each, will satisfy consumer’s needs?
  • how will goods and services be produced, who will produce them and with what resources will they be produced?
  • how are the goods and services be distributed to consumers?
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7
Q

three economic systems

Communism

Karl Marx

A

central government planning determines what goods and services satisfy citizen’s needs, how the goods and services are produced and how are distributed

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8
Q

Socialism

A

economic system in which the government owns and operate basic industries, but individuals owns most of the businesses

basic industries like postal services, telephone, utilities (electricity, gas, water, etc), transportation

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9
Q

what is egalitarianism

A

equal distribution of income and social service

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10
Q

Capitalism or free enterprise

A

economic system in which individuals own and operate the majority of businesses that provide goods. Competition, supply and demands determine which goods and services are produced, how they are produced and how they are distributed

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11
Q

Adam Smith

free capitalism

A

all decisions are made without government intervention

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12
Q

what were Smith main ideas

A
  1. the philosophy of free markets (invisible hands)
  2. Gross Domestic Product (GDP) –> maximize exports and minimize imports
  3. Assembly line production method –> division of labor and the specialization of tasks
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13
Q

2 types of capitalism

modified capitalism

A

government regulates business in some extent

differs from pure capitalism

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14
Q

pure capitalism

A

individuals owns and operate all businesses

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15
Q

mixed economy

A

organized with some free market elements and some socialistic elements (somewhere between pure socialism and pure capitalism)

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16
Q

free enterprise system (invisible hand)

A

economy where the market determines prices, products and services rather than the government

capitalism –> method in which scarce resources are produced and distributed
free enterprise –> set of legal rules regarding commercial interaction

17
Q

competition

monopolist

A

businesses have some power over the price they charge because they can make consumer aware of product differences through advertising

example: aspirins, vaccum cleaners, soft drinks

18
Q

Entertainment industry is an example of

A

monopolistic competition

19
Q

oligopoly

A

few businesses selling a product. Individual businesses have control over their product’s price because each business supplies a large portion of the products

examples: cable television services, pharmaceuticals, computer and software industries

20
Q

monopoly

A

only one business providing a product in a given market. Has near-total control of a market

21
Q

Deflation

A

general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy

22
Q

economic expansion

A

occurs when an economy is growing and people are spending more money

23
Q

from June 2009 to February 2020 the world has lived a(n)…

A

economic expansion

24
Q

unemployment rate

A

indicates how much working-age people are not working who otherwise want to work

25
Q

measuring the economy

GDP

A

the sum of all goods and services produced in a country during a year

26
Q

other measures

Budget deficit

A

a nation spends more than it takes from taxes

27
Q

trade balance

A

the difference between our exports and imports

negative trade balance since the mid-1980 –> trade deficit is viwed as unhealthy for our economy

28
Q

consumer price index

A

measures changes in prices of goods and services purchased for consumption by typical urban households

29
Q

per capita income

A

indicates the average income level per person

30
Q

worker productivity

A

the amount of good and services produced for each hour worked

31
Q

global changes

What is a megatrend

A

change on a global scale that is often verified with factual data

32
Q

what are the 5 trends that can affect business environment

A
  • growing urban population
  • global warming
  • demographic changes
  • emerging markets gain power
  • advances in technology. Digital information

Finales (8 decks)

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