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Business Essentials | BUS - Business 1 - Introduction, Quizzes of Introduction to Business Management

Class: BUS - Business 1 - Introduction; Subject: Business; University: Oakland Community College; Term: Forever 1989;

Typology: Quizzes

2013/2014

Uploaded on 09/11/2014

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TERM 1
Aggregate output
DEFINITION 1
the total quatitiy of goods and services produced by an
economic system during a given period.
TERM 2
Business
DEFINITION 2
Organization that prodives goods or services to earn profit.
TERM 3
Profits
DEFINITION 3
Difference between a business's revenues and its expenses
TERM 4
External
Environment
DEFINITION 4
Everything outside an organizations boudaries that might
affect it.
TERM 5
Global Business
Environment
DEFINITION 5
the international forces that affect a business
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Aggregate output

the total quatitiy of goods and services produced by an economic system during a given period. TERM 2

Business

DEFINITION 2 Organization that prodives goods or services to earn profit. TERM 3

Profits

DEFINITION 3 Difference between a business's revenues and its expenses TERM 4

External

Environment

DEFINITION 4 Everything outside an organizations boudaries that might affect it. TERM 5

Global Business

Environment

DEFINITION 5 the international forces that affect a business

Domestic Business

Environment

The environment in which a firm conducts its operations and derives its revenues TERM 7

Technological

Environment

DEFINITION 7 all the ways by which firms create value for their constituents TERM 8

Political-Legal

Environment

DEFINITION 8 The relationship between business and government. TERM 9

Sociocultural

Environment

DEFINITION 9 the customs, mores, values, and demographic characteristics of the society in which an organization functions TERM 10

economic environment

DEFINITION 10 relevent conditions that exist in the economic system in which a company operates

Physical Resources

tangible items organizations use in the conduct of their businesses TERM 17

Information Resources

DEFINITION 17 Data and other information used by businesses TERM 18

Planned Economy

DEFINITION 18 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. TERM 19

Market Economy

DEFINITION 19 an economy in which decisions regarding investment, production and distribution are based on supply and demand. TERM 20

Communism

DEFINITION 20 political system in which the government owns and operates all factors of production

Market

Mechanism for exchange between buyers and sellers of a particular good or service TERM 22

capitalism

DEFINITION 22 systems that sanctions that privaate ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive TERM 23

Mixed Market economy

DEFINITION 23 economic system featuring characteristics of both planned and market economies TERM 24

Privatization

DEFINITION 24 it is the process of transferring government enterprises into privately owned companies TERM 25

Socialism

DEFINITION 25 Planned economic systems in which the government owns and operates only selected major sources of production

Demand Curve

Graph showing how many units of a product will be demanded at different prices TERM 32

Supply Curve

DEFINITION 32 graph showing how many units of a product will be supplied at different prices TERM 33

Market Price

DEFINITION 33 Profit- maximizing price which the quantity of goods demanded and the quantity of goods supplied are equal TERM 34

Surplus

DEFINITION 34 situation in which quantity supplied exceeds quantity demand TERM 35

Shortage

DEFINITION 35 Situation in which quantity demanded exceeds queantity supplied

Private Enterprise

Economic system that allows individuals to pursue their own interests without undue government restrictions TERM 37

competition

DEFINITION 37 vying among businesses for the same resouces or customers TERM 38

perfect

competition

DEFINITION 38 market or industry characterized by numerous small firms producing an identical product TERM 39

Monopolistic Competition

DEFINITION 39 Market or industry characterized by numerous buyers and relatively numerous sellers trying to differentiate their products from those of competitors TERM 40

Oligopoly

DEFINITION 40 market or industry characterized by a handful of sellers with the power to influence the prices of their products

standard of living

the total quantity and quality of goods and services people can purchase with the currency used in their economic system TERM 47

Gross Domestic Product (GDP)

DEFINITION 47 Total value of all goods and services produced within a given period by a national economy through domestic factors of production TERM 48

Gross National Product

(GNP)

DEFINITION 48 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 TERM 49

Real GDP

DEFINITION 49 Gross Domestic Product adjusted to account for changes in currency values and price changes TERM 50

Nominal GDP

DEFINITION 50 Gross Domestic Product measured in current dollars or whith all components valued at current prices

Purchasing Power Parity

The principle that exchange rates are set so that the prices of similar product in different countries are about the same TERM 52

Productivity

DEFINITION 52 A measure of economic growth that compares how much a system produces with the resources needed to product it TERM 53

Balance of trade

DEFINITION 53 The economic value of all the products that a country exports minus the economic value of all the products it imports TERM 54

National Debt

DEFINITION 54 The amount of money the goverment owes its creditors TERM 55

stability

DEFINITION 55 condition in which the amount of money available in an economic system and the quantity of goods and services produced in it are growing at about the same rate

Fiscal Policies

Polices used by a government regarding how it collects and spends revenue TERM 62

Monetary Policies

DEFINITION 62 Policies used by a governmnet to control the size of its money supply TERM 63

Stabilization Policy

DEFINITION 63 Government economic policy intended to smooth out fluctuations in output and unemplyment and to stabilize prices TERM 64

Ethics

DEFINITION 64 Beliefs about what is right and wrong or good and ban in actions that affect others TERM 65

Ethical Behavior

DEFINITION 65 Behavior conforming to generally accepted social norms concerning beneficial and harmful actions

Unethical Behavior

Behavior that does not conform to generally accepted social norms concerning beneficial and harmful actions TERM 67

Business Ethics

DEFINITION 67 Ethical or unethical behaviors by employees in the context of their jobs TERM 68

Managerial Ethics

DEFINITION 68 Standards of behavior that guid individual mandagers in their work TERM 69

Social Responsibility

DEFINITION 69 the attempt of a business to balance its commitments to groups and indiciduals in its environment, including customers, other businesses, employees, investors, and local communities TERM 70

Organization Stakeholders

DEFINITION 70 Those groups, individuals, and organizations that are directly affected by the practices of an organization and who therefore have a stake in its performance

Defensive Stance

approach to social responsibility by which a company meets only minimum legal requirements in its commitments to group and individuals in its social environment TERM 77

Accommodative Stance

DEFINITION 77 Approach to social responisbility by which a company, if specifically asked to do so, exceeds legal minimums in its commitments to groups and individuals in its social environment TERM 78

Proactive Stance

DEFINITION 78 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 TERM 79

Social Audit

DEFINITION 79 Systematic analysis of a firm's success in using funds earmaked for meeting its social responsiblity goals TERM 80

Small business Administration

DEFINITION 80 Government agency charged with assisting small businesses

Small Business

Independently owned business that has relatively little influence in its market TERM 82

Entreoreneur

DEFINITION 82 Businessperson who accepts both the risk and the opporunities involved in creating and operating a new business venture TERM 83

Entrepreneurship

DEFINITION 83 the process of seeking businesses opportunities under conditions of risk TERM 84

Business Plan

DEFINITION 84 Document in which the entrepreneur summarizes her or his business strategy for proposed new venture and how that strategy will be implemented TERM 85

Franchise

DEFINITION 85 Arrangement in which a buyer purchases the right to sell the good or service of the seller

General Partnership

Business with two or more owners who share in both the operation of the firm and the financial responsibility for its debts