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World Of Business and Economics Flashcards

(48 cards)

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1
Q

Free enterprise

A

The system of business in which individuals are free to decided what to produce, how to produce it, and at what price to sell it.

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2
Q

Culture (or workplace) diversity

A

A system that recognizes and respects the differences among people because of their age, race, ethnicity, gender, sexual orientation, and ability to

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3
Q

Business

A

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs

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4
Q

e-business

A

The organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society’s needs through the facilities available on the internet

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5
Q

Profit

A

What remains after all business expenses have been deducted from sales revenue

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6
Q

Economics

A

The study of how wealth is created and distributed

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7
Q

Stakeholders

A

All different people or groups of people who are affected by an organization’s policies, decisions, and activities

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8
Q

Microeconomics

A

The study of the decisions made by individuals and businesses

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9
Q

Entrepreneur

A

A person who risks time, effort and money to start an operate a business

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10
Q

Capitalism

A

An economic system in which individuals own and operate the majority of businesses that provide goods and services

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11
Q

Factors of production

A

Inputs and resources used to produce goods and services

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12
Q

Macroeconomics

A

The study of the national economy and the global economy

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13
Q

Economy

A

The way in which people deal with the creation and distribution of wealth

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14
Q

Invisible hand

A

A term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy

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15
Q

Market economy

A

An economic system in which businesses and individuals decide what to produce and buy, and the market determines prices and quantities sold

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16
Q

Mixed economy

A

An economy that exhibits elements of both capitalism and socialism

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17
Q

Consumer products

A

Goods and services purchased by individuals for personal consumption

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18
Q

Productivity

A

The average level of output per worker per hour

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19
Q

Inflation

A

A general rise in the level of prices

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20
Q

Command economy

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A

An economic system in which the government decides WHAT goods and services will be produced, HOW they will be produced, FOR WHOM available goods and services will be produced, and WHO owns and controls the major factors of production.

21
Q

Gross Domestic Product (GDP)

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A

The total dollar value of all goods and services produced by all people within boundaries of a country during a specified time period- usually one year period

22
Q

Deflation

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A

A general decrease in the level of prices

23
Q

Business cycle

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A

the recurrence of periods of growth and recession in a nation’s economic activity

24
Q

Consumer Price Index (CPI)

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A

A monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area

25
Unemployment rate
The percentage of a nation’s labor force unemployed at any time
26
Producer price index (PPI)
A monthly index that measures prices that producers receive for their finished goods
27
Recession
Two or more consecutive three month periods of decline in a country’s GDP
28
Depression
A severe recession that last longer than a typical recession and has a larger decline in business activity when compared to a recession
29
Monetary policies
Federal Reserve’s actions to promote maximum employment, stabilize prices, and increase or decrease interest rates
30
Federal deficit
A shortfall created when the federal government spends more in a fiscal year than it receives
31
Fiscal policy
Government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending
32
National debt
The total of all federal deficits
33
Competition
Rivalry among businesses for sales to potential customers
34
Supply
The quantity of a product that producers are willing to sell at each various prices
35
Market price
The price at which the quantity demanded is exactly equal to the quantity supplied
36
Perfect (or pure) competition
The market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product
37
Demand
The quantity of a product that buyers are willing to purchase at each various prices
38
Product differentiation
The process of developing and promoting differences between a company’s products and all competitive products
39
Oligopoly
A market (or industry) in which there are few sellers
40
Monopolistic competition
A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors
41
Monopoly
A market (or industry) with only one seller, and customers can only buy the product or service from that seller
42
Domestic system
a method of manufacturing in which an entrepreneur distributed raw materials to various homes, where families would process them into finished goods to be offered for sale by the entrepreneur
43
Standard of living
A loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services
44
Factory system
a system of manufacturing in which all the materials, machinery, and workers required to manufacture a product are assembled in one place
45
Specialization
the separation of a manufacturing process into distinct tasks and the assignment of different tasks to diffenent individuals
46
Social media
the online interaction that allows people and businesses to communicate and share ideas, personal information, ard information about products or services
47
Sustainability
the ability to create and maintain conditions under which present and future generations can exist in productive harmony, and permit fulfilling the social, economic, and other requirements of future and present generations
48
Service economy
An economy in which more effort is devoted to the production of services than to the production of goods

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