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SOM 122 > VITS - TEST 1 > Flashcards

VITS - TEST 1 Flashcards

(69 cards)

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1
Q

Business

A

Organization that provides goods or services to earn profits

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2
Q

Certainty

A

When the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative

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3
Q

Risk

A

Uncertainty about events

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4
Q

Uncertainty

A

When the decision maker does not know all the alternatives, the risks associated with each or the likely consequences of each alternative

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5
Q

Factors of production (5)

A

Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

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6
Q

Supply chain

A

Flow of information, materials, and services that starts with raw-materials supplies and continues adding more value through other stages in the network of firms until the product reaches the end customer

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7
Q

Marketing

A

Activities, a set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large

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8
Q

Accounting

A

Comprehensive system for collecting, analyzing, and communicating financial information

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9
Q

Management

A

Process of planning, organizing, leading, and controlling an organizations resources to achieve its goals

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10
Q

External environment

A

Everything outside an organizations boundaries that might affect it

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11
Q

Domestic business environment

A

The environment in which a form conducts its operations and derives its revenues

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12
Q

Global business environment

A

The international forces that affect a business

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13
Q

Political-legal environment

A

The relationship between business and government, usually in the form of government regulation of business

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14
Q

Economic environment

A

Relevant conditions that exist in the economic system in which a company operates

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15
Q

Sociocultural environment

A

The customs, moves, valued, and demographic characteristics of the society in which an organization functions

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16
Q

Technological environment

A

All the ways by which firms create value for their constituents

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17
Q

Factors of production

A

Resources used in the production of goods and services - labor, capital, entrepreneurs, physical resources, and information resources

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18
Q

Labor (human resources)

A

Physical and mental capabilities of people as they contribute to economic production

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19
Q

Capital

A

Funds needed to create and operate a business enterprise

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20
Q

Entrepreneurship

A

The process of seeking businesses opportunities under conditions of risk

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21
Q

Physical resources

A

Tangible items that organizations use in the conduct of their businesses

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22
Q

Information resources

A

Data and other information used by businesses

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23
Q

Planned economy

A

Economy that relies on a centralized government to control all or most factors of production and to make all or most production and allocation decisions

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24
Q

Market economy

A

Economy in which individuals control production and allocation decisions through supply and demand

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25
Mixed market economy
Economic system featuring characteristics of both planned and market economics
26
Demand
The willingness and ability of buyers to purchase a good or service
27
Supply
The willingness and ability of producers to offer a good or service for sale
28
Law of demand
Principle that buyers will purchase (demand) more of a product as it’s price drops and less as it’s price increases
29
Law of supply
Principle that producers will offer (supply) more of a product for sale as it’s price rises and less as it’s price drop
30
Demand curve
Graph showing how many units of a product will be demanded (bought) at different prices
31
Supply curve
Graph showing how many units of a product will be supplied (offered for sale) at different prices
32
Equilibrium price (market price)
Profit maximizing price at which the quantity of goods demanded and the quantity of goods supplied are equal
33
Perfect competition
Market or industry characterized by numerous small firms producing an identical product
34
Monopolistic competition
Market or industry characterized by a handful of (generally large) sellers with the power to influence the prices of their products
35
Monopoly
Market or industry in which there is only one producer that can therefore set the prices of its products
36
Gross domestic factors (GDP)
Total value of all goods and services produced within a given period by a national economy through domestic factors of production
37
Gross national product (GDP)
Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
38
GDP per capita
Gross domestic product divided by total population
39
real GDP
GDP adjusted to account for changes in currency values and price changes
40
Nominal GDP
GDP measured in current dollars or with all components values at current prices
41
Purchasing power parity
The principle that exchange rates are set so that the prices of similar products in different countries are about the same
42
Balance of trade
Economic value of all products a country exports minus the economic value of all products it imports
43
Balance of payments
Flow of all money into or out of a country
44
National debt
The amount of money the government owes its creditors
45
Inflation
Occurs when widespread price increases occur throughout an economic system
46
Consumer price index (CPI)
A measure of the prices of typical products purchased by consumers living in urban areas
47
Unemployment
The level of joblessness among people actively seeking work in an economic system
48
Fiscal policies
Policies used by a government regarding how it collects and spends revenue
49
Monetary policies
Policies used by a government to control the size of its money supply
50
Globalization
Process by which the world economy is becoming a single independent system
51
Import
Product made or grown abroad but sold domestically
52
Export
Product made or grown domestically but shipped and sold aboard
53
General agreement on tariffs and trade (GATT)
International trade agreement to encourage the multilateral reduction of elimination of trade barriers
54
World trade organization (WTO)
Organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices
55
Social orientation
A persons beliefs about the relative importance of the individual versus groups to which that person belongs
56
Power orientation
The briefs that people in a culture hold about the appropriateness of power and authority differences in hierarchies such as business organizations
57
Uncertainty orientation
The feeling individuals have regarding uncertain and ambiguous situations
58
Goal orientation
The manner in which people are motivated to work toward different kinds of goals
59
Time orientation
The extent to which members of a culture adopt a long-term versus short-term outlook on work, life, and other elements of a society
60
Ethics
Beliefs about what is right and wrong or good as bad in actions that affect others
61
Ethical behavior
Behavior conforming to generally accepted social norms concerning beneficial and harmful actions
62
Unethical behavior
Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions
63
Business ethics
Ethical or unethical behaviors that guide individual managers in their work
64
Managerial ethics
Standards of behavior that guide individual managers in their work
65
Utility
Ability of a product to satisfy a human want or need
66
Obstructionist stance
Approach to social responsibility that involves doing as little as possible and may involve attempts to deny or cover up violations
67
Defensive stance
Approach to social responsibility by which a company meets only minimum legal requirements in it commitments to groups and individuals in its social environment
68
Accommodative stance
Approach to social responsibility by which a company, if specifically asked to do so, exceeds legal minimums in its commitments to group and individuals in its social environment
69
Proactive stance
Approach to social responsibility by which a company actively seeks opportunities to contribute to the well-being of groups and individuals in its social environment

SOM 122 (2 decks)

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